The Selling Process and Our Obligations to You, the Seller
Before Your Home Is Listed:
Obtain an Ownership & Encumbrance report on the property
Obtain a copy of the County Assessor's record on the property
Measure room sizes.
Provide Seller with ideas for improving marketability of property
Perform initial Seller Counseling Session
Give Seller Document Request Form
Give & Receive Seller's Handbook
Take color/digital photos of property
Present CMA/Marketing Plan to Seller
Review comparable homes including active, pending and sold properties with Seller; determine "list price"
Obtain lender's name, loan number, address, fax & phone numbers
Prepare, review and obtain Seller signatures on
Lead-Based Paint Disclosure (for homes built prior to 1978)
Square Footage Measurements
Review Seller's completion of
Seller's Property Disclosure Form
Home Energy Survey
Obtain copies of
Any Special Taxing Districts
Size, pumping of septic tank
Home Owner's Association Contact Form
Review back of MLS profile sheet
While Your Home Is Listed
Complete MLS Profile Sheet
Enter property in MLS system
Install Lock Box
Install sign with brochure box
Provide brochure holder for Home Guide display
Create and print brochures for brochure box
Create and install Special Feature Cards
Using signed Home Energy Survey, obtain synopsis of utility usage from provider of electric and gas; include in Home Guide
Prepare Home Guide, deliver copies to property
Email "just listed" property information to other real estate offices
Post property information on web sites
Send HOA form to Home Owners' Association contact
Obtain Flood Zone information.
Review prior week's market response to listing with Seller including feedback from potential Buyers
Monthly, review prior month's activity to determine if price should be adjusted
Enter any changes, including price, in MLS computer within 24 hours of change being made
Prepare new Home Guides and brochure box sheets, print and deliver to property whenever changes, including price, are made and/or when current supply needs replenishing.
If Seller intends to purchase a replacement home in Boulder area, schedule a Buyer Counseling Session, prepare a Buyer Agency Contract and proceed to find and contract for an acceptable replacement home
If Seller intends to purchase a replacement home outside of the Boulder area, provide a referral to an experienced, professional Buyer's Agent in the new area
When An Offer Is Received, What Happens?
Offer is received at BRS office by fax or in person
Review offer with Seller and recommend response. Response usually must be made within 24 hours of receipt.
If original offer is accepted, Seller signs and contract is delivered to Buyer's Agent; at this point, property is "under contract"
If original offer is not acceptable, a counter offer is prepared, Seller signs and counter is delivered to Buyer's Agent
Buyer reviews counter offer with Buyer's Agent and either counters the counter, rejects the counter or signs the counter (several rounds of this may occur); when the later occurs, the property is "under contract"
Your Home Is "Under Contract" & Due Diligence Period Begins
Seller receives signed copy of contract
At Seller's option, MLS is informed that property is "under contract taking back-ups" or that property is "pending closing"; showing service is informed of decision
Buyer's Agent receives copies of signed contract and delivers copy to Buyer
Office closing file is set up
Signed contract and Closing Instructions are delivered to title company (usually 1st Colorado Title)
Earnest money is recorded and deposited in Title Company's escrow account
Title commitment is ordered
Calendar outlining dates according to the contract is prepared and sent to Seller
Prepare and send Due Diligence Letter to Buyer's Agent, cc: Seller
Title Commitment is received, reviewed and filed
Title commitment is delivered to and reviewed with Seller. Any problems revealed by title commitment are dealt with
Title commitment is delivered to Buyer/Buyer's Agent for their review and acceptance
Profession inspection of property is scheduled
Professional inspection is completed and Buyer notifies Seller of any objections Buyer has based on inspection
With advice & advocacy of their respective agents, Seller and Buyer negotiate resolution of inspection results. This "opens" the contract and may result in its defeat.
Seller is informed of Buyer's loan progress as information is made available
Appraisal is scheduled
Comparable analysis is delivered to appraiser
Appraisal is completed. If appraisal is below sale price, this "opens the contract" and Seller and Buyer re-negotiate contract with advice & advocacy of their respective agents
Buyer obtains loan approval
"Walk-through" inspection is scheduled (usually within 24 hours of closing).
Closing is scheduled with agreement of Title Company, Seller, Buyer and their respective Agents
Determine form of Seller's proceeds (wire transfer, Title Company check, cashier's check) (a fee is charged for anything other than Title Company check).
Determine whether all parties will be present. If not, obtain signed and notarized Powers-of-Attorney for anyone who cannot be present.
Settlement statement is received from Title Company and reviewed with Seller. Any corrections necessary are made prior to closing.
Seller moves out of property prior to date and time of closing (unless contract states otherwise), leaving property in "broom clean" condition unless contract requires professional cleaning.
Buyer completes final walk-through inspection and notifies Seller of any unacceptable conditions (Buyer and Buyer's Agent re-inspect property to confirm that all inspection repairs have been completed and property is in as good or better condition than it was on date of inspection. All systems and appliances must be in good working condition unless property has been accepted by contract in an "as is" condition.)
Closing occurs (bring photo ID); Seller receives net proceeds from Title Company and Buyer receives Warranty Deed and keys.
If Seller is purchasing a replacement home, closing on that home may occur the same day.
BRS Agent calls Seller to follow-up and receives recommendations on service provided.