Real Estate Seller’s Guide
PREPARED BY BROKER, SKYLA colvin
SKYLA COLVIN REALTOR® Licensed in WA & OR (564) 208.2082 skylacolvin@cbbain.com SkylaColvin.CBBain.com
ABOUT SKYLA colvin WHO I AM My love of people and my want to help others is what led me to the amazing world of real estate! I am an “in the field” full time agent. I am licensed in both WA and OR. It is my goal to get to know you, hear you, and understand your wants and needs. I will continuously pursue your best interests and keep you up to date every step of the way, whether you’re buying or selling. It is of the utmost importance to me, to be proactive in creating a stress-free, exciting, and fluid experience for my clients - with laughs and smiles along the way. With my work ethic, resources, and skills of negotiating, my clients receive a service that is above and beyond. I moved to the Pacific Northwest 13 years ago and have never looked back. The fact that I can be in the middle of the forest hiking around waterfalls, at the coast playing in the waves, golfing at the dunes, or sipping wine in Walla Walla or Willamette Valley within hours of my home, makes me fall in love with this area over and over again. Not to mention, I’m a huge foodie that yearns for new experiences. So the surplus of amazing restaurants and the diverse entertainment options provided by Portland and Vancouver makes me happy. The PNW is home and I love showing people how amazing it is.
MY PROMISE As your real estate adviser, my primary concern for my sellers is to obtain the highest possible price for your house while giving the best possible customer service. I will make sure your home is marketed both digitally and with direct mail, provide strategic price evaluation, home preparation work with the help of a team of highly professional service providers. After your home is on the market, I have a strong process in place to obtain feedback, assess market activity, refresh the listing, hold effective open houses and more.
Your Guide To Selling Real Estate IN WASHINGTON & OREGON Statement of Purpose
To help my clients either gain a benefit or avoid a loss with their real estate investments.
Agency Relationships
When real estate professionals work with sellers and buyers, “agency” relationships are established. As you start working with a real estate professional, please ask for a clear explanation of the current agency laws in that state. There are three kinds of agency relationships:
Seller’s Agent
A “seller’s agent” represents the interests of the seller and has a responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller’s real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs.
Buyer’s Agent
A “buyer’s agent” represents the buyer during the home buying process. The buyer’s real estate professional (agent) has a responsibility to represent the buyer’s best interest including reasonable care, loyalty and confidentiality.
Dual Agent
A “dual agent” represents the interest of both the seller and the buyer during the same transaction. A dual agent has responsibilities to both seller and buyer and must act in the best interest of both parties.
marketing plan PROPERTY PREPARATION • Photography • Direct and produce professional photo shoot—30 to 40 photos with optional aerial photography • Direct and produce professional video • Help prep Home for Sale • Assist with staging and arrangement of existing furniture • Hire a professional staging company (optional) • Order a property Home Book • Collaborate with home owner to develop a comprehensive features and home amenities fact sheet that includes unique details of the home, improvements, features & benefits
ONLINE WEBSITES •
Load to Company Site
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Load to Regional Multiple Listing Services (RMLS) and all property feeder sites (i.e., Realtor.com, Redfin, Trulia, Zillow, etc.)
OTHER FORMS OF PROMOTION •
Post video to Facebook and Instagram
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Promote to all company brokers
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Mail “Just Listed” postcard to neighborhood
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Target/call specific brokers that have sold in the area
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Yard sign with flyer box for brochures
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Write blog post
marketing checklist Date:
Publish in RMLS
Date:
Order Sign
Date:
Make Spare Key for Listing File
Date:
Install Lockbox
Date:
Stage the home (as needed)
Date:
Schedule photo shoot and/or video/virtual tour
Date:
Submit Listing Agreement with high-res photos to Listing
Date:
Prepare Brochure (flyer) and Deliver to Home
Date:
Order Just Listed Postcard (mail to neighborhood)
Date:
Announce New Listing at Office Meeting
Date:
Create any Additional Advertising (Social Media, etc.)
Date:
Submit Any/All Ads
Date:
Write Blog Post
Date:
Schedule Neighbors only Open House and send invitation
Date:
(Optional) Schedule Public Open House
Date:
Update Seller on Activity on Property
Date:
Update Office Listing Coordinator
Listing Checklist Before Listing Goes Live... •
Explain the process involved in selling a home in this market.
