cathryn-lavery-fMD_Cru6OTk-unsplash.jpg

Seller to-do list

One

Deciding whether and when to sell a home

2

Listing price and

Build a bargaining strategy

3

Potential problems ahead of time

Point to note

6​

Buyer Selection,

Bargaining, contract

5

Buyer Selection,

Bargaining, contract

4

Decorate the house

Show

Step-by-step service

Deciding whether and when to sell a home

  • Selfless conversation

  • Accurate understanding of seller situation

  • Sell? Stay? Equity? Rent Out? When?

  • ​Detailed explanation of the sales process and various issues

Are you sure that selling your home now is the best option?

Build listing pricing and bargaining strategies

  • Thorough market analysis

  • Talking as it is

  • Bargaining strategy: the general method vs. Semi-auction method

If you insist on unrealistic prices,

You don't get the best price.

Pointing out potential problems in advance

  • Seller's Proceeds

  • Disclosure in advance

  • HOA and Loan Issues Investigation

  • Prepare for Fixture Issues

  • Buyer's repair request expected / prepared

  • Closing and moving scenario prediction/preparation

If the first is easy, the later is difficult, and the first is difficult, the later is easy.

​스테이징 ( 집 꾸미기 )

스테이징 서비스

전문적인 사진 / 상세한 정보

SNS의 효율적 사용

스테이징과 좋은 사진 올려 놓은 

집들은 바이어가 몰립니다. 

준비 안된 집들은 오히려 바이어를 몰아냅니다. 

Show house

  • Show your home as easily as possible

  • Creating an auction atmosphere through an open house

  • Potential Buyer Follow-Up System applied

  • All agents and buyers preferential treatment

  • Never greedy for dual agencies

For those who come to see dozens and millions of dollars of goods, among them

I don't know who will be the buyer. Best to all potential buyers

You can sell your house well when you're done.

Buyer selection, bargaining, contract

  • Buyer motivation and qualification check

  • Strong bargaining based on objective data / buyer sentiment

  • The terms of the contract are meticulous and complete from the start.

No matter how carefully you decide, there is a 30% chance of breaking the escrow.

Securing backup offers/buyers at this stage is also important.

To do that, you have to be good to all buyers.

Continued negotiations and contract fulfillment work

  • Accurate and seasoned paperwork

  • Smooth communication with various related organizations

  • Strategic negotiation for repair requests

  • Buyer's appraisal / loan monitoring

  • Ready to close

  • After escrow: Lifetime customer, Lifetime service

If you don't lose at all and don't make any concessions, you can miss the line. There is nowhere for sentiment to occupy in real estate transactions.

Marketing preparation process

Find out the price

It is good for the seller to have some sense of the market price. You can also visit the Open House and compare information about the houses sold around you. The principle of price analysis can be found here. There is a limit to knowing the price accurately by sellers themselves. This is one of the biggest reasons to meet a good agent.

Choosing a real estate agent

Finding a good real estate agent is the most important thing a seller must do for a successful home sale. One of the biggest mistakes sellers make is not trying enough to find a good agent. In About Us you can find important details about the specific things a good agent does.

Create Listing Agreement

As it is a contract that the seller will give the real estate agent exclusive sales rights, it would be in the best interest to read the three pages as much as possible and sign the information. Determining the listing duration, listing price, and commission are the three most important aspects of a listing contract.

Build a home sales strategy

One of the things sellers should do is to discuss sales strategies with a listing agent for showing, listing prices, how to get offers, home repairs, incentives, and more. It would be best to take an appropriate interest and make decisions through active dialogue.

Staging: home renovation, cleaning, repair

Even if it's not necessarily a professional staging, you should decorate it as pretty as possible when selling your house. At least, you should do a major cleaning once. This is the job that sellers should be most actively interested in and endeavor to do while selling a house, and it is a job that requires the help of an experienced agent.

You can do it before or after entering the estro (= signing a contract)

Things you can do

Termite Inspection and Work

In Southern California, when selling a house, it is customary for sellers to do the termite work and sell the house. Condos are usually hundreds of dollars, but large and old mansions can cost up to tens of thousands of dollars. Depending on the situation, you can do it before or after you find a buyer. When there are few Termite problems, it's okay to leave it to an agent to do it yourself, but if the problem is severe and requires a lot of cost, it is better for the seller to pay attention to it.

Retrofitting: Fixing your home in line with current regulations (Retrofitting)

Smoke Detector and Water Heater Strapping are standard in all regions, and additional Gas Shutoff Valve, Low Flow Toilet/Showerhead—LADWP Certificate of Compliance, and Impact Glazing are available in the case of City of LA (Not LA County). As such, there are slightly different retrofitting rules for each region. This, too, is customarily sold by sellers like Termite. Sellers can do the smoke detector themselves, but they usually leave it to a retrofitting expert. Retrofitting can also be done before or after escrow. The cost ranges from hundreds of dollars to 1,000 dollars.

Earthquake Retrofitting

Old houses, especially those built before the 1940s, are recommended for Earthquake Retrofitting. (The LA Department of Building and Safety advises to check the foundation status of houses built in the 1970s.) Foundation Bolting and Cripple Wall Embracing are mainly performed as part of earthquake reinforcement. It usually costs about $3,000-$7000, and takes about 2-3 days. There are many people who are relieved that this is not a big deal than they thought. It is not yet mandatory, but if an old house is not subjected to earthquake reinforcement, it can act as a major obstacle to digging the house. This can also be done in advance or later in some cases.

