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100 Steps to Close – St Jude Realty

100 Steps to Close

100 Steps to Close


Research

  1. Research tax records to verify property and complete legal information including:
    • Owner’s full name or corporation
    • Recorded square footage & lot size
    • Annual tax bills & Assessments
    • Is property Homestead
    • Legal description and other property information
    • What liens are on the property
  2. Research ownership, sales, and mortgage history of the property
  3. Research the school districts, shopping, transportation, and employment options of the area
  4. Research comparable homes currently on the market that buyers will be looking at in addition to your home
  5. Call agents, if needed, to discuss activity on the comparable properties they have listed or recently sold in the area.
  6. Research information that will help me prepare listing, advertising, and marketing materials; such as:
    • What type of improvements have you done to your home in the past five years?
    • What other features of your home make it attractive to buyers?
    • What do you think the home is worth?
  7. Prepare INFORMATIONAL CMA of homes that have been listed, expired, unconditional withdrawn, on the market over 60+ days, and gone pending or sold within the last 6 months

Listing Appointment

  1. Prepare & Review a CLIENT CMA of homes listed, pending, on market over 90 days and sold within the last 6 months
  2. Discuss a detailed needs analysis to include reasons for your move, how quickly you need to move, and address any immediate concerns
  3. Prepare detailed net proceeds analysis to determine approximately what you will receive or owe when the property closes.  Included in this analysis will be cost associated with the sale included closing cost, prorated taxes, HOA credits, and commissions (best estimate)
  4. Explain current market conditions:
    • # of month’s inventory in your area
    • The price and condition of the homes that were successful in selling
    • Why other homes continue to stay on the market day after day
    • Why those homes expired (did not sell) and why they were not successful
  5. Work cooperatively with seller(s) to price your home correctly and determine a pricing strategy based on my professional judgment and interpretation of current market conditions
  6. Explain what financing options are available due property condition or purchase price: Conventional, FHA, Land Contract, Rural or VA
  7. Explain, review and execute listing agreement, 3rd party authorization, lead base disclosure and explain the legal importance of the seller’s disclosure, etc…
  8. Provide a second set of executed documents for you records
  9. Verify all measurements of rooms’ size; home square feet; and lot size and dimensions
  10. Review current property documents; if available:
    • Appraisal
    • Liens (Mortgages, Mechanic, 2nd, etc…)
    • Property Survey
    • Deeds (Quit Claim, Warranty, etc…)
    • Power of Attorney or 3rd party authority to transfer
  11. If property is rented:
    • Obtain copies of all leases,
    • Verify rents & deposits
    • Inform tenants of listing and how showings will be handled
  12. If there is a homeowner association:
    • Contact information for association or Management Company
    • Amount & frequency of Dues
    • What is included in the dues (i.e. water, maintenance, gas, etc…)
    • Any charges (or price list) to get information from the Association / Management company
  13. If listing is Short Sale / Foreclosure
    • Find out when sheriff sale date and when the redemption period ends
    • Obtain Mortgage or Attorney account and contact number
    • Explain your current options
    • Explain the short sale, foreclosure process or your redemption rights for the State of Michigan
  14. Complete a detailed checklist of the features and benefits of your home to be used for internet data entry and marketing
  15. Discuss showing instructions for buyer’s agents and agree on showing time windows that are acceptable to you
  16. Discuss the value of a home warranty and properly preparing the property to be showed
  17. Obtain and verify accurate methods of contacting you (so appointments are not missed)
  18. Review home showing guidelines for preparing the home for appointments (i.e. lighting, soft music, removal of clutter, etc.)
  19. Install lock box and 1 set of keys inside to allow agents to view & show your home conveniently but does not compromise your family’s security (If needed)
  20. Provide you the best contact numbers for me or my team, especially after hours and weekends

Preparing and Marketing property

  1. Place an online “Coming Soon” ad with Zillow to build excitement for the release of your listing while you prepare it for market
  2. Place a St Jude Realty “For Sale” sign in yard (If applicable)
  3. Contract a professional Videographer and/or photographer to take high definition, full color pictures/video of the exterior and interior of your home to be used on the internet, flyers and other advertising
  4. Optional Homeowner Steps:
    • Conduct a professional home staging consultation (if needed) to discuss constructive changes to your home to make it more appealing, to show exceptionally well and help it yield the greatest possible price to an interested buyer
    • Provide you with recommendations for vendors and contractors as needed (i.e. painters, flooring, home organizers, home stagers, etc.)
    • Order a home warranty, if you choose, to protect your home during the listing and escrow period and for twelve months after the sale. This helps reassure the buyer of the quality of your home
  5. Provide business cards, brochures, and video tour link for you to distribute to your friends and business associates.
  6. Enter property data from Profile Sheet into the “REAL COMP” MLS system for exposure to all active real estate agents in the area.
  7. Write remarks in the MLS system specifying how you want your property to be shown
  8. Prepare detailed list of property amenities to have readily available at your home, to include on Marketing Flyer, and assess market impact
  9. Upload all disclosures (Lead Based paint & Seller’s) and any additional documents – so that a buyer’s agent may review with their client before making an appointment and/or offer.
  10. Proofread MLS database listing for accuracy – including proper placement in mapping function
  11. Provide you a copy of the MLS printout so you, too, can proof and request changes
  12. Immediately submit digital photos of the interior and exterior of your home to the MLS at the same time listing is input allowing buyers and agents to view pictures when narrowing down homes they will actually tour.
  13. Offer a Broker’s Open, if applicable, to promote your property to local Realtors® and their customers, to maximize showings
  14. Offer a Public Open, if applicable, to promote your property to local Realtors® and their customers, neighbors and the general public to maximize showings
  15. Create, order, and mail Just Listed Postcards& Flyers to promote the value of your home over others on the market.
  16. Prepare copies of Seller’s Disclosures and Home Owner’s Disclosures to be placed in your home to be available for buyers; these are to be included in a contract.
  17. Place regular weekly update calls or emails to you to discuss all showings, marketing, and pricing.
  18. Discuss feedback from showing agents with you to determine if changes will accelerate the sale.
  19. Reverse prospect the MLS System for Realtors most likely working with interested and capable buyers  matching your home, then fax or email copies of your home listing information for them to review
  20. Electronically submit your home listing information to St Jude Realty website
  21. Electronically submit your home listing information to 70+ real estate internet sites, internet classifieds web sites& St Jude Realty Social Network sites.
  22. Discuss marketing ideas with my team and other top Realtors in my network
  23. Provide copies of advertisements and marketing material for your review
  24. Log in all home showings to keep record of marketing activity and potential purchasers.
  25. Follow up with all the agents who have shown your home with a personal phone call to answer questions they may have or send a Showing Appointment survey to the agent three times in a nine day period.
  26. Prepare a weekly market analysis update of any activity in your neighborhood (i.e.: new homes on the market, homes that have sold, etc…) to keep you informed about key market conditions within your area.  Create a “Market Snapshot” report that will be sent to you periodically (you can determine the schedule) that graphically illustrates what is currently happening with homes available, pending, or sold.  This report is generated using your property’s address as the point of reference.
  27. Handle paperwork if price adjustment needed.
  28. Change price in all marketing and internet sites
  29. Take all calls to screen for qualified buyers and protect you from curiosity seekers.