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Evaluate property and current market, to provide thorough market analysis of your home.
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Counsel Seller on advantages of preparing their home for sale.
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Discuss pricing strategy.
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Order Title and Tax records on property to assure that all paperwork is complete.
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Complete listing paperwork and all property disclosures; to ensure the seller is in full compliance with current laws.
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Counsel Seller on options for making property accessible to buyers.
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Obtain keys and access instructions from seller.
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Enter property into RMLS realtor® computer database.
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Upload professional photographs of home to accompany listing.
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Place directional signs leading to property.
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Place electronic lockbox on property to assure maximum security.
After Listing Goes Live... •
Hold open houses as per Seller’s wishes.
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Call agents who have shown the property weekly for feedback as to how the houses showed, and what their Buyer’s reactions were.
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Update Seller on the listing activity, the market and the competition.
Listing Checklist After Listing Goes Live CONTinued •
Network at Realtor functions to expose the property to the market.
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Present offers to Seller to review and explain conditions of the sale as offered.
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Advise on negotiating and obtaining the best possible terms.
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Deliver all documents to all parties in a timely manner.
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Once offer is accepted, create a list of timelines for the Seller.
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Inform Seller of inspection dates and times so that seller can make sure property is ready. (I.e. Utilities are on, access to the basement and crawlspace are made available to the inspector.)
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Deliver all necessary disclosures to Buyer’s agent.
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Confirm earnest money has been deposited in the title account.
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Open escrow with title company.
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Check with Lender on Buyer’s loan approval.
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Draft response to home inspection addendum (if necessary).
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Help coordinate repairs (if necessary once PSA is mutally accepted).
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Place sales pending sticker on sign when inspection conditions have been negotiated.
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Pull directional signs after inspection condition has been negotiated.
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Provide Appraiser with any information requested and access to the property.
ONCE HOUSE IS SOLD... •
Apply “sold” sticker on sign after escrow has closed.
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Send any invoices Seller is paying to the Title Company.
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Review Settlement Statement to assure it is correct.
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Attend appointment at Title company where Seller signs closing documents.
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Coordinate delivery of keys to Buyer.
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Change status to “Sold” in Multiple Listing Services.
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Remove lockbox and sign from property.
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Submit completed paperwork to Coldwell Banker Bain for compliance auditing and storage.
the closing process Steps to Closing a Purchase Loan Application Usually, the buyer will have already made loan application or will within five (5) working days after a purchase and sale agreement has been signed by a Purchase and Seller. Reference the loan application checklist for items the lender will need. Lending Institution The buyer’s lending institution will take a credit application, verify employment and salary history. The loan processor orders Preliminary Title for the property and an appraisal on the property. The appraiser inspects and submits his/her report to the loan company. The seller orders the septic tank pumping, if applicable and negotiated. The processor gathers together appraisal, credit report, verification of purchaser’s employment, and funds available for down payment and submits the whole package to underwriting. This can be an extremely frustrating time because everything seems out of your control. The loan officer will then notify the buyer of loan approval, or of additional requirements. Do not worry because we will be in touch with you and the lender on a regular basis. ESCROW: WHAT IS IT AND WHY IS IT NEEDED? Escrow is an arrangement in which a neutral third party, called an escrow officer, holds documents and funds on behalf of a buyer and seller, and distributes them according to the buyer’s and seller’s mutual instructions.
What We do in the escrow process •
Communicate with all parties on a regular basis to assure the process is proceeding smoothly with all required documents and facts available
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Act to correct and eliminate any potential problems or delays that may occur along the way and be available for any questions or concerns What the Buyer does in the escrow process:
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Deposits earnest money funds required (in addition to any borrowed funds to pay the purchase price), with the escrow officer
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Deposits funds sufficient for any other closing costs/fees not covered by the loan
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Arranges for any borrowed funds to be delivered to the escrow officer
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Signs any deed of trust or mortgages necessary to secure loans
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Approves any inspection reports, title insurance commitments etc. called for by the purchase and sale agreements
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Fulfills any other conditions specified in the escrow instructions
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Purchaser arranges for fire insurance on the new property
What the Escrow Officer Does in the escrow process: •
Opens the order for title insurance, if the lender hasn’t already ordered
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Obtains approvals from the buyer on title insurance report, and any/all inspections
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Receives funds from the buyer and/or lender
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Prorates insurance taxes, rents, etc.
