I came across this interesting article today, and was very impressed with the honesty and candor of the ReMax real estate agent who authored it. Usually it's a financial adviser or someone from the "for sale by owner" crowd who advises people to sell their home without an agent and save thousands in commissions (studies from Northwestern & Stanford universities say the same thing, by the way).
Read what this agent has to say. I'll let his words do the talking that, especially in this weak housing market, using a service like ForSaleByOwner.com might be the best option for home sellers.
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8 comments:
nice post
Whether you are selling your home yourself or using a real estate agent, listing exposure is very important. A new Property Search tool to help with that is www.ViewMyListing.com.
Realtors keep deals together.
Attorneys will do a lot of paper work and scheduling, but they are not going to have the resources to keep the deal together if there are financing or personality issues between buyers and sellers. In fact, some attorneys get so caught up in all the legal, they often make matters worse.
WHO HELPS THE For Sale By Owner WITH ALL OF THE FOLLOWING?……
Counsel seller on offers. Explain merits and weakness of each component of
each offer
Contact buyers’ agents to review buyer’s qualifications and discuss offer
Confirm buyer is pre-qualified by calling Loan Officer
Obtain pre-qualification letter on buyer from Loan Officer
When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer’s agent
Fax copies of Offer to Purchase contract to lender
Advise seller in handling additional offers to purchase submitted between
contract and closing
Review buyer’s credit report results — Advise seller of worst and best case scenarios
Provide credit report information to seller if property will be seller-financed
Assist buyer with obtaining financing, if applicable and follow-up as
necessary
Coordinate with lender on Discount Points being locked in with dates
Receive and review septic system report and assess any possible impact on
sale
Deliver copy of septic system inspection report lender & buyer
Verify termite inspection ordered
Verify mold inspection ordered, if required
Tracking the Loan Process
Confirm Verifications Of Deposit & Buyer’s Employment Have Been
Returned
Follow Loan Processing Through To The Underwriter
Add lender and other vendors to transaction management program so
agents, buyer and seller can track progress of sale
Contact lender weekly to ensure processing is on track
Relay final approval of buyer’s loan application to seller
Coordinate buyer’s professional home inspection with seller
Review home inspector’s report
Explain seller’s responsibilities with respect to loan limits and interpret any clauses in the contract
Ensure seller’s compliance with Home Inspection Clause requirements
Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
Negotiate payment and oversee completion of all required repairs on seller’s behalf, if needed
Schedule Appraisal
Provide comparable sales used in market pricing to Appraiser
Follow-Up On Appraisal
Assist seller in questioning appraisal report if it seems too low
Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates
Work with buyer’s agent in scheduling and conducting buyer’s Final Walk-
Thru prior to closing
Have a “no surprises” closing so that seller receives a net proceeds check at closing
Refer sellers to one of the best agents at their destination, if applicable
Follow Up After Closing
Answer questions about filing claims with Home Owner Warranty company if
requested
Attempt to clarify and resolve any conflicts about repairs if buyer is not
satisfied
Respond to any follow-on calls and provide any additional information
required
www.DawnOlson.biz
Wow, we've worked with realtors before, both as buyers and sellers and NEVER had the kind of services Dawn lists. If you, Dawn, are this kind of a realtor, kudos, and keep up the good work! We have not been fortunate enough to find any realtor worth the money we've SACRIFICED, and the deals have NOT gone off without a hitch, and there have been many surprises at closing! No fun! It is always advisable to have an attorney review contracts regardless of whether there is a realtor involved. This time we are opting to meet our buyers personally and so far, we have enjoyed hearing first hand the comments buyers have about our house. People want to work with people and having a middle man (realtor) doesn't always help. Our experience has been that it causes more friction, trouble, and heartache. It is FOR SALE BY OWNER for us!
Dawn, your list is quite long, but not necessarily useful. Most sellers doing FSBO could perform the vast majority of those tasks with a telephone and a checklist explaining what needs to be done by what date. I personally do not feel that warrants 3% of the purchase price of a home. I also don't feel any realtor, regardless of experience, can guarantee a "no surprises" closing. Buyer's can backout for any reason, and a seller's agent can't do anything to stop them. I agree there is a place for realtors, but the 3% is just far too high for what they do. I would instead rather be able to use that as negotiating room to have a faster sale.
All real estate agents and mortgage bankers are crooks :)
I'd feel much safer trusting a used car salesman
Dawn, You are a treasure. There are few like you! I've sold FSBO and used agents. Once a sales contract is signed, the mortgage broker works with the buyers, orders appraisal and inspections. The title company handles the rest. My job as the seller is to "ping" on both weekly, ask for updates, and handle any repair issues that come up. That's about it! I find it easier to talk directly than having to go through two realtors back and forth for every last little thing.
Totally agree with and this is the a first time for such this story.
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