The Selling Process: step by step

 

Step 1: Make sure                                                                                 GO to OUR NEW WEBSITE for accurate information
Selling real estate is always an exciting and big decision. The first thing to do is to ask yourself, is if this is what you are ready to do? Have you fully looked at all aspects that are attached with your real estate, IE ex wives, mechanical Liens, your current financial situation. The good thing about selling real estate in the Austin Area is that our market has passed up the exaggerated talk of a recession. It is good to be a real estate owner in central Texas and a good time to sell.

While working with us, you should know that our duties are to represent you. We want to make sure you get the best possible money for your property along with making sure all the paperwork and numbers work out in your favor! After all, that's why we all buy real estate because sooner or later we will be able to cash out.

Step 2: Setting a Price                                                              
When setting a price, the important thing is to be realistic. If the price is too high, you may not find a buyer. Too low, and you cheat yourself out of money.

Appraisal
Regardless of what you originally paid for your home and the cost of improvements you have made, the only price that matters is what the market will bear at the time you decide to sell. You may consider hiring an independent real estate appraiser with specialized training and experience. Don't rely on assessed valuations made for tax purposes. Such valuations may not be reliable indicators of value, as they are usually made using mass appraisal techniques.

Comparative market analysis
Whether or not you get an appraisal, I will develop a comparative market analysis. This analysis will describe homes in your area that have recently withdrawn from the market and may compare specific features of your home to others--the value of a corner lot, a city view, or an extra bedroom, for example. The analysis may also point out market fluctuations caused by the opening of a new school or business, as well as long-term trends.

Net proceeds
Once you've decided on a price range, I can help you calculate an estimated amount you might net from the sale. If you have owned your home for several years, you may have built up sizable equity. Equity is the difference between the value of your home and the balance on your mortgage. After subtracting what you owe on your mortgage, I will give you an idea of what costs you will incur in closing. These may include title fees, taxes, a penalty for prepaying your mortgage, brokerage commission, attorney fees, and charges for preparing and recording documents. Finally, ask your tax adviser or attorney about the tax implications of your proposed sale.


Step3: Signing the listing agreement
After we talk and you will have to sign a listing agreement in which you agree to allow me to sell your home during a given period and pay the buyer's agent whether that be myself, or another licensed real estate professional, when your real estate sells. Most REALTORS® are independent contractors who work for a company operated by a licensed real estate broker. Our Real Estate company is Broker Empire realty, in which I am Vice President. I also require a buyers representation for Texas real estate signed for a 1 year period in which I will be happy to work for you to find your next home.

The amount of compensation you pay me is 495 up front, and a transaction fee of 380 for a transaction coordinator paid at closing.  The transaction coordinator is paid to be glued to important dates and deadlines in your contract. The fees will be spelled out in the listing agreement. We have to get paid for guiding you through such an important decision? My listing plan is effective and will make you thousands more on the sale of your real estate. Look in our list 4 less section, the 495.00 listing plan is a flat fee residential real estate listing fee. If you do not have 495 up front I can sell your home through our 5% plan.

Exclusive listing
I will ask for an exclusive right-to-sell listing. This means that you will owe the broker a commission regardless of who finds a buyer during the listing period. In other words, if you decide to sell the house to your cousin, your broker still gets a commission. In an exclusive listing, the broker is usually motivated to work harder to sell your home. Without an exclusive listing a broker is not permitted to even enter your info in the Austin area mls.

It's possible that a REALTOR® from another company will find a buyer for your home. In that case, we are still the listing broker, and the second agent is the cooperating broker. Almost always the listing broker will agree to pay the cooperating broker a fee from the amount you pay the listing broker. If we cooperate with other brokers who procure buyers interested in your property and offers to compensate the other brokers for procuring a buyer. Cooperating and compensating other brokers is discussed in the listing agreement you sign with us.