Create/order a Disclosure (documents where the seller gives the buyer various information about the house)

There are quite a few things to disclosre to the buyer. Some are written by the seller themselves, and some have to be ordered through different agencies after initiating escrow. Disclosure paperwork is one of the biggest reasons sellers should hire real estate agents. A good real estate agent will take care of everything and guide you. And you have to be a seasoned and meticulous agent. This is because the seller has no way of knowing whether or not the agent is doing these paperwork properly or not until there is a problem.

Marketing and contract closing stage

Show the house/empty the house (Showing)

It is customary for sellers to vacate the house when doing Open House, Showing, Inspection, or Final Walk-Through. (It is not necessary, but it can be uncomfortable for each other if sellers are at home.) It is good to be attentive to buyers so that they can see the house as easily and comfortably as possible, in the least compromise between safety and privacy.

Offer, counter offer, contract conclusion (Offer, Counter-Offer, Acceptance)

When a buyer sends you an offer, you have to decide whether to accept it immediately or send a counter offer. When multiple offers come in together, the decision process can be quite complicated. You have to proceed carefully. The opinions of listing agents are often taken into account, but the final decision is up to the seller. This, too, is an area where the help of an experienced and sophisticated agent is essential.

Escrow in progress (=during contract fulfillment period)

Checking and signing escrow documents

Escrow Instruction is a document that summarizes the important contents of the Real Estate Sales Agreement (RPA-CA) and the basic policies of the escrow company. In addition, there are a number of documents that the seller must fill out/sign, such as Statement of Information and Withholding documents. Once a contract is signed and the contract is delivered to escrow, it is usually ready within a few days. You can receive it by e-mail or e-mail from escrow, fill it out, and return it, or you can go directly to escrow and sign it later.

Responding to repair/credit requests

The buyer must respond to the repair/credit request sent by the buyer based on the results of the inspection. It's one of the biggest gateways to dealing with listing agents head-to-head and strategically. Here, it is easy to get into an emotional fight with the buyer. This is because buyers usually come out stronger than expected. The secret to good real estate bargaining is to stay cool under any circumstances.

Watch progress on appraisals, loans, and more

Through the agent, you can watch with interest and see if your emotions have come out well, and whether the buyer's loan is going well. If you're an agent doing the right thing, you won't even need to ask, but they will occasionally let you know the progress.

Contingency Removal Request

Contingency: A conditional protection clause. The first time a seller and a buyer sign a sale contract, they don't promise to buy and sell a house unconditionally. If there is a problem while checking the condition of the house, preparing for a loan, etc., a conditional protection clause is put in which the contract can be terminated within a fixed period. This is called a canteen exhibition. Inspection Contingency, Loan Contingency. Appraisal Contingency is the most representative.

Canteen exhibitions have an expiration date. The canteen exhibition period is specified in the contract as 17 days (inspection canteen exhibition, appraisal canteen exhibition) or 21 days (loan canteen exhibition), but it can be changed by agreement between sellers and buyers. When the canteen exhibition period expires, the canteen exhibition disappears only when the buyer signs a document stating that the canteen exhibition will be removed. After the buyer has cleared the canteen exhibition, if for any reason the escrow cannot be completed, the initial deposit may not be returned. When the canteen exhibition period expires and the seller requests the buyer to remove the canteen exhibition, if the buyer does not fulfill the canteen exhibition period, the seller may legally cancel the contract. In this case, the down payment must be returned to the buyer.

When the situation is ambiguous, it may be a process that requires careful negotiation and careful strategy. It is one of the procedures that requires the help of an experienced agent.

Ready to move

Since we have to set the time with the buyer, we need to communicate clearly with the buyer through the listing agent and set the date long before the escrow ends.

A few days before the end of escrow

Preparation for Final Walk-Through (final inspection of the house condition)

A few days before the end of escrow, the final check of the condition of the house by the buyer is called Final Walk-Through. Sellers deserve to take a tour of the entire house in advance so that unnecessary issues are not raised. During the Final Walk-Through, most sellers leave their seats, but sometimes they meet buyers and explain how to manage the house.

Grant Deed notarized

It doesn't matter at any time, but usually you can go to escrow directly when the buyer's final loan document (Loan Doc) is available. If you can't go to escrow, you can also use the Traveling Notary, which may incur some extra cost.

Check Closing Statement

The list of all expenses incurred during the escrow period is called a closing statement. You can check with the help of a listing agent to see if there are any mistakes or items that have been overly charged. You'll need to use it for tax returns later, so keep it well.

Seller's Proceeds (proceeds from home sales)

You need to tell escrow in advance how you will get the money left over after selling the house. You can send money directly to your seller account or receive it by check. Just let us know when you notarize Grant Deed.

After escrow

Passing the key and necessary information to the buyer

Usually, through a listing agent, the key, etc., and information that the buyer needs to know about the house are delivered.

Encourage Listing Agent

If the listing agent did a good job at work, you would really like it if you said a word that you worked hard and thanked you.

Copyright          2021 Boston Choi  All rights reserved.

th.jpg