Every Buyer & Seller Should Know
You Make Sure I Understand What's Going To Happen Before It Actually Happens?
Things Ever Go Wrong?
Much Money Will I Need and When?
LONG & FOSTER
REAL ESTATE, INC.
Line 410-207-4751 Office 410-583-5700
(+) Things I Do For A Seller (Part 3)
The negotiation and sale process includes many
pitfalls which could be very costly to a seller (or buyer) if they don't
have an agent looking out for their best interest and paying careful attention
to the transaction.
- Receive offers on the property.
- Insist that any verbal offers be
put in writing.
- Carefully review all offers on
the property to make sure there are no hidden provisions in the contract
that could hurt the sellers in any way.
- Make sure that offers include financial
information for the buyer, so we know the buyer is financially capable
of purchasing the property.
- Present ALL written offers to the
seller and inform the seller of any verbal offers as soon as possible.
- Review each contract with the seller
and explain the advantages and disadvantages of each and the obligations
the seller would have if they accepted the offer.
- Provide seller's nets on each offer
to show sellers how much money they would get in their pocket if they
accepted an offer.
- Provide the seller with updated
market information so I can help the seller determine if an offer is
- Immediately inform buyer's agents
that an offer has been accepted and inform any other agents that the
seller has accepted an offer.
- If no offer is accepted, help the
seller to prepare any counteroffers they may want to make and help the
seller negotiate the situation to their best advantage.
- Present rejections in a way to
encourage reasonable offers from the buyers.
- Protect the seller's negotiating
position by being careful not to say anything that discloses the sellers
motivations or suggests that the seller must sell quickly (unless necessary
to meet a seller's timeline).
- Listen carefully to the buyer's
agent for any information that might assist the seller in their negotiations.
- Make sure my office has a copy
of the sales contract and all documents related to the transaction and
turn in deposit check if we are holding the deposit.
- Change the status of a listing
on the Multiple Listing Service after an offer has been accepted.
- Change the status of the listing
on my websites.
- Advise the seller as to whether
they should continue to show the property, encourage back-up offers
if the seller determines it is in their best interest after I advise
- Present all written offers all
the way up to settlement unless I have written instructions to the contrary
from the seller, and advise the seller to seek legal counsel before
backing out of one contract to accept another.
- Advise sellers of the importance
of keeping quiet to friends, neighbors and relatives about the price
they accepted. This might hurt the seller financially in future negotiations
if the original sale falls through.
- Make sure the buyer's agent keeps
me fully informed and make sure the buyer is meeting all required deadlines
(loan application, appraisal, inspections, insurance, title work, loan
approval, switching utilities, etc.).
- Make sure the seller meets all
required deadlines (contract responses, repairs, etc.).
- Attend the home inspection or have
another agent present if I cannot attend.
- Assist the seller in additional
negotiations if necessary after the home inspection.
- Assist the seller in finding contractors
and arranging repairs on the property, that may be required under the
home inspection or appraisal.
- Make sure the appraiser, termite
inspector, contractors and other necessary parties can get into the
- Coordinate the date, time and place
of settlement with ALL parties.
- Follow up with the Title Company
and lender to make sure they have all necessary documents and information
from the seller.
- Quickly respond to any problems
that come up during the transaction and keep my cool no matter what
happens, so as to not lose control of the situation.
- Review a copy of the settlement
statement prior to settlement to make sure everything is correct.
- Attend the settlement (or if for
any reason I can't, make sure a qualified agent is present) and make
sure that any issues that come up at settlement are settled to the seller's
best possible advantage.
- Once The Property Is Listed
- After Settlement
Things I Do For A Buyer