Length of listing
The listing agreement will specify how long you agree to list your house with us. You want a period that's long enough to make changes or adjustments as needed. Three months is the markets minimum amount of time to advertise your real estate and respond to buyers. I always suggest if it has not sold in a month, or you have not received any offers, you need to lower the price.

Remember that the listing agreement is a contract. You will get a copy for your records. We are bound to the terms just as you are. You can expect me to keep appropriate information confidential and effectively market your property.

Step 4: Marketing your property                                                
Preparing your home:
In preparing your home for viewing by prospective buyers, remember that people buy on emotions. Your home has to feel right, or buyers will look elsewhere. Ask your myself and some honest friends to look at your home objectively and suggest ways to make your home more inviting and sellable. Consider both the exterior and interior. Since you will be appealing to buyers' feelings, you need to pay attention to detail. An extra $50 you spend on red geraniums or new bath towels might mean a significant increase in a buyer's offer.

Clean your home thoroughly and make minor repairs such as tightening towel racks and gluing wallpaper edges. For larger repairs, consult me as to whether repairing the item will generate a good return on the sale. Repainting the woodwork may be worth it, but replacing the carpet may not. Hire a professional inspector to examine your house for structural and mechanical defects. Getting an inspection early, can avoid surprises.

Honesty and candor:
If your home has a major problem you don't intend to correct, be candid about it. Don't paint over the water marks on the ceiling to hide a leaky roof. Buyers will find out about the problems anyway, especially if they are smart shoppers and hire a professional to inspect your home. In an age when lawsuits are as common as family sit-down dinners, it pays to be open about everything.
You will want to include a one-year residential service contract with the sale of your home. This buyer perk is a common practice and helps ease concerns. Typically, after the first year, the buyer has the option of renewing the coverage at his or her expense. A residential service contract is simply an agreement with a company to repair certain items on the property if such items fail to function or are in need of repair (for example, air conditioning unit, heating equipment, plumbing system, etc.) It is payable through your common closing costs.

Screening buyers:
As part of the overall marketing strategy, the REALTOR or myself will call their lender to make sure they are financially able to purchase your home.

When the showings begin, keep your home clean and ready. U will receive advance warning before showing your home but be prepared anyway. If people drop by and are not with a REALTOR®, it's best not to show them your home. Ask for their names and phone numbers and refer them to your myself.

Purposeful absence:
When a REALTOR® comes to show your home, it's best if you are not there. Many buyers feel like intruders when the owner is present; they tend to hurry away. Letting the buyers walk through your property at their own pace will help put them at ease. They will feel free to look around and ask questions. If you must be there, let the REALTOR® handle the showing. Sit quietly and be courteous, but avoid engaging the buyer in conversation. The REALTOR® needs the buyer's complete attention to show your home properly.

Fair housing:
REALTORS® are required by law to make your property available to all persons without regard to race, color, religion, national origin, sex, disability, or familial status. I will not discuss any matter that may potentially discriminate against any person.

Step 5: The Offer
When a buyer makes an offer on your home, we will contact you promptly. We will scrutinize the document, review it carefully and call you with the news, and answer your questions. The written offer lays out all the terms of the proposed transaction--the price the buyer is willing to pay and the financing terms--and becomes a binding contract if you sign it.

The offer may be contingent on the buyer selling a home first or obtaining an inspection. Ask me how these terms affect you and whether the offer is in line with the market. The offer describes the property, states who pays for which closing costs, and specifies dates of closing and possession. Along with making the offer, the buyer may place some earnest money with the escrow agent as a sign of good faith. The earnest money will be kept in an escrow account and applied to the buyer's down payment or closing costs when the sale closes.

