Full Process

  

Before you decide on an agent to handle the sale of your home 

be sure you are getting your money’s worth!

Ask yourself, and them, if they do all this...

 1 Assess seller’s needs, timing and motivation.  2 Ask the seller questions about the property and themselves to learn how to better serve. 3 Ask if seller is interviewing other Realtors (if so, offer our interviewing guidelines). 4 Set up meeting with seller to preview property. 5 Enter seller’s information into database. 6 Obtain County records to have basic knowledge of the property. 7 Research basic legal information. 8 Order property profile from Title Company and review in detail to understand ownership and encumbrances. 9 Ensure that legal name is correct as per Title report. 10 Research previous sales activity on the subject home.  11 Order plat map to confirm property’s lot size. 12 Order preliminary reports on property. 13 Search MLS system for competitive properties currently on the market, in escrow, have expired or been removed from the market, and sold in past six months. 14 Have group meeting to discuss suggested list price (subject to viewing property). 15  Prepare CMA (Comparative Market Analysis) report for presentation to seller. 16 Prepare marketing book and deliver to seller for review prior to listing appointment. 17 Request seller have all records and paperwork pertaining to the property available at the time of the appointment. 18 Ask seller to have an extra key available at the listing appointment so we may immediately begin marketing preparations. 19 Call agents who have homes listed in the area to discuss activity level. 20 Request copy of Trust (if applicable) from seller.  21 Obtain and review City building permits. 22 Make note of any apparent non-permitted additions that will need to be disclosed. 23 Prepare all personalized materials specific to the appointment so as not to waste seller’s time. 24 Establish Listing Checklist for the property. 25 Prepare Exclusive Listing Authorization and all related documents and disclosures. 26 Provide courtesy call to remind seller of listing appointment. 27 Preview the property with seller to determine best features and take detailed notes for all marketing materials. 28 Encourage seller to participate in marketing process by completing property description form. 29 Present CMA to seller. 30 Explain our marketing system to seller. 31 Plan marketing strategy with seller. 32 Establish offer guidelines with seller. 33 Establish detailed showing instructions. 34 Establish all inclusions and exclusions. 35 Discuss all financing alternatives with seller. 36 Discuss benefits of seller offering Home Warranty plan to buyer. 37 Help seller select a price at which the property will sell within seller’s allotted time frame. 38 Review and sign Listing Authorization and other paperwork. 39 Discuss retrofitting needs in order to comply with City ordinances and State laws. 40 Discuss pest control options (companies and different types of treatments). 41 Encourage seller to obtain termite report prior to marketing. 42 Encourage seller to obtain pre-marketing building inspection. 43 Discuss preparations needed to market the home properly, and schedule appointment to further discuss “staging” the home. 44 Order required public reports to give to buyer (including Property Disclosure Report). 45 Coordinate pre-inspection and obtain report. 46 Review pre-inspection report in detail and encourage seller to make repairs prior to marketing. 47 Coordinate retrofitting inspection and obtain estimate for needed work. 48 Coordinate pest control inspection and obtain report with estimate for section1 work. 49 Review report in detail. 50 Request seller complete the disclosure paperwork prior to marketing. 51 Research any Tracts or Homeowner’s Associations (HOA) that the property might be impacted by (Tract 9300, Coastal Commission, Mansionization Ordinance). 52 Obtain HOA information (if applicable). 53 Meet with seller to do thorough walk-through of property to suggest inexpensive or free changes that will help the property show to its best. 54 Encourage professional staging if necessary. 55 Pick up key(s) for the property, make copies and check to ensure they work. 56 Arrange for floor plan to be drawn, if applicable. 57 Hold office meeting to discuss property attributes, details, inclusions, exclusions, etc. 58 Take office field trip to preview property so each team member understands the property fully.  59 Order custom Michael Edlen “for sale” sign with our direct phone number and website. 60 Order custom rider for special property website. 61 Design special property website. 62 Attach custom website rider and “Do Not Disturb” rider to sign. 63 Install brochure box in front of property. 64 Take photos of the property (inside and out). 65 Download and edit all useable photo images. 66 Make arrangements for visual tour photography where appropriate. 67 Check all paperwork to be sure we have obtained all signatures. 68 Make copies of paperwork and give seller a copy for their files, along with “What To Expect” letter explaining the marketing and showing process. 69 Give seller the Approximate Marketing Schedule so they understand what will happen in the first few weeks.  70 Get disclosures back from seller prior to marketing and prepare copies for prospective buyers to receive and review. 71 Submit paperwork to the administrative office. 72 Design and print color flyers.  73 Place flyer in front office window. 74 Fill brochure box with flyers. 75 Put color flyers in the property to hand out during showings and open houses. 76 Add flyer to Michael’s Monthly Sidewalk Packet for the community to take. 77 Design and order color, glossy postcards that are direct mailed via First Class. 78 Complete the MLS form. 79 Note all property inclusions and exclusions for each team member to be aware of. 80 Note special amenities. 81 If applicable, contact the Homeowner’s Association (HOA). 82 Research any applicable HOA by-laws, rules and regulations, services, fees, etc. 83 Research loan assumption requirements, if applicable. 84 Research information regarding second mortgage, if applicable. 85 Michael to make targeted calls to all agents working with buyers in the price range of our property. 86 Make office announcement regarding new listing. 87 Enter new listing into CB Connect system for all local agents to preview. 88 Put new listing information on listing board in main office. 89 Enter property information into the MLS system. 90 Upload photos to the MLS. 91 Review MLS printout for errors and omissions. 92 Send copy of the new listing to seller to review and approve. 