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Disburses funds for title insurance, recording fees, real estate brokerage, lien clearance, etc.
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Prepares final statement for each party indicating amounts to be disbursed for services and any further amounts necessary to close escrow
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Records deed and loan documents, delivers the deed to the buyer, loan documents to the lender, and funds to the seller, closing the escrow
What the Lender does in the escrow process: •
Deposits proceeds of the loan to the purchaser
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Directs the escrow officer on the conditions under which the loan funds may be used
What Exactly Does “Closing” Mean? When Does the Buyer Move In? In Washington and Oregon States, closing is considered the day that the deed is recorded into the buyer’s name and the proceeds are paid to the seller. When buyer can take legal possession of the property depends on the terms or conditions of your contract. But let’s digress for a moment. Different states handle closing procedures in various ways. In Washington and Oregon, buyers and sellers sign at separate times, typically two to three days prior to closing. Closings are predominately handled by escrow companies, although some prefer to use attorneys. Again, your purchase contract determines which you would use. Prior to signing, the escrow company will set an appointment with you to come in and sign. They will also notify the buyer of the total amount of funds needed to close the sale so they can arrange to bring a certified or cashier’s check to their signing appointment. As far as possession is concerned, legal possession can only occur when the deed is recorded and funds are disbursed. We will assist you in determining the actual day and time when buyer may take possession. Knowing exactly when you must move out of the home is a great relief to many and allows you to proceed forward with your moving plans. It also establishes an exact cut off/start time for utilities. Please speak with your escrow officer regarding payment of fees.
Who Pays For What? A simple breakdown of the typical fees paid by a buyer and seller in a real estate transaction at closing:
Seller is responsible for PAYING... •
Owner’s title insurance policy*
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1/2 escrow fee *
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Excise tax *
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Real estate commissions *
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Utility payoffs
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Loan balances
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Doc preparation fees—power of attorney, etc.
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Miscellaneous fees (i.e., wire, courier, signing fees)
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Pro-rated property taxes
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Home warranty (depends on contract)
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Homeowner’s Association Fees including pro-rated association dues, resale certificate, miscellaneous fees
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With FHA/VA financing, other seller fees may apply
Buyer is responsible for PAYING... •
Lender’s title insurance policy*
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1/2 escrow fee*
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Recording fees
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Surveys (if applicable)
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1st year fire insurance
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1st year flood insurance (if applicable)
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Doc preparation fees—quit claim deed, etc.
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Miscellaneous fees (i.e., wire, courier, signing fees)
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Pro-rated property taxes
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Home warranty (depends on contract)
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Homeowner’s Association Fees including pro-rated association dues
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Transfer fee
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Structural/home inspection
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Lender fees including appraisal, credit report, loan origination fee*, loan interest*, private mortgage insurance*
*Fees determined by sales price and/or loan amount. Many fees depend on location. For example, because states, counties, and municipalities are responsible for levying transfer taxes and recording fees, those costs will vary region by region. Closing costs may differ depending on whether a title company or real estate attorney conducts the closing. Please speak with your escrow officer regarding payment of fees.
The Path to Closing Once your home is sold, I will work tirelessly to help you through the labyrinth of details required in the closing process. I will: •
Guide you through the system
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Provide timely updates
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Coordinate all the details with the closing service providers
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Work with the escrow company to make certain all the documents needed are complete and in order to help facilitate a timely closing
I can assure you that you will receive my utmost attention, support and a guiding hand throughout.
After closing... In every transaction, my goal is to build a lifelong relationship with the amazing people that I work with. My connection with you does not end when you sell your home. I am and always will be available to answer any questions about your home or the real estate market. I am here to refer contractors or repairmen, or help you find an investment property. When you refer me to your friends and family, I consider that the greatest compliment I could ever receive. I am honored to be included in this journey with you.
Skyla Colvin Your Local Real Estate Broker
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