Offer Received

  1. Receive and review all Offers to Purchase contracts submitted by buyers or buyers’ Agents to determine best negotiation position.
  2. Contact buyers’ agents to review buyer’s qualifications and discuss offer
  3. Evaluate the strength & weakness of each offer financing type (Cash, FHA, Conventional, VA, Land Contractor, or USDA)
  4. Counsel you on offers. Explain merits and weakness of each component of each offer – compare original net sheet with actual offer
  5. Fax or email Lead Base & Seller’s Disclosure form to buyer’s agent or buyer (if they were not downloaded – upon request and prior to offer being made if possible)
  6. Confirm buyer is pre-qualified by calling Loan Officer
  7. Verify Earnest Money Deposit (EMD) has been collected by buyer’s agent
  8. Negotiate highest price and best terms for you and your situation.
  9. Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent
  10. When an Offer to Purchase Contract is accepted and signed by you, deliver (Email or Fax) signed copies to the buyer’s agent, Title Company, St Jude Realty and if necessary the buyer’s lending company
  11. Deliver copies of fully signed Offer to Purchase contract to you & answer any questions
  12. Order title work “Greco Title”
  13. Record and promptly deposit buyer’s earnest money in escrow account (If St Jude realty is holding EMD)
  14. Advise you in handling any additional offers to purchase that may be submitted between contract and closing
  15. Change status in MLS to “Sale Pending” or “Contingent Continue To Show”
  16. Assist buyer with obtaining financing, if applicable and follow-up as necessary
  17. Coordinate buyer’s professional home inspection with you and handle contingencies, if any
  18. Coordinate termite inspection, mold inspection and/or Radon inspection, if required
  19. Review any inspection report(s) – if necessary
  20. Contact lender & buyer’s agent weekly to ensure processing is on track
  21. Assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
  22. Schedule Appraisal
  23. Follow-Up on Appraisal – to ensure that it is completed and value
  24. Assist if possible any lending conditions needed to clear file to close
  25. Assist in solving any title problems (boundary disputes, easements, etc)
  26. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied
  27. Verify with lending company file is clear to close
  28. Notify seller of final approval of buyer’s loan application
  29. Coordinate closing process with buyer’s agent and lender
  30. Ensure all parties have all forms and information needed to close the sale
  31. Work with buyer’s agent in scheduling and conducting buyer’s Final Walk-Thru prior to closing
  32. Submit Home Warranty application for conveyance at time of sale – if applicable
  33. Respond to any follow-on calls and provide any additional information required from office files.

Closing

  1. Coordinate with the other real estate agent, financing company and Title Company to make sure all conditions and issues have been cleared
  2. Review St Jude Realty file to make sure there is no missing, unsigned or out dated documents.
  3. Coordinate & Schedule closing with all parties
  4. Review all tax, HOA, utility and other applicable items that need to be pro-rationed at closing
  5. Explain and review process and closing docs (especially the seller’s statement) to ensure accuracy of preparation
  6. Review net proceeds, so there are “no surprises” at closing
  7. Answer any questions you might have at and after closing
  8. Attend Closing
  9. Arrange possession and transfer of home (keys, warranties, garage door openers, community pool keys, mail box keys, educate new owners of garbage days/recycling, mail procedures etc.).
  10. Change MLS listing status to Sold. Enter sale date and price, selling broker and agent’s ID numbers, etc.
  11. Help you relocate locally, or out of area with highly experienced agents across the globe – you are sure to have the highest quality agent to help you on both sides of your move to make it worry and stress free.

Post-Closing

  1. We will assist you, if needed;Arrange for Utility Transfers, Water Turn-offs, Address Change forms from US postal Service, etc….

Possession after Close

Sometimes the buyer will take possession 30, 45 or 60 days after closing. In such cases, your St Jude Realtor will:

  1. Negotiate, review &consult your Occupancy Agreement;
  2. Establish a definite Datewhen you are prepare to move out;
  3. ensure the title company is escrowing the proper amount;
  4. Be sure there’s a written procedure for Key Turn-Over from Seller to Buyer;