What to Expect When You List Your Home

1. There is some paperwork involved. In order to protect buyers, sellers and realtors, a team of 10,000 lawyers got together and developed a wide array of litigious forms. I’ll go over them with you, and if you ever have any questions, call. Typical forms include:
a. Working with Realtors - not a contract, just an explanation of real estate practices. I must get this signed for my files even if you don’t decide to work with me.
b. Exclusive Right to Sell Listing Agreement - this is the big one, it outlines the terms of the agreement, including price, term, compensation and details on therelease of your first born child (that last one is a joke).
c. Residential Property Disclosure Form - this is a checklist provided to each person who submits an offer to purchase. It is designed to disclose KNOWN issues to a buyer. If you don’t KNOW your house is sinking...well, we can talk about this.
d. Dual Agency Addendum - this form discusses your options in regards to dual agency, like when an agent from my company brings a buyer.

I would recommend starting a file, or box, or small trash can, to keep all your paperwork together. I will be providing you copies of everything you sign, and I will also keep a copy for myself. Realtors are big on making copies.

2. The MLS. After we have filled out the paperwork I may need to ask you some questions about your home so that we can properly enter the information into the Realtor MLS system. I will also take some photographs and measurements. Within a few days, the data from your home will be on the MLS system, where thousands of local realtors will have access to it. In some cases, realtors have programmed searches so that if a home fitting a certain price range or style comes on the market they will receive an email notification. The MLS also feeds the information to a variety of other sources, so realtors around the country and people around the world can find and view your home (not in the windows, just the pictures we’ve already taken). Some other sources:
a. All local real estate websites pull their data from the MLS. Some brag that they have every listing on the market - the truth is we all do.
b. National real estate websites like Realtor.com get the uplink. (it may not be the same day, so if its not there give it time)

3. Putting up sign(s). I will be putting up a sign in your yard, indicating that your home is for sale. It will be in good condition and have my number and my company information on it. If you ever need to move it, just make sure it is visible to the public but also safely placed. In some cases I may put a directional sign at the end of your road that indicates a home for sale down the road. If this is a problem for you or any of your neighbors I will take it down, we don’t want ill will. If any signs are damaged or in disrepair, contact me and I will fix them. (ok, I’ll probably just replace them).

4. Showing requests. Hopefully the multitude of realtors and the general home-buying public who read and see about your home will want to see your home. If it is a realtor representing a buyer, they will contact the Sea Coast Call Center and set an appointment, based on your terms. They will call me, I will call you to make sure it is ok, and then I will call them back to verify. It is highly recommended that showings are accommodated, so unless you’re cleaning blood off the carpet, find a way to make the home available.
If a regular person (not a realtor) sees an ad, finds the home online, or sees the sign, and wants to see the home, they will either contact me, or another realtor. Generally a house is shown much more often by OTHER realtors, because they are working with a buyer looking for a home like yours. (if I do have a buyer who is interested in your type home, I will bring them immediately!) Occasionally a buyer will see the sign and knock on your door, if they do tell them to contact the number on the sign to set an appointment.

5. Showing your home. Realtors are always present when your home is being showed, and by and large they are a pretty responsible group. They will be on hand to answer questions and be sure that the touring parties behave. It is in their best interest to turn the viewers into buyers, so while they represent the buyers they are likely to find the positives in your property. Typically a realtor showing property will visit 3-5 homes that fit the parameters of a buyer.

6. Feedback from showings. After a showing, our call center is set up to automatically request feedback from the realtor showing the property. Usually the realtor responds, and I will receive the feedback provided. I will forward that information to you at first opportunity.

7. Reporting of feedback, statistics. Realtors have access to a wide array of statistics related to your property. Of course we can track who schedules a showing, but we can also track the number of web views your home attracts on everything from the local mls site to national sites. Every few weeks I will provide you a statistical report of showings and website traffic so you will get a feel for how things are going.

8. The time thing. It takes time to sell a home, because the RIGHT buyer may not be looking for your home RIGHT now. The current average is around 90 days. So don’t despair if your home doesn’t sell immediately. Depending on the price, it may take 6 months or a year to find the right buyer.

9. Price changes. If your home has been on the market for a while and is not getting any traffic, or the feedback indicates that buyers think its overpriced, or there is a ton of traffic but no offers, it may be priced to highly for the current market. If that is the case, and you decide to lower the price, that can be done quickly and easily. The price change is immediately changed on all the internet databases when the change is made in the local mls.

10. Receiving an offer. When a buyer likes what they see, they will instruct the realtor representing them to submit an offer to purchase. The offer to purchase is an 8 page document that covers everything from price to the transfer of livestock. There is much more to it than just price, which is one of the reasons you hire a realtor—to check the details. The contract addresses which property stays and goes, how much earnest money is given, how and when the transfer will take place and whether there are any contingencies involved. If I get ANY offers (even ridiculous offers) I will submit them to you and we will discuss them. Then you can reject, accept, or counter.

11. Countering an offer. You may choose to make a counteroffer. Typically the counteroffer changes price, but there are a variety of other terms involved that can be counteroffered. After the changes are made in the contract they are resubmitted to the buyer’s realtor. There may be several rounds of counteroffers back and forth, at which time you should congratulate yourself for having the foresight to hire a realtor. At no time will I accept or reject anything without discussing it with you first.

12. Acceptance. When terms are agreed to there is a period, usually around 30 days, when the buyer gets financing together, the home is inspected, surveyed and appraised. Unless you have agreed to pay for any of these, this is all a buyer expense and responsibility. I will keep you informed as this progresses.

13. Closing the deal. (it just worked out that this was #13, it wasn’t planned). If the contract moves through the process then we will schedule a closing. Sellers have to sign a few papers and do not need to be at the closing. Buyers must sign a ton of papers.

14. Firing me. I believe that I am a very dedicated, responsible person who will diligently pursue your interests and do whatever I can to help you sell your home. I will also be investing a great deal of time and money in the promotion of your property. But if you decide you do not wish to work with me anymore, I will honor that decision. I would ask that you at least have a meeting to discuss the termination, and if possible resolve the issues. Remember, I do not get paid unless your home sells. In the event you withdraw the listing, it can be done quickly and easily. Please note that the contract to sell does give a provision to protect a realtor in the event a potential brought by the efforts of the realtor becomes a buyer.

15. There are several forms which are good to have for referencing which I have included in this package. They are:
a. Offer to Purchase and Contract - this is what a buyer will use to make an offer. If the offer is agreed to it becomes a contract, contingent on several factors.
b. Home Inspections brochure - this explains how home inspection works.
c. Professional Disclosure and Election form - this form describes how there are a variety of professional services that may have to be ordered, that the party who ordered the service (usually the buyer) has to pay for it, that the realtor is not responsible for issues caused by the contracted professional, and that if the buyer or seller chooses to not use the service that it is duly noted.

16. I cannot say it often enough, if you have any questions call me anytime, my mobile number is 619-3502, my home number is 763-8752.