Progressive Real Estate Services, Inc.

LEGAL HELP
There are many legal aspects involved in selling a home. We, in the real estate field, are licensed to sell and draw up the documents needed to transfer title. You will need to hire an attorney to take our place in doing this work. The cost will vary and you can keep it to a minimum by hiring an attorney who specializes in real estate. The following are a few of the real estate attorneys that we consult on a regular basis and we're sure they would be happy to quote fees for their work.

• Rochester Title & Escrow - (507) 282-6337
• Ohly Law Office - (507) 289-4529
• Tim Hansen Law Office - (507) 252-0123
• Dunlap Law Office - (507) 288-9111

There are three documents that have to be drawn to sell your home. The first and most important is the CONTRACT OF SALE. This states what is to be sold, to whom, by whom, for what specific amount, and to be completed on what date. There are several important areas that have to be acknowledged. Personal property (ie. stove, refrigerator, window coverings, water softener, etc.) must be clearly defined and with certain types of financing a bill of sale must accompany the document. This is very important. Your attorney cannot second guess you on this matter.

The DEED is next. There are several types of Deeds - plus several variations as to method of completion.

The last document is the CERTIFICATE OF REAL ESTATE VALUE. The Real Estate Transfer Statement must be filled out and recorded along with the deed.

Studies show that 90 percent of "For Sale By Owners" eventually employ an agent, and of the owners who sold their own property, 90 percent would have netted more had they used an agent.

 

PRICING YOUR HOME

The most important factor in selling your home is the price! People today select a home by comparison shopping. They want to see every home available before making their decision. A home must be priced at fair market value. This means it must be priced within the limits of other comparable homes. THis s a very difficult area to cover. We, in the Real Estate industry, try to sell homes at the highest market value. To help you determine market value we use a Competitive Market Analysis. This shows homes presently for sale similar to the subject property. Remember, however, these homes do not indicate market value because they have not sold. They are only the homes you are in competition with.

Next are the properties that have sold. These do indicate market value for that type of home in that area. The only reason why properties fail to sell is either over-pricing or poor marketing. After looking at an accurate Competitive Market Analysis you can see approximately which price range your home will be in. Most Real Estate Companies will evaluate your home at no charge. If you're interested in having a no-obligation Competitive Market Analysis on your home, please call Progressive Real Estate Services. We'd be happy to provide you with this service.

People try to sell their own property for various reasons: They feel they can do it themselves They want to save the commission They don't know a competent agent They've had a bad experience with a salesperson

 

PREPARING YOUR HOME FOR SHOWING

The next area is preparing your home to sell. The sharper, neater, and cleaner a home looks, the faster it sells... and for top dollar!! Anything you can do to "face lift" your home will help. Try to keep paint and carpet colors neutral. Try to keep the home in good order when you show it. One very important area - if you have anything you want to take with you, such as light fixtures, mirrors, curtains, drapes, shower massager, etc., replace or remove these items before you show your home. This will eliminate any misunderstandings with the buyers.

Most serious buyers work with an agent because: An agent can expose them to more properties An agent can familiarize them with the area Out of town buyers are on a tight time frame and don't want to waste time driving around and getting lost An agent can provide more information An agent can recommend financial alternatives An agent can write a purchase agreement An agent can explain the forms and agreements An agent's services are free

 

ADVERTISING YOUR HOME FOR SALE

Next you need to let the public know your home is for sale. A well written newspaper ad should be submitted to the local newspaper. Large ads? They cost a lot of money and studies show that a smaller, well written ad is just as effective. Include the price, style of home, bedrooms, and other pertinent information. It's best not to include the address. Many buyers will drive by your home and eliminate it without ever seeing the inside. We have sold many homes that buyers thought they wouldn't like just because the outside is different than they expected.

 

PUT YOUR SIGN UP RIGHT AWAY!

We sell over half of our homes because of a sign! The sign could be more effective than your newspaper advertising, depending on your location.

 

HANDLING THE CALL ON YOUR HOME

This is sometimes the hardest part of marketing your home. Our agents have spent literally weeks studying professional and effective methods of handling the "ad call." We want to encourage the buyer to see our home...not just drive by. Most important we only want to show the home to truly "qualified" buyers. Questions to ask the buyer over the phone:

• What can I tell you about the home? (only give the information they ask for; don't over sell)
• Our home is priced at $____________, which is fair market value for the area. Is that the price range you are considering? (Studies show up to 90% of buyers who call on For Sale By Owners are not qualified to buy the home they call on)
• When can I show you the home? ** Most important! **

Be enthusiastic and helpful, and you won't have any problem setting an appointment with the buyer.

SHOWING YOUR HOME

Once the buyers come, let them look around and explore your home. Be available to answer questions. Point out features, but again, don't over sell. People are always interested in utility bills, insulation, and improvements. If you have these facts written down, you will find it helpful. Here are some additional questions to ask to get a better idea of how qualified the buyer is.

• How long have you been looking for a home? (reveals urgency)
• Have you talked to a loan officer about financing?
• When you find a home, when do you want to be moved in?
• The hardest, but most important questions of all... "Would you like to buy the home?"

 

There are many reasons why "For Sale By Owners" are offered less for their properties: Buyers know the seller is not paying a commission "By Owner" properties attract bargain hunters and speculators Buyers, unsure of the property values, will offer less Buyers have no one to help them make a decision

 

FINANCING THE BUYER

Once the sale is made the buyer goes in for financing. There are several good home mortgage institutions in town. We've found that it's important to keep tabs on how the buyer's financing is progressing. Find out the name of the loan processor who is handling the buyer and give them a call every 10 days or so, just to make sure there are no surprises waiting for you or your buyer.

THAT'S IT!! Your home is sold!

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As your agent, we are in the best position to sell your property:

Sales Duties Often Used To Sell Real Estate	Owner (You):	AGENT:
•Show the property	X	X
•Show comparable properties		X
•Give additional informaiton		X
•Call prospects back after showing		X
•Discuss financiing alternatives		X
•Explain forms and agreements		X
•Write the purchase agreement		X
•Use experience to come up with alternatives to help negotiate a purchase agreement		X
•Help prospects make a buying decision		X
•Encourage buyers to enhance price or terms		X
•Eliminate buying fears		X
•Assist buyers through escrow and closing		X

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Greater exposure will help sell your property faster and at top dollar:

Methods of Exposing Your Property to Buyers	Owner (You):	AGENT:
•FOR SALE sign	X	X
•Advertising	X	X
•Open House	X	X
•Multiple Listing Service		X
Calls from other signs		X
Calls from other ads		X
Buyers from other open houses		X
Relocation program		X
Present customers		X
Walk-in customers		X
Buyers from our sold listings		X
Promoting your property to other agents		X
Referrals from past customers		X
Referrals from other agents		X
Computer selection of your property		X
Virtual tour		X