93  Put new listing information in floor broker’s book.  94 Upload property information, text and photos to Michael’s website. 95 Upload and/or enhance various other websites. 96 Check to be sure the property information has been correctly uploaded to CB websites, Realtor.com, etc. 97 Create new listing ads for property in LA Times database system. 98 Create new listing ads for property in Palisadian Post database system. 99 Submit ads to Brentwood Media Group (Palisades 90210, Santa Monica Sun, Brentwood News, Malibu News, Bel-Air View and 90210). 100 Submit ads to Santa Monica Mirror. 101 Create and submit ads to Palisadian Post.102 Create and submit ads to Distinctive Magazine. 103 Schedule ads in Los Angeles Times. 104 Create and submit ads to Luxury Life & Style. 105 Proof all ads and sign off when approved. 106 Schedule Tuesday Broker Caravan in the MLS system. 107 Create ad for Tuesday Broker Caravan in MLS Open House Guide. 108 Receive Property Disclosure Report and have seller sign Natural Hazard Disclosure Statement. 109 Give seller copy of Property Disclosure Report and Natural Hazard Disclosure Statement for their files. 110 Review current appraisal, if applicable. 111 Obtain copy of current lease, if seller has tenant in place. 112 Prepare copies of leases to share with prospective buyers.113 Call tenants for each showing, if applicable. 114 Make individual appointment form for each showing. 115 Record showing times on calendar board. 116 Verify each showing with seller and give as much advance notice as possible. 117 Reconfirm each showing with the buyer’s agent. 118 Meet buyer’s agent and prospective buyer at the property to give guided tour and provide information, floor plans, etc. 119 Call for feedback after every showing and ask if there are any questions. 120 Call seller with any questions we are not able to answer. 121 Give seller weekly update on showings.  122 Give seller monthly market update.  123 Promote the property at office meetings. 124 Create “Guidelines For Offers” so prospective buyers can write a clean offer with seller’s preferences. 125 Schedule Sunday Open House (both online and in print ads). 126 Coordinate agent/sitter for the Open House. 127 Preview the property with the agent/sitter so they are familiar with all details. 128  Suggest locations for signs to be placed during Open House.  129 Prepare Open House Questionnaire for agent/sitter to complete. 130 Call interested persons to get feedback and invite back to property. 131 Give feedback to seller on Monday. 132 Get seller periodic envelopes with marketing samples. 133 Check new listings and price adjustments on a daily basis, and report applicable info to seller. 134 Discuss price repositioning as needed (either at 2 weeks with few showings, or at 10 weeks with no offers). 135 Announce price adjustment to office, local agents, agents who have shown the property. 136 Enter price adjustment into MLS system. 137 Enter price adjustment into LA Times and Palisadian Post databases. 138 Make all price adjustment changes on flyers, websites, ads, etc. 139 Restock the brochure box with correct flyers. 140 If seller is relocating, refer to best agent in their new location. 141 Encourage offer from all showings. 142 Discuss the “Guidelines For Offers” with interested parties. 143 Work towards multiple offers. 144 Enter offer(s) on Summary Form for easy review and comparison, if applicable. 145 Present and review all offers with seller. 146 Pre-qualify all buyers with one of our approved lenders.147 Contact lender for the buyer qualification status and status of the loan. 148  Discuss with buyer’s agent the possibility of the buyer purchasing a Home Warranty plan.149 Negotiate offer using accelerated negotiating techniques.150 Fully support the seller’s position and make every effort to watch all details that may be involved in the negotiation process other than those about which an accountant or attorney should be consulted.151 Present to the seller all documents received which would enable the seller to make a well-informed decision regarding the offer. 152 Provide input on current financing activity which may affect the strength of the offer. 153 Accept, amend, or counter the offer.154 Assist selling agent in presenting the counter proposal to the buyer. 155 Ensure that both parties sign the counter offer. 156 Fax or email the counter offer to the seller.  157 Negotiate counter offers back and forth until an agreement is reached.158 Ensure that both parties sign all counter offers and the purchase agreement.  159 Deliver signed acceptance to selling agent.  160 Obtain a copy of Death Certificate if it is an estate sale.  161 Obtain a copy of the Trust if it is a trust sale.  162 Deliver all remaining signed paperwork to the seller. 163 Congratulate the seller on having an accepted offer!!  164 Send a detailed email to the seller that describes the escrow process such that the seller knows what to expect from this point on. 165 Deliver to escrow all the signed paperwork—signed contract and counter offers and any applicable addenda so that the escrow officer can issue a draft of escrow instructions. 