Your options:
In reviewing the offer, you have three options: accept, reject, or make a counteroffer. A counteroffer is a rejection of a buyer's offer with a simultaneous offer from you to the buyer. Carefully review the figures compiled earlier to determine your net proceeds--closing costs may be quite different from earlier calculations. Discuss the possibilities with myself, your attorney, and a tax adviser.
Loan approval process
From the lender's viewpoint, approving the loan, based on your financial standing, is only part of the risk; the other part is the property itself. The lender may require an appraisal to verify that the home is worth the loan as well as a physical survey to discover any encroachments on the property. Repairs may be required. Insurance must be purchased. Verifications of employment, deposits, and other matters must be obtained. Loan documentation and conveyance instruments must be drawn and approved. In addition, the title company must research the title and arrange for paying off any liens, taxes, and other costs. All these conditions and others must be satisfied before a transaction can close.

Hazard insurance
As another protection, the lender may require insurance to protect against fire and storms. (Flood insurance could be required if the house is in a flood plain.) Even if not required by a lender, it's probably a good idea for you to consider all types of insurance.

Always ask a question if it's a concern of yours, we want to get it answered.

Step 6: Closing the deal                                  
 
The closing is the end of weeks or even months of research and decision making. The closing could last less than an hour but may take longer, depending on the complexity of the transaction. It often occurs at the title company's office. The title company officer will explain each document before you sign. You may want your attorney present as well.

Two basic kinds of documents
If buying real estate were strictly a cash transaction, you would simply hand over the money and receive the deed. More than likely, however, you are borrowing money for the home, which means that you are actually making two transactions--acquiring the loan and buying the home.

As a borrower, you will sign a note promising to repay the loan and a deed of trust (also known as the mortgage) pledging the house (or other collateral) as security for the note. You will also sign numerous other papers including acknowledgments, disclosures, surveys, certificates, etc. Be sure to read each document carefully. Ask questions if you do not understand anything. There are no dumb questions. Seriously consider having your attorney present at closing.

As a homebuyer, you will present a cashier's check (or other good funds) to the seller, sign a document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs. In return, you will receive a deed, transferring ownership rights to you.

The Real Estate is yours
At the end of the meeting, you will likely receive keys to the property. At that moment, the home will be yours. Occasionally, possession of the property will occur after closing. For example, the seller may have negotiated with you for a few extra days after closing, or the loan will not immediately fund, or other concerns. But, in most transactions, you will be the new owner at the end of closing.

Some other points to keep in mind:

■ Buyer/seller agency. It's important to understand who your REALTOR® represents--buyer or seller. The REALTOR® will provide you with information about representation. As a buyer you may sign a buyer representation agreement with a REALTOR®. It will discuss the scope of the REALTOR®'s representation.

■ Pre-paids. You should be aware that your closing costs will include prepayment of an
escrow account to cover insurance and taxes.

■ REALTORS® are required to make properties available without regard to race, color, religion, national origin, sex, disability, or familial status.
 
■ Be sure to have a property inspected by licensed inspectors to determine: a) the condition of the property (structural, mechanical, electrical items, etc.); b) any environmental conditions (asbestos, lead-based paint, toxic materials, etc.); c) wood-destroying insects; and d) other matters. Brokers are not qualified to perform such inspections.
 
■ Residential service contracts can offer repair to appliances, electrical, plumbing, heating, cooling, or other systems in the property.

■ Be sure to obtain a policy of title insurance or have an abstract of title reviewed by an attorney of your choice before buying a property.

■ Seek our advice before entering into a binding real estate agreement.
 

k and surrounding central TX areas. Selling your home can be a complex process. As a seasoned listing agent, I will help you with the entire home selling process. As your listing agent, I will help you get the best price for your home and help sell it in the fastest possible timeframe. Selling a home here in Austin and surrounding areas means a comprehensive plan must be in place.

WHAT I DO FOR YOU:

1 Provide you with a free home valuation consultation to help determine your home's worth. Review comps in the area to show you what is happening in Austin, Lakeway, Cedar park, Leander, Dripping Springs, Pflugerville, Round Rock and surrounding central TX areas.

