The Selling Process

WITH LORI OLSON

Select a Listing Agent: When interviewing potential REALTOR®’s to list your home you should keep in mind the value added by a full service agent. Try not to  focus on how much they will discount their commissions. Remember there is a lot that goes into selling a home and the preparation, proper marketing strategy and trained negotiating skills have a direct effect on the final sales price. Ask yourself, If this agent is quick to lower their commission just to get my listing, are they going to negotiate the same way just to get my home sold, or are they really going to work hard at negotiating to get me top dollar?

Signing the Listing Agreement: As your experienced agent, backed with statistics and comparisons, Lori will help guide you through the process of deciding on a listing price. This price will be clearly explained to you through this process of analysis. It is important for you to know that neither you (the seller) or the agent actually determines the price. The market trends will paint a clear picture. In the end, A property is worth what the highest buyer is willing to pay. Keep in mind, even if a buyer is willing to pay way over market value, if they are obtaining any financing at all, the home will need to appraise at or above that price.

Title and Pre-Escrow Opened:  A title company will prepare a title report on your property to know exactly how title is held and if there are any clouds on the title that need to be cleared prior to selling. An escrow account is then opened for the buyer to deposit funds into at a later date. (see buyer list) Your escrow officer will provide you with a seller’s net sheet so you will know exactly how much money you will net from the transaction.

Inspections:  Lori will schedule all necessary inspections, typical inspections are  Home, Pest, Roof, Chimney and possibly Pool. She will go over all of the inspections with you and together you can decided which (if any) repairs will be completed prior to going on the market. You will also fill out a series of disclosures that will give the buyer any and all information, to the best of your knowledge, about the property. 

Preparing Your Home for Market: Prior to going on market it is upmost important for your home to look best in it’s class. Professional Cleaning, landscaping, painting, flooring, staging are some of the items Lori, your Full Service REALTOR®, might suggest. See our Compass Concierge program that will cover most of these upfront costs for you (at zero % interest) and will be reimbursed out of escrow once your home is sold.

Professional Photography: Lori will schedule professional photography and have beautiful 4 color brochures made highlighting your homes features and selling points.

Marketing: In addition to uploading your home on MLS (Multiple Listing Service) for all real estate agents to see, your listing will then be syndicated to sites such as Zillow, Realtor.com, Trulia and a host of other online platforms. Lori will do a variety of marketing such as Social Media geographical boosts, paid Online Ads, Print media such as newspaper and postcards. Your listing will be uploaded to our “Compass Coming Soon” that is accessed exclusively by Compass agents and their clients. Lori has an individual marketing plan written out for each property that clearly walks you through each step to get your home in front of as many potential buyers as possible.

Broker’s Tour, Open Houses: These are important dates for potential buyers and their agents to view your home. Both broker’s tour and Open Houses usually last about 3-4 hours.

Home Availability: In addition to the Broker’s Tour and Open Houses it is very important for your home to be available for as many agents to show their buyers as possible. Many agents will place a Lock box that only agents can use to access your home. The information of who, what , when will be tracked through the lockbox and sent to your agent.

Offer Date:  In some markets, not all, an offer deadline will be selected and stated on the MLS. Offers, if any, will be due at that time.

Review/ Counter / Accept Offer: Lori will sit down with you  to carefully review all offers. She have the knowledge and expertise to point out to you, why in some cases, one offer that seems to be the highest price might have other terms not obvious to the seller that make the offer not as appealing. This is when it is extremely important to have an expert negotiator on your side. She will discuss with you the terms of the offer’s and how to counter or accept the one that best fits your goals.

Appraisal is ordered by the Buyers Lender: In most cases the lender will only lend 80% of the Value of the home. This is another reason that the highest offer might not be the best offer. Your experienced agent will discuss this with you when reviewing offers.

Contingencies (if any) Removed: After contingencies have been removed if the buyer backs out they will forfeit their initial deposit money.

Docusign: There are a series of documents usually  Docusign sent back and forth between Listing agent and Buyer’s agent that require both buyer and sellers signatures so that everyone agrees on all items and everyone has a copy.

Seller Signing Final documents:  You, the seller, will need to come into the escrow office or Lori can send a notary to your home to sign all of the final documents required for closing.

Escrow and Recording: After the escrow company ensures that all contract conditions have been met the Lender will fund the loan and escrow is closed.

Funds Deposited into your account: Within a few hours of being notified that the sale has been recorded you should see the funds in your account. At this point you are no longer the owner of the property and you can shut off any utilities and discontinue any insurance policies on the property. 

Now you can Celebrate!!! 🙂

REALTOR® DRE#02004247

510.541.0572

Lori.Olson@Compass.com