Enlisting Your Home

  • Introducing Your Home to the Marketplace

  • A Bit of Homework

  • Special Features of Your Home

  • The Property Profile Dossier

  • What you need to convey?

  • Comparative Analysis of the Market

The task of placing your home on sale starts with meeting your REALTOR. The meeting should be settled at your home; this first meeting is referred as the “listing appointment”. Before you opt to call the REALTOR, you should collect some idea about the market and understand the real identity of the people you are visiting, it will also help you to understand the brokers and how they can assist in selling your home.

Listing Broker

The listing broker is a real estate broker appointed by the seller for presenting themselves. The terms and conditions of this appointment are governed by the listing agreement. The Listing Sales Representative works along with the broker, and is paid by the broker from the listing commission.

Selling Broker

A broker who introduces a buyer for the listed property and shares the commission with listing broker is called the selling broker. This kind of dealings is known as co-operative sale as the property is listed by one broker and the buyer is introduced by another. In case, the buyer is introduced by the listing broker, commission of both the sides (listing and selling) is given to the same broker.

A Bit of Homework

There are some tasks at the part of the seller and the listing sales representative that needs to be done before the listing appointment. The home seller needs to collect all the property documents needed while the Sales Representative should study the recent comparable properties already sold and put for sale in the area at the time.

Special Features of Your Home

During the listing appointment, the listing Sales Representative is expected to check the entire property including the yard, and garden to have a clear idea about the unique features of the property and the particular floor plan of the home. These special features of your property and community will be communicated to the prospective buyers by the listing Sales Representative. So, make it a point to inform the sales representative about every features of your community, like closeness to schools, worship places and other community facilities as well as unique features of your property that are not eminently visible.

Keep in mind that the prospective buyers will compare similar properties for sale in your area before finalizing the deal, so do not miss to inform your Sales Representative about any unique features of your property, starting from a recent renovation to all day sunshine.

Property Profile Dossier

In order to assist the listing Sales Representative in preparing a highlight sheet on your property placed for sale, you need to provide him/her with different documents and information regarding the location and jurisdiction of the property. This highlight sheet is normally kept within the home to help the prospective selling representatives. This list is a long list, and collecting the documents before the listing appointment can be really a good idea.

Pay-Off Notice

This is a mail signed by the property seller, sent to the lender by the listing broker to inform that the seller intends to pay off the loan, so that the prepayment penalties can be minimized. For this purpose the seller might need to provide the broker with the address of the lender and details about the loan including PITI and rate of interest.

Inspection of the Septic Well

While the home to be sold is still occupied, there has to be an inspection of the septic well by the local health authorities. Once the contract is approved, the listing Sales Representative will arrange the inspection.

Order Lender Appraisal

For a loan on the property, the lender normally needs an appraisal, which confirms that the property is collaterally adequate for the loan amount. This appraisal can be ordered by the seller before the sell, or paid by the buyer after the offer is accepted.

Tax Easements and Assessments

The seller needs to inform the listing Sales Representative in case any tax easements or assessments is present on the property which needs to be paid or passed on to the buyer.

Taxes on the Property

The seller of the property offers a record of the property taxes paid that the buyer needs to share at the time of settlement.

Inspections

There are many lenders who ask for an inspection certificate before issuing a new mortgage on the property. The certificate will ensure that there are no major defects with the house.

A record of all the utility bills (electric, gas, trash) at least for the last 12 months should be provided to the buyer. The buyer might also ask about the total utility expenses.

Useful Papers

It can be of great help if the seller can provide the listing Sales Representative with a number of property related documents such as,

  • Deed of the property

  • House location survey report

  • Documents from the home owners’ association

  • Subdivision Map

  • Floor plan of the house

  • Legal description of the property

  • Warranties on major systems

  • Copy of the homeowners’ insurance policy


What you need to convey?

To get a suitable offer from a buyer, the property seller must provide the listing Sales Representative with a list of personal properties included within the real estate property put on sale. Things that might be included in this list are: the remaining heating oil, firewood, refrigerator, washer, stove, microwave, draperies, drapery rods, screens, storm doors and windows, blinds, shutter, AC and many other things that will be transferred to the buyer along with the property. Things that are not conveyed or intended to be sold with the property must be tagged separately by the seller.

Once the seller is ready, the listing agreement is completed and it remains effective for a particular time which is known as the listing period.

Comparative Analysis of the Market

Maximizing the market value

A Comparative Market Analysis or CMA prepared by the Sales Representative can be a vital tool to ensure that you get the maximum price for your property on sale. The tool includes studying the real estate market conditions in your community through the public records.

For preparing the CMA of your property four steps are taken by your Sales Representative. These are:

  1. The REALTOR will take a look at least at 3 recently sold similar properties in your area, and make a calculation on what you can get for the property.
  2. In the next step, the REALTOR will consider the asking prices of at least 3 currently listed similar properties in your area to determine the asking price for your property.
  3. The REALTOR will study the 3 similar properties in your community that have went unsold for at least 90 days to determine the risk of overpricing.
  4. At the end, depending on all the information gathered through the above steps, the REALTOR will decide an asking price for your property.