166 Deliver to selling agent the disclosures that the seller has filled out and signed for the buyer to receive. 167 Deliver all mandated Seller’s Property Disclosures to the buyer's agent. 168 Deliver unrecorded property information to the buyer. 169 Review escrow instructions before they are issued to the parties to be sure that they do not conflict with the agreement. 170 Be sure that seller receives copies of all documents pertinent to the transaction.  171 Make certain that the buyer’s deposit is placed in escrow within 3 business days, and is increased if called for in the purchase agreement. 172 Keep track of the dates for all contingencies by entering them on our escrow board and closing escrow checklist. 173 Follow up with each party regarding the contingency or condition that must be met by each party, and remind them in advance about any term or condition which needs to be done or approved. 174 Mail or fax a copy of the contract and counter to the lender. 175 Advise office administrator of new escrow. 176 Enter status into MLS as “Looking for Backup”.  177 Change status in our own website.  178 Deliver copies of contract and counter to office.  179 Make copy of contract and place in personal file.  180 Confirm that all applicable city ordinances have been complied with.  181 Order city permits when necessary or requested.  182 Obtain certificates of occupancy if requested.  183 Have retrofitter install or certify correct water conservation devices are already installed.  184 Have retrofitter double-strap hot water heater if needed.  185 Have retrofitter confirm that smoke detectors are in operable and in the proper places and impact hazard glazing requirements are met.  186 Remove property from office active listing board.  187 Add property to escrow board.  188 Report activity on the daily office information form.  189 Record earnest money deposit.  190 Transfer deposit to escrow. 191 Complete closing file checklists and forms and update files.  192 Restrict showings at seller’s request OR continue to show the property until a back-up offer has been successfully negotiated.  193 Coordinate closing dates with selling agent and escrow. 194 Review buyer’s pre-qualification letter.  195 Provide credit information to seller if Owner Carry terms are used.  196 Provide comparable sales for appraiser.  197 Schedule appraiser.  198 Call seller to set a time that the appraiser can obtain access.  199 Meet appraiser at property.  200 Contact appraiser to answer any and all questions.  201 Call lender to review appraisal and conditions.  202 Arrange to have all the lender’s conditions met in a timely fashion.  203 Relay results of appraisal to seller.  204 Confirm that the seller has filled out and returned escrow instructions to escrow.  205 Confirm that the seller has returned a check to escrow made out to the Department of Building and Safety so that the escrow officer can order the 9A Residential Property Report in a timely manner.  206 Confirm that the buyer has filled out all escrow forms and signed and returned escrow instructions to escrow.  207 Follow up on loan processing with mortgage broker or lender.  208 Audit the file regularly for purpose of following through on loose details. 209 Contact lender weekly to track processing.  210 Relay loan approval to the seller.  211 Confirm buyer’s insurance company and verify voucher or policy is delivered prior to closing.  212 Be sure escrow orders loan payoff demand in timely manner, but after the seller has made their mortgage payment.  213 Order title insurance commitment.  214 Confirm re-issue rate for title policy, if applicable.  215 Review the preliminary title insurance policy.  216 Note all unrecorded property liens or agreements.  217 Confirm the buyer received the preliminary title insurance policy.  218 Confirm the selling agent received the preliminary title insurance policy. 219 Provide extended coverage on title insurance if necessary.  220 Notify  the seller if there are any issues to be addressed.  221 Note any title insurance requirements. 222 Coordinate items to meet all title insurance requirements if required. 223 Contact selling agent regarding the date and time of the physical building inspection. 224 Contact inspector and set an appointment. 225 Notify the seller of the date and time of the inspection and arrange to have the seller be absent during the inspection. 226 Confirm time and date with selling agent. 227 Be at the property for the start and end of the inspection and note any specific issues raised. 228 Obtain a copy of the inspection report. 229 Coordinate any additional inspections requested for chimneys, roof, geology, etc. 230 Obtain a copy of any subsequent inspection. 231 Obtain a request for repairs or credit for seller. 232 Negotiate all items for the seller. 233 Type response to all inspection items. 234 Ensure all parties sign the request for repairs as agreed. 235 Place an "In Escrow" sign on the property's sale sign. 236 Obtain bids on inspection repairs committed to by seller. 237 Report findings on bids to seller. 238 Coordinate all agreed upon items to be repaired. 239 Obtain receipts showing payment for work completed. 240 Email receipts to the escrow officer and selling agent. 