Patrick
08-29-2006, 10:34 PM
Saw this article from a few years ago...
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This article was published on:06/01/2004
Streamlining your deal
The Responsible Seller and Buyer
Share this information with your clients and customers so that they understand their responsibilities for helping transactions proceed smoothly.
BY ROBYN A. FRIEDMAN
Karrie Dennis has fond memories of her favorite seller. Any time Dennis called to bring over a potential buyer, the woman not only meticulously cleaned her home but also set the mood for a wonderful showing.
“She played soft classical music, turned on all the lights, opened the drapes and blinds, baked fresh cookies, and ran a Jacuzzi tub filled with scented bubbles and rose petals surrounded by lit candles,” says Dennis, a salesperson with Churchill-Brown & Associates in Oklahoma City. “Buyers were able to visualize themselves enjoying the home and making it their own.”
If all clients were so cooperative, real estate transactions would go a lot more smoothly.
Here are some tips to share with your buyers and sellers that will help your transactions flow more smoothly.
For Sellers
Properly and fully complete all required disclosure forms. Linda Caplinger, a broker with Haute Homes in Los Gatos, Calif., has run into sellers who were hesitant to disclose negative information about their homes. “They felt the disclosure process was out to get them,” she says. So Caplinger sits down with her sellers to help them complete the forms—in many cases before the house ever hits the MLS. “If you get all of that taken care of before the property goes on the market, it looks so good when you say all disclosures are in,” Caplinger says. "It’s hard to get sellers to do that, but it makes the transaction so easy.”
Make sure the house is in “tip-top” condition to maximize the selling price. Gail Bass, CRS, a sales associate with Keller Williams Realty in Boca Raton, Fla., says that sellers don't have to spend a lot of money to prepare their homes. “Make sure the home is sparkling clean and uncluttered,” she suggests. Carpets should be cleaned, walls should be freshly painted, and the lawn should be nicely manicured. “First impressions are crucial,” Bass says. “Buyers usually know if they like the house within 30 seconds after walking through the front door.”
Don't overprice the house. Tom Edelstein, ABR, CRS, a sales associate with Coldwell Banker Burnet in St. Paul, Minn., says that in a strong sellers’ market, it’s tempting to add a premium to the asking price. But he advises against it. Edelstein recently listed a house in a hot neighborhood for a price that was below market. The bargain price generated a bidding war on the house—Edelstein received seven offers—and the house ultimately sold for $50,000 over the listing price. “If we had listed it at fair-market or above-market, we never would have created that type of urgency or enthusiasm about the house,” he says.
Vacate the house for showings. Otherwise, buyers might feel as if they are intruding. They might also find it difficult to imagine the house as their own. Sellers also can get in the way. “They might talk so much that the buyer can’t concentrate on looking at the home,” Bass says. Or, even worse, Bass has seen situations where sellers told prospective buyers that they’re not flexible on the price and actually scared them off.
Have necessary repairs performed by licensed professionals. Audrey Valenti, a sales associate with r-house ERA in Pittsford, N.Y., says that sellers should have competent professionals handle all agreed-upon repairs and should document them with detailed receipts. “Don’t get Uncle Bob to come in with duct tape and expect that to be a satisfactory repair,” she says. “The little bit of money spent for a professional will save a lot of aggravation at the final walk-through.”
For Buyers
Remember that there is no such thing as a flawless house. Ed Stebbins, CRS, GRI, a broker with Assist-2-Sell/Stebbins Buyers & Sellers Realty in Groton, Conn., says that buyers should be counseled that there are likely to be “issues” with older homes, and that they should not expect the seller to address every cosmetic defect in the home.
Learn as much as you can about the neighborhood. “Knowledge is power,” said Valerie Torelli, broker/owner of Torelli Realty in Costa Mesa, Calif. “A buyer should know the ins and outs of the neighborhood, and most importantly, what the comparable sales are within the area.” Without such knowledge, a buyer will never know if he is getting a good deal on a house, Torelli says.
Have your mortgage lined up and approved prior to making an offer on a house. In a strong sellers’ market, it’s not enough these days to be merely pre-approved for a loan. By having a mortgage commitment in hand when an offer is made, a buyer might have a leg up over other bidders.
Take all decision-makers to view houses. In many markets, competition is fierce for available homes. Buyers may not have time to visit the house a second time with their parents to get a second opinion before submitting an offer. “Buyers can lose their dream home if they hesitate,” says Betsy Nickel, a sales associate with RE/MAX Action Realty in Maple Glen, Pa. “They need to be clear about who is making the decision to purchase their new home.”
Keep careful track of deadlines. Joan Hazelgrove, CRS, GRI, a sales associate with People's Choice Realty Services in Tampa, Fla., has seen practitioners on the other side of her deals miss deadlines. Recently, a practitioner representing a buyer asked to postpone an inspection. Hazelgrove reminded him that the inspection would not be done within the timeframe required by the contract, thereby putting his client in jeopardy. The other practitioner had no clue of the timeframe, she says. Hazelgrove keeps close track of all deadlines, recording them on her Web site in a password-protected “Client Update” section for the convenience of her clients.
Both buyers and sellers can benefit from dealing with real estate professionals who have a win/win mentality. The easiest deals seem to be the ones in which all parties are flexible, willing to cooperate and educated about the sales process.
“Anything can go wrong in a transaction,” says Bill Hosey, a sales associate with r-house ERA in Baldwinsville, N.Y. “But if the buyers and sellers have already met and developed a relationship, those issues can be dealt with a lot easier. The secret is to eliminate as much fear, suspicion, and anxiety as possible.”
http://www.realtor.org/rmoprint.nsf/Top_12.gif?OpenImageResource
This article was published on:06/01/2004
Streamlining your deal
The Responsible Seller and Buyer
Share this information with your clients and customers so that they understand their responsibilities for helping transactions proceed smoothly.
