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
Listing contract
Closing instructions
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
ILC/Survey
Well Permit
Septic Permit Discuss
Any Special Taxing Districts
Size, pumping of septic tank
Home Owner's Association Contact Form
Flood Plain

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.

CELEBRATION!!!

BRS Agent calls Seller to follow-up and receives recommendations on service provided.