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Hints To Sellers

• There are about 60 people involved in the settlement of a real estate transaction. The following are some tips to make the process run smoothly. Call your lender for advice about making your mortgage payment during the month of closing. NOTE: If you make a payment after the payoff amount is determined, the closing/escrow statement will have to be changed, and your lender may charge a fee for updating the documents to reflect the new payoff amount.
  
  
• If you currently have an FHA mortgage, thirty-day advance notice of mortgage payoff may have to be given to avoid an additional charge of one month's interest. (Some lenders charge a per diem rate, others charge 30 day's interest.)
  
  
• You should be aware that it is common practice to add several days interest to the amount due as of settlement on your mortgage payoff. Your lender considers the actual payoff date to be the day the funds are received. If you have a local lender, it may be possible to hand carry the payoff check to save any extra charges for daily interest. Check with your title company about their policy.
  
  
• Lien waivers must be provided at closing for all work done to the property in the previous six months. A lien waiver is a standard form provided by contractors or other workman verifying that they have been paid in full and cannot place a mechanics lien against the property.
  
  
• Be sure to make arrangements to transfer all utilities out of your name as of the date of occupancy. If your home is heated by oil, it may be considered to be personal property and, as such, will be purchased by the buyer at the time of settlement. Please arrange for your vendor to measure the amount of remaining oil and to give you a written statement as to its current value. Bring that statement to closing or escrow.
  
  
• Water and Sewer Bills (if applicable) will be prorated on the closing statement. If you have a bill coming due near the date of settlement, please inform your closing/escrow agent as to whether or not you have paid it.
  
  
• The following items are usually pro-rated on the closing escrow statement:
  
  • Water/Sewer
    
  • Homeowner's Association Fees
    
  • Condominium Association Fees
    
  • Current Taxes
    
  • Rents (If applicable)
    
    
• If you will be unable to attend the closing/escrow, all documents may be pre-signed.
  
  
• Some lending institutions have a policy of not releasing real estate tax escrow until after a loan is paid off in full. This may cause a temporary cash flow problem if all your proceeds of sale are needed immediately upon settlement. Call your lender and ask if the tax escrow will be fully credited on the payoff statement.

Service Pledge
Once a decision has been made to sell a house, you will need an experienced, professional real estate agent to insure that the sale is executed quickly and profitably. A Real Estate Agent should;

1. Meet you and get to know you.
   
2. Review your property with you.
   
3. Review tax and special assessment information, loan information, utility costs, history of the property, etc.
   
4. Put together a detailed report which will include the following:
   • A marketing program to sell your home to prospective buyers and to other REALTORS.
   • Information about their company.
   • Recommendations regarding price and terms.
     
   • Current financing information.
     
   • An estimate of selling costs
   
   
5. Prepare the actual paperwork to present your home to the market.
   
6. Assist you in preparing your home for sale.
7. To MARKET your home they should:
   • Call other sales associates with pending prospective buyers.
   • Submit detailed facts that highlight your property's best features, to other area brokers, sales associates and serious prospective buyers.
   • Report your property to Multiple Listing Service immediately, which will expose your property to all REALTORS within the MLS system.
   • Place a large "for sale" sign in your yard to attract "drive-by" prospects.
   • Call local Real Estate offices to give them advance information.
   • Present your property at our Sales meetings.
   • Advertise locally (this or like properties).
   • Prepare a feature sheet with a list of all the benefits and features of your property.
   • Contact neighbors for potential buyers (with your permission).
   • Send direct mail listing announcements to surrounding communities and neighborhoods.
   • If appropriate, hold an Open house.
   • Follow up enthusiastically after Open House to all people who have shown interest.
   • Distribute feature sheets to a "top agent list"
   • Prepare financing packages of possible ways for buyers to purchase your home.
     
     
8. COMMUNICATE REGULARLY with you during the marketing of your property:
   • Showing reports.
   • Notify you (in advance when possible) of any request to show your house.
   • Provide you with a written copy of any documents you may sign.
   • Assist you through the entire closing process.
     
     
9. In SHOWING your house they should:
   • Consider all serious prospective buyers, screen and qualify them in advance when possible, and counsel them in every available financial alternative.
     
   • Carefully follow-up on anyone who previews your house.
     
     
10. Present all purchase agreements made on your home.
11. Counsel you on all offers and negotiate the best possible price for you.
12. Negotiate and follow through with the completion of all major contingencies.
13. Make certain that loans are processed promptly.
14. Follow-up on closing procedures and title processing.
15. Close and deliver your net proceeds.
16. Assist you in finding a new home.
17. Contact a cooperating broker, if you are moving to a new area, in order to coordinate the sale here with the buying of your new home there.  

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