2 Negotiate on your behalf to receive the most money for your property and home.

            3 Network with other real estate professionals here in Austin, Lakeway, Cedar park, Leander, Dripping Springs, Pflugerville, Round Rock and surrounding central TX areas as well as throughout other relevant areas to find the perfect buyer for your home.

4 Arrange showings of your home that work in conjunction with your schedule. Secure an electronic lockbox for accessibility that allows us to follow up with Agents that have viewed the home.

            5 Advise you how to best prepare your property for potential buyers to view. Provide any construction services that are needed in preparation or repair of your home.

            5 Engage in a comprehensive advertising campaign to give your home the ideal amount of exposure.  Including our enormous email database, community networking, and our door to door mind set.

6 Utilize technology including my personal web sites, the mls, austinhomesearch.com and more, to showcase your property to other real estate agents along with potential home buyers. My websites are some of the top searched websites in the Austin area. I also advertise daily on craigslist, and have a large email database.

            7 Work with you through the complex paperwork and legal issues that can impact the sale of your home. I make sure your real estate transaction is correctly conducted.

8 Represent you in a manner that is both professional and thorough.

            9 Tailor the sale of your home to the area of your property and to each of its unique features. Don't forget my references and my proven track record of quality home selling.

 

Sounds Great! What's next? Call or Email Mike for a Consultation
 

How Can I discount this low and provide full service?

I charge a flat fee of 495.00 upfront.  this pays me for the electronic lockbox, the sign, your consultation, the computer work, my time, gas, the real estate MLS  listing service, my valuable advertising and the powerful marketing of a full service real estate brokerage. Check // cash // credit cards Pay pal 15$ handling fee  

Why would I pay upfront? Our selling system is designed for clients ready to maximize their profit in the present. We only charge you the bare minimum nuts and bolts for achieving a successful sale of your home. If you do not plan on following through with selling your home then I would not want to waste time and gas running around to create the mirage. Brokers are able to list fair weather sellers for no upfront charges because they are charging 6% to 7%. Their upfront cost for homes that don't sell, are easily covered by the large paychecks of the homes that do sell. If you would not like to come up with the 495.00 upfront then we can service you through a 4% plan with 295.00 up front, or my 5% pampered plan with no money upfront. 495.00 is non refundable of course and is a small risk when dealing with 100,000.00+ .           Sound to good? Take a look at our results. We've sold 100s of homes in central Texas

At closing you pay: 3% to the buyer's agent, unless there is no buyer's agent.  My whole goal is to find you a qualified buyer and close on your home. I also give my clients the opportunity to give me five names of potential buyers that may put your home under contract. If a buyer from your list closes on your home then a real estate agent will not have earned their 3% and you save it. If you think that the 3% is the catch you are wrong! With today's mortgage market and economy, having a buyer's agent involved for legal representation, paperwork, and safety of mind is the only way to go. If you are not willing to pay a buyer's agent for bringing you a qualified and able buyer you should not list your property with a brokerage at all.  If I find the buyer, which I will be determined to do, then I have well earned the 3%. Can I offer less then 3% to a buyer's agent? No. Real estate agents are helping the majority of buyers in search of a property. The market commission split has and will be 3%. If you offer less I will not need to explain why your property seems to be skipped over. Real estate professionals deserve to make the 3 % when dealing with real estate transactions. Our transaction coordinator charges a 380.00 transaction coordination fee that is paid by you through closing. The transaction coordinator is a very important part to ensuring a successful  closing is performed on your real estate. She is glued to the important dates and deadlines on your real estate contract. Ensuring your stress free transaction and closing is well worth 380 compared to the thousands you will pay a 6% brokerage. For a list of her obligations and duties to your transaction click here.