241 Follow up on 9A Residential Property Report with escrow. 242 Confirm that the buyer receives and signs for the 9A report through escrow. 243 Confirm that the buyer has signed the seller's property disclosures. 244 Upon conclusion of the negotiation of the property inspections and receipt of the 9A report, obtain removal of property investigations from selling agent. 245 Obtain copies of all buyer signed disclosures and submit to office. 246 Arrange for the payment and completion of all required repairs with the escrow officer. 247 Be available for showing the home to the buyer's family, friends, decorators, contractors, etc. 248 Audit the file regularly using the closing checklist to follow up on various details. 249 Inform an out-of-state seller that a state tax will be withheld through escrow. 250 Obtain 1031 Tax Deferred Exhange papers from a qualified intermediary, if necessary. 251 Order home warranty, including optional coverage agreed to. 252 Notify the escrow company of the home warranty confirmation number prior to closing. 253 Receive loan approval. 254 Inform the seller of loan approval. 255 Inform the escrow of loan approval. 256 Obtain the removal of ALL contingencies from the buyer's agent, submit to office and install "SOLD" rider on property sign. 257 Call seller and remind them to change their utilities. 258 Call seller and remind them to change their phone services. 259 Coordinate the utility transfer with the selling agent and the buyer. 260 Call seller and remind them to leave all keys, garage door openers and appliance manuals and warranties that belong with the house. 261 Check with escrow to be sure that everything is on track for a timely close. 262 Follow up on the loan documents to be delivered to escrow from the lender. 263 Assist escrow and selling agent in getting any prior-to-funding conditions to escrow for the lender. 264 Follow up to be sure the buyer has an appointment with escrow to sign loan documents on time. 265 Notify the seller of any changes. 266 Schedule final walk-through of property for the buyer. 267 Confirm the date and time of the walk-through with seller. 268 Confirm walk-through with the selling agent. 269 Have escrow issue a closing statement of proceeds for the seller. 270 Obtain a copy of closing statement from escrow. 271 Review the estimated closing costs. 272 Have escrow issue closing cost estimate to the seller. 273 Have escrow issue a closing cost estimate to the buyer. 274 Review closing process with seller. 275 Review closing process with selling agent. 276 Call seller with any last minute requirements. 277 Call selling agent and remind them to have the buyer schedule a wire transfer 2 days prior to the scheduled recording. 278 Have escrow contact the seller's new escrow company regarding the seller's purchase for figures if the seller is buying another home. 279 Coordinate the wire transfers from one closing to another closing. 280 Prepare closing file, including completing a follow up form on both the seller and buyer, and complete the closing checklist form. 281 Coordinate the closing of the seller's home with the purchase of their next home, if applicable. 282 Be sure the seller has given wire information to the escrow officer so that proceeds may be wired at closing. 283 Order removal of the "For Sale Sign". 284 Remove the brochure box. 285 Remove the sign riders. 286 Arrange to give keys to buyer and explain that garage clickers and manuals are in the house. 287 Complete the follow up report. 288 Complete required office forms. 289 Report sold information to the M.L.S. 290 Enter client's new address and contact information into our database for future communications. 291 File the closing package. 292 Copy the seller's closing statement for tax purposes. 293 File the seller's closing statement in the tax file. 294 Copy the buyer's closing statement for tax purposes. 295 File the buyer's closing statement in the tax file. 296 Mail all tax information in January of the following year. 297 Write and mail "thank you" note to the seller. 298 Write and mail "thank you" note to the buyer. 299 Write and mail "thank you" note to selling agent. 300 Call buyer 3-5 days after the close of escrow to make sure everything is alright. 301 Call buyer 10-30 days after the close of escrow to make sure everything is still alright. 302 Call buyer 3 months after the close of escrow to follow up. 303 Copy all paperwork needed for our files. 304 Turn all original documents into office administrator. 305 Add the closing information to the "Closed Escrow Board" in the office. 306 Add the address to the list of properties sold by The Edlen Team. 307 Update master statistics lists. 308 Remove property from the property roster and office floor book. 309 If seller remains local, enter the seller's updated information into our database. 310 Follow up with the seller on a regular basis if staying local. 311 Keep seller updated via email and direct mail regarding events and area real estate news. 312 Maintain a loyal relationship with the seller.

 

 


15101 SUNSET BLVD.
PACIFIC PALISADES, CA 90272
310-230-7373
MICHAEL@MICHAELEDLEN.COM
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