Working With Sellers

Pre-Listing

  • Discussion and explanation of agency relationships.
  • Obtain signed Agency Relationships in Real Estate Transactions form.
  • Find out what the seller's expectations are, wants, desires, motivation for moving, price, and marketing plan: (Dual interview process)
  • What are the sellers looking for in an agent
  • Compensation in a real estate transaction, including the listing company's policy for paying co-op agents. Including a discussion of Code of Ethics Standard of Practice 1-12, Variable Commissions, etc.
  • What is the seller's position: e.g. relocation, move-up, retirement

Marketing Plan Presented

  • Present a CMA
  • Why they are the best agent/broker/ sales pitch

Listing the Property

  • Seller Disclosure and related forms
  • Abstract or owners title insurance policy and location.
  • Address issues of the house (Repairs and/or replacement - get quotes for repairs/replacements)
  • Verifying data such as selling price, mortgage amount, pre-payment penalties, taxes, assessments, and other issues with the house
  • Tax implications (1031 exchange, valuation exclusions, etc.)
  • Net Proceeds
  • Marketing plan
  • MLS exposure
  • Explain company policies on cooperation and compensation
  • How showings are arranged through listing office and who will be the contact person if listing agent is sick, out of town or otherwise unavailable.
  • Electronic lock box key security system
  • Seller availability for potential time sensitive issues regarding purchase agreement negotiations, removal of contingencies, inspections, etc.

On-the-Market Counseling

  • Industry trends, interest rates, marketplace issues
  • Housing supply in immediate area
  • Number of showings for their house versus other homes in the immediate area

Pre-Offer Consultation

  • How will offers be handled (faxed, buyer or buyer's agent present, etc.).
  • Will an attorney be reviewing offers?
  • Explain company policy on multiple offers and obtain seller's approval
  • Counter offers versus "sleeping on it". Explain pros/cons of waiting to make a decision on offers received. Risk of losing buyer if long delays in acceptance or counters
  • Contingencies and inspections: Pros/Cons of accepting/rejecting offers that include contingencies?
  • Determine buyer's ability to purchase and consummate the transaction
  • Pre-approved versus pre-qualified qualification
  • Estimate net proceed sheet
  • Capital gains and tax implications
  • Binding purchase agreements, execution and acceptance. Oral agreements are not binding.

Presenting/Countering and Offer Acceptance

  • Analyzing the offer. What is flexible, what is not.
  • Assist seller in understanding the risks and rewards of countering/accepting a particular offer. (Helping them answer, "what should I do?")
  • Walking through the contract with them to analyze and understand the proposal.
  • Earnest Money
  • Purchase Price
  • Personal Property
  • Financing Issues and fraudulent arrangements
  • Contingencies (House stays on market)
  • Inspections (What happens during this time period/consequences/what can happen as a result of the inspection)
  • Closing date
  • Possession/Move-In Agreements
  • Risks of multiple offers versus only one offer
  • Reviewing the integrity of the other agent involved
  • Verification of mortgage pre-approval
  • Strength of buyer
  • Anticipate any potential problems
  • Appraisal and full-underwriting approval
  • Net proceeds: bottom line for the seller
  • Final Walk-thru review

Negotiate The Offer

  • Due diligence/time is of the essence
  • Obtain proper signatures
  • Provide copies to seller

Post Purchase Agreement

  • Follow through and stay on top of all aspects
  • Inspection time frames
  • Buyer's mortgage lender follow up
  • Verify appraisal has been ordered
  • Title: locate and provide to title company
  • Schedule closing date, time and location and provide necessary documents to the closing agent.
  • Provide necessary documents to lender for closing
  • If a Common Interest Community sale, make sure the Disclosure Statement or Resale Disclosure Certificate and other required documentation are delivered to the buyer. Track the purchaser's right of rescission period.
  • Remind seller buyer has right to a walk through prior to closing (generally the day of or the day before closing)
  • Negotiate any last minute complications/problems
  • Obtain and verify mortgage information and pay-off requirements
  • Review and summarize the purchase agreement for the seller
  • Counsel seller on what to expect at closing

Closing the Sale

  • Attend the closing
  • Go through the HUD with the seller and match with estimate proceeds
  • Credit for anything (Money transfers for bad carpet, etc.)
  • Watch for fraudulent financing proposals that could bring liability to seller
  • Handle any last minute issues - all known conflicts to be resolved by a written agreement, including escrow agreements to avoid adverse consequences.
  • Home Warranty programs. Make sure they are addressed.
  • Exchange keys, garage door openers and final information about the property
  • Verify possession date and time

Post Closing Follow up

  • Closure
  • Survey
  • Any questions/problems/concerns
  • Send thank you note and/or gift

During the pendency of the transaction and after the closing, real estate agents can perform a significant role in resolving disputes and moving the transaction forward and solving the problems before they escalate. However there does come a point in time when an agent will have to back off and suggest that the parties consult their own attorney.


Dual agents are in a particularly awkward position when problems arise because they represent both parties. The dual agent can be an information disseminator but must not be a negotiator. Thus when a dual agent is involved and a problem starts to develop, the dual agent may have to refer the parties to an attorney earlier then they might if they were serving as an exclusive agent.


These general guidelines provide an overview of activities completed by REALTORS® in most real estate transactions. Individual transactions may require additional or fewer service depending upon circumstances.




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