Introduction of Intent

Hi,

My name is John Stehmeyer with Pro Players Realty. I’m a Tallahassee Realtor® licensed by the National Board of Realtors. This page is dedicated to giving For Sale By Owners in Tallahassee the best possible resources for selling their homes and understanding the process in which it takes place.

Selling can be a daunting task. There’s closing costs, appraisals, home inspections, escrow, titles, insurances; all of which can be overwhelming.

I’ve laid out everything you need to know. Once you’ve completed the guide be sure to check out our list of things that could go wrong when buying and selling real estate.

Getting Started

Benefits to FSBO

Benefits of a Real Estate Agent

Path to Selling

Important Terms

Getting Started

What is FSBO?

For Sale By Owner, or FSBO , is the process of marketing, buying and selling of real estate without the representation of a real estate broker.

Benefits to FSBO

Save money

Realtors usually charge anywhere between 2 and 6 percent of the closing price. On a $200,000 house that can cost you $4,000-$12,000 dollars. However, factoring in the cost of marketing (signs, flyers, gas, time) and the fact that on average realtors can sell a home for $17,000 more than equivalent FSBO’s and the cost savings could be less substantial. It all depends on your selling ability.

You’re in charge

You don’t have to depend on anyone else. If you like leadership roles this could be the route for you. It can be a big learning experience and adventure.

You know your home

Nobody knows your home better than you. This could give you an edge in quickly finding a buyer.

Benefits of a Real Estate Agent

Higher selling price

According to available statistics, Realtors have avg. selling equivalent homes for ~$17,000 more than FSBO’s.

Realtors do all the work

They know the process, they have contacts, access to MLS listing services. They take care of the marketing and showings. They guide you through all the required steps and can help you secure a loan.

Realtors work on a contingency basis

Can you name another profession that will go to work for you on a contingency basis? Or without a contract? Even attorneys charge by the hour except for some high-risk law suits. You don’t typically pay for any services up front with an agent and that is because agents are paid on the back end by the lender’s proceeds. When you think about it, that is an incredible endorsement that your lender is willing to finance your brokerage fees. That means you and the seller have no out-of-pocket expenses. Therefore, it’s in your agent’s best interest to work quickly, diligently, and use all his or her resources to help you meet your goals, or there is no payday.

Realtors know your market

Real estate professionals have invaluable house-by-house, street-by-street, and market-by-market experience which can’t be learned overnight. Realtors who have weathered the pendulum swing between buyers’ markets and sellers’ markets know that the real estate market can turn abruptly.

Realtors have access to information you don’t have

Multiple Listing Service (our area MLS) data entry can take from one to 10 days, depending on the listing agent, his or her broker, and the rules and technology of the MLS. By the time the home is posted on the Internet, it could already be sold, so when you shop for homes on the Internet, you may not be seeing the most current inventory. That’s why clever agents network with each other. Your agent will tell other agents about you and your wish list in exchange for information about upcoming homes for sale which are not yet in the MLS or the Internet. Many homes are bought and sold this way without a sign ever going into the yard. If you want to be the buyer positioned to make first and best offers on these desirable homes, hire an agent and be willing to go under contract. If an agent has found out about a home for sale that has not been listed, whom do you think he or she will tell first – you, or a buyer who is committed to him or her by contract?

Realtors understand the complexity of the transaction

Less than a decade ago, a home could be bought with a two-page contract. Now consumer-mandated seller’s disclosures, environmental and structural reports, and other legal documents have turned the home transfer into a potential minefield. Realtors work with contracts daily, and can fully understand which points are harmful and/or beneficial to you. From helping you make a reasonable offer, to providing for the discovery and disclosure of material facts, your agent can also correctly interpret information for you.

Reatlors are homeowner advocates

Do you like the idea of deducting your mortgage interest from your income tax? Paying no capital gains when you sell your home up to $250,000 if you are single and $500,000 if you are married after living in it only two years? If so, you can thank the only lobbying group in the nation that looks out for the interests of homeowners – The National Association of Realtors. Every year, the Realtor PAC perches on Capitol Hill and swoops down on legislators who try to overturn these generous government-sponsored homeowner benefits. The result is well worth it. These initiatives keep housing more affordable and make them better investments, enabling more buyers than ever before to move into a home of their own.


Path to Selling

Choosing a listing agent

  • A listing agent will represent you and have a fiduciary responsibility to look out for your best interests.
  • Interview agents and meet with at least three neighborhood specialists.
  • Negotiate your listing agreement, including term

Getting home ready for sale

  • Prepare your home for sale by cleaning, decluttering and improving curb appeal.
  • Hire a professional stager to stage your home, or ask your real estate agent for help in staging.
  • Make repairs before selling.
  • Protect your privacy while your home is on the market.
  • If you’re selling a home where pets live, make alternate plans for your pets.