I'm willing to only make 495 on this sale, for full service? Yes. If you are moving out of Texas, or a buyer from your list closes on the home, then just your referrals will be appreciated.  I will have sold your house for 495, happily saving you thousands. If you are moving into another Texas city within the year, Our company will be your buyer's agent and assist you in finding your next dream home. My clients have been happy with the money they saved, and let me earn a living by finding their next real estate. I have you sign a six month buyer's representation agreement on your next real estate transaction in Texas. My services are available in the Austin & surrounding areas. My Brokerage is present in most Texas cities and we will have an agent who is fully experienced in the area you are moving assist in making your next move informed and stress free.  

Why should I use you as my buyer's agent? If you trust us selling your house, finding a home is the fun part. We can assist you with foreclosures, short sales, new builds and resales. Oh and did I mention BUYER COMMISSION REBATES! If you're a happy hunter on your own, we will rebate up to half our commission to you. You can run the math on the sales price of your home, your savings could mean everything from a new kitchen appliance package to a completely remodeled kitchen. We will fill all the paperwork and make sure you are getting a great deal. If you would like us to show you homes and run you around to all sorts of areas we will have earned our 3% that the seller offers.  We are not greedy but we do need to make a modest living.

Example of your savings in the 495 plan:  Example: Netting 30,000 on a 250,000 house, after paying your normal 6% which is 15,000 and other seller closing costs.  Listing with me You would be making over 7,000 dollars more on top of that 30,000. For the same services, the title company can cut you a check for 30,000 or 37,000+. Which would you choose?

Example of savings using us as a buyer's agent: I already know I want to move to Hyde Park. In fact, I already have my eye on a couple places over there. I don't want to bother with someone every time to view homes and I know the seller already has a marketing agreement with an agent so there is a buyer's commission already assumed. When I use the 512 developing plan they will rebate half the commission back to me. The home I want is 425,000. There is a buyer agent commission offered at 3%, which means 12,750. That means after negotiations I will receive an additional 6,375 at closing by using the 512 developing plan?!     I can re landscape my entire property for that!

*The 495 plan does not apply for all listing services. Real estate listed over 300k is 695. A 380 Transaction coordinating fee is charged through closing. Commercial listings are negotiable.*

 

LIST WITH 512 DEVELOPING! I give you honest advice about what it's going to take to SELL your Real Estate. We have a long track record of successful real estate sales and we have a large networking pool of investors and buyers. Do you need any minimum construction done to maximize your profits? Would you like proven tips that you can do without spending much at all? If you would like to know how and what we can sell your house for in true 512 deVeloping style, contact Mike, Vice President of Broker Empire Realty at 512.507.0726. I will personally come to your house and go through what needs to be done. If you're not concerned about how quick it sells, and are ok with it sitting out on the market at an inflated price just in case someone bites, We are probably not a fit for you. Seeking clients that are ready to maximize their profits in the present.

Austin 2012

OPTION 2: The 5% plan:

Why would I pick the 5% plan if your going to list my property for 495??

1. If you do not have the 495 up front.

2. If you feel that your real estate transaction will have more then your average situations.

3. If you would like to feel extra pampered.

4. If you think I deserve the 2% for selling your home.

 

OPTION 3: The 6% commission & up plans:

Why would you pay me 6% commission or higher to sell your real estate??

1. If you are brokering a commercial real estate sale.

2. If you are going through a divorce.

3. If there are 4 or more owners involved.

5. If you are selling land, large acreage, farm or ranch.

6. If you are in a short sale situation or close to being foreclosed on your real estate.

7. If we are dealing with environmental issues or endangered species.

8. If you need a lot of construction coordinated to close on your real estate.

 

Sounds Great! What's next? Call or Email Mike for a Consultation
■  HOMES 4 SALE

Selling a Home in a Buyer's Market  ■

■  Why not sell myself ?Transaction coordinator 
■  How much have we sold?Why select  our team  to sell your real estate? 
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SELLING REAL ESTATE TIPS

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■  Search HUD foreclosures nowTax Free Capital Gains  ■
■  15 minute Investor [2 parts]Why hasn't my real estate sold? 
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Texas Property Tax center!

Central Texas Appraisal Districts

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