BY ROBYN A. FRIEDMAN
Karrie Dennis has fond memories of her favorite seller. Any time Dennis called to bring over a potential buyer, the woman not only meticulously cleaned her home but also set the mood for a wonderful showing.
“She played soft classical music, turned on all the lights, opened the drapes and blinds, baked fresh cookies, and ran a Jacuzzi tub filled with scented bubbles and rose petals surrounded by lit candles,” says Dennis, a salesperson with Churchill-Brown & Associates in Oklahoma City. “Buyers were able to visualize themselves enjoying the home and making it their own.”
If all clients were so cooperative, real estate transactions would go a lot more smoothly.
Here are some tips to share with your buyers and sellers that will help your transactions flow more smoothly.
For Sellers
Properly and fully complete all required disclosure forms. Linda Caplinger, a broker with Haute Homes in Los Gatos, Calif., has run into sellers who were hesitant to disclose negative information about their homes. “They felt the disclosure process was out to get them,” she says. So Caplinger sits down with her sellers to help them complete the forms—in many cases before the house ever hits the MLS. “If you get all of that taken care of before the property goes on the market, it looks so good when you say all disclosures are in,” Caplinger says. "It’s hard to get sellers to do that, but it makes the transaction so easy.”
Make sure the house is in “tip-top” condition to maximize the selling price. Gail Bass, CRS, a sales associate with Keller Williams Realty in Boca Raton, Fla., says that sellers don't have to spend a lot of money to prepare their homes. “Make sure the home is sparkling clean and uncluttered,” she suggests. Carpets should be cleaned, walls should be freshly painted, and the lawn should be nicely manicured. “First impressions are crucial,” Bass says. “Buyers usually know if they like the house within 30 seconds after walking through the front door.”
Don't overprice the house. Tom Edelstein, ABR, CRS, a sales associate with Coldwell Banker Burnet in St. Paul, Minn., says that in a strong sellers’ market, it’s tempting to add a premium to the asking price. But he advises against it. Edelstein recently listed a house in a hot neighborhood for a price that was below market. The bargain price generated a bidding war on the house—Edelstein received seven offers—and the house ultimately sold for $50,000 over the listing price. “If we had listed it at fair-market or above-market, we never would have created that type of urgency or enthusiasm about the house,” he says.
Vacate the house for showings. Otherwise, buyers might feel as if they are intruding. They might also find it difficult to imagine the house as their own. Sellers also can get in the way. “They might talk so much that the buyer can’t concentrate on looking at the home,” Bass says. Or, even worse, Bass has seen situations where sellers told prospective buyers that they’re not flexible on the price and actually scared them off.
Have necessary repairs performed by licensed professionals. Audrey Valenti, a sales associate with r-house ERA in Pittsford, N.Y., says that sellers should have competent professionals handle all agreed-upon repairs and should document them with detailed receipts. “Don’t get Uncle Bob to come in with duct tape and expect that to be a satisfactory repair,” she says. “The little bit of money spent for a professional will save a lot of aggravation at the final walk-through.”
For Buyers
Remember that there is no such thing as a flawless house. Ed Stebbins, CRS, GRI, a broker with Assist-2-Sell/Stebbins Buyers & Sellers Realty in Groton, Conn., says that buyers should be counseled that there are likely to be “issues” with older homes, and that they should not expect the seller to address every cosmetic defect in the home.
Learn as much as you can about the neighborhood. “Knowledge is power,” said Valerie Torelli, broker/owner of Torelli Realty in Costa Mesa, Calif. “A buyer should know the ins and outs of the neighborhood, and most importantly, what the comparable sales are within the area.” Without such knowledge, a buyer will never know if he is getting a good deal on a house, Torelli says.
Have your mortgage lined up and approved prior to making an offer on a house. In a strong sellers’ market, it’s not enough these days to be merely pre-approved for a loan. By having a mortgage commitment in hand when an offer is made, a buyer might have a leg up over other bidders.
Take all decision-makers to view houses. In many markets, competition is fierce for available homes. Buyers may not have time to visit the house a second time with their parents to get a second opinion before submitting an offer. “Buyers can lose their dream home if they hesitate,” says Betsy Nickel, a sales associate with RE/MAX Action Realty in Maple Glen, Pa. “They need to be clear about who is making the decision to purchase their new home.”
Keep careful track of deadlines. Joan Hazelgrove, CRS, GRI, a sales associate with People's Choice Realty Services in Tampa, Fla., has seen practitioners on the other side of her deals miss deadlines. Recently, a practitioner representing a buyer asked to postpone an inspection. Hazelgrove reminded him that the inspection would not be done within the timeframe required by the contract, thereby putting his client in jeopardy. The other practitioner had no clue of the timeframe, she says. Hazelgrove keeps close track of all deadlines, recording them on her Web site in a password-protected “Client Update” section for the convenience of her clients.
Both buyers and sellers can benefit from dealing with real estate professionals who have a win/win mentality. The easiest deals seem to be the ones in which all parties are flexible, willing to cooperate and educated about the sales process.
“Anything can go wrong in a transaction,” says Bill Hosey, a sales associate with r-house ERA in Baldwinsville, N.Y. “But if the buyers and sellers have already met and developed a relationship, those issues can be dealt with a lot easier. The secret is to eliminate as much fear, suspicion, and anxiety as possible.”