How much is your home worth?

  • A seller’s biggest mistake is to overprice.
  • Price your home in line with sold homes identified in a comparative market analysis report.
  • Consider whether your market is hot, cold or neutral, and price according to the market temperature.

Market your home

  • You or your agent should identify the sizzling selling points and choose advertising words to sell.
  • Approve your agent’s marketing campaign or figure out how to advertise your house for sale yourself.
  • Follow the top 10 home marketing tips for selling your home.
  • Hire a virtual tour company to take quality photographs and put a 360-degree virtual tour online.
  • Tweak marketing to increase traffic and showings.
  • Post internet listings online. Your agent or you should saturate the internet with photographs and description of your home.

Show your home

  • If you’re wondering about lockbox vs. appointments, you’ll get more showings if you let agents use a lockbox.
  • Your home will show better if you are selling in spring than selling in winter.
  • Selling during the holidays will likely result in a lower sales price, regardless of what agents tell you.
  • Follow the top 10 home showing tips. You’ve got only one chance — and sometimes only 3 seconds — to make a good first impression.
  • Prepare for an open house and use the approach sparingly.
  • Ask for buyer feedback so you can adjust your price, condition or marketing campaigns accordingly.

Receive purchase offers and negotiate

  • Make certain that buyers use the right form for writing a purchase offer.
  • Even if you receive a lowball offer, negotiate by issuing a counter offer. Don’t ignore offers.
  • Ask for a kickout clause or first right of refusal if the buyer’s offer is contingent on selling a home.
  • Consider making a counter offer contingent on buying a home, if market conditions warrant.
  • Don’t be afraid to make a full-price counter offer, if you are priced competitively.
  • If you are priced right, prepare yourself for multiple offers.

Open escrow

  • Your agent or transaction coordinator will open escrow and order a title policy.
  • Write down the contact information for the closing agent.
  • Select a date to close based on when the buyer’s loan will fund.
  • Ask for a receipt for the buyer’s earnest money deposit.

Appraiser Appointment

  • Clean the house the day before the appraiser arrives.
  • If you receive a low appraisal, ask your agent about alternatives.
  • You are not entitled to receive a copy of the appraisal because you did not pay for it.
  • If the buyer decides to cancel the contract based on an appraisal, ask your agent or lawyer about your rights.

Home inspection

  • Get ready for the home inspector.
  • Ask your agent to provide you with a home inspection checklist so you will know which items an inspector will want to see.
  • Expect that the inspector will want access for an attic inspection and will look for a wet basement; prepare those areas for inspection.
  • Prepare as well for the final walk-through inspection.

Seller required inspections

  • If your contract calls for a roof certification, hire a reputable company to conduct the inspection.
  • States that allow for termite / pest inspections make these reports public records.
  • The fees for all inspection reports, even if seller-mandated, are negotiable.
  • If your home was built before 1950, a sewer inspection might call for a new sewer line, but trenchless sewers are less expensive to install.

Seller disclosure

  • All homes in the US are subject to lead-based paint disclosures.
  • If you are aware of material facts, disclose them.
  • Your title company should provide CC&Rs, but if you belong to a homeowner association, additional documentation will be required.

Negotiate request for repair

  • Ordinarily, sellers do not need to accept a buyer’s request for repair; however, buyers can generally then cancel.
  • You are entitled to a copy of the home inspection report, if the buyers request repairs.
  • If you do not choose to make repairs, a buyer might instead accept a closing cost credit.

Ask buyer to release contingencies

  • In California, for example, contracts default to 17 days, at which time, the buyer must release contingencies.
  • If you do not demand a release, buyers are not obligated to provide it.
  • If buyers do not provide a release, in CA, sellers have the right to cancel.

Sign title/ escrow

  • In southern California, you will sign escrow documents shortly after opening escrow.
  • In nothern California, you will sign escrow documents near closing.
  • Bring a valid picture ID.

Close escrow

  • Your property deed, reconveyance and deed of trust will record in the public records.
  • Title will notify you and your agent when it records.
  • Depending on buyer’s possession rights specified in the contract, you may be required to move on the day it closes.

Important Terms

FSBO

For Sale By Owner, or FSBO , is the process of marketing, buying and selling of real estate without the representation of a real estate broker.

Real Estate Agent/Broker

a person who is authorized to act as an agent for the sale of land

Realtor

a real estate agent who is a member of the National Association of Realtors

Escrow

a written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment …

MLS

Multiple Listing Service – a US based service that consolidates listings of homes for sale from all licenced real estate agents

Introduction of Intent