Sellers /On April 1, 2013

Attention For Sale By Owners: 10 Ways a REALTOR Can SAVE You Money – Part 2!

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Last week, we learned 10 Ways a REALTOR can For Sale By Owners money. Here are 10 more:

11. There are a variety of steps that must happen, within a certain narrow time window, in for sale by owner order to effect a smooth settlement. Unlike the “old days,” when things like homeowners’ insurance policies were a simple thing to secure, the current insurance climate often necessitates a realtor’s intervention in order to issue an appropriate policy. Histories of claims (both against the property and the buyer) and buyer credit scores make some buyers and properties uninsurable. An experienced realtor can screen for these problems in advance.

12. Will flood insurance be required for the new buyer? Don’t assume that because you didn’t have to get it when you bought, that the next buyer won’t. That kind of 11^th hour surprise can be a deal breaker.

13. Will all parties to the contract be in town and available at every juncture where signatures are needed? Powers of attorney can be complicated when a real estate property transfer is involved, and your realtor understands the guidelines. Moreover, today’s realtors use electronic signature platforms, meaning that negotiating can be simple and seamless, even if you are out of town.

14. By owners are required by Virginiastate law to comply with the same regulations that listed sellers are. That means compliance with the Virginia Residential Property Condition Act, for instance. What will you disclose? Where an attorney can certainly provide legal advice, there are marketing considerations associated with these decisions as well. You will also encounter Property Owners’ Association Act disclosures (with very strict time frames to be adhered to), Lead Based Paint disclosures, etc.

15. One of the most valuable services that a Realtor can perform is the recommendation of reliable, experienced, affordable affiliates. With literally dozes of steps that must be synchronized between contract and closing, the right “team” makes all the difference in the world.

16. Were you aware that certain types of mortgages carry penalties amounting to thousands of dollars if closing doesn’t take place within a certain window? Yet again, the realtor’s role is to orchestrate date coordination so that you won’t encounter unforeseen penalties or expenses.

17. Some believe that “location” is the most important issue in real estate. I believe that it’s “timing.” The last minute chaos that characterizes the typical real estate settlement is often exacerbated by the difficulty in coordinating moving and possession. When the buyer needs early possession, or the seller needs to retain possession after closing, you had better hope you’re in the hands of an experienced realtor to make sure that your interests are protected. Deposits, per diem rental rates, and liabilities under these circumstances need to be given special attention.

18. Preparing a home to be “show ready” can mean the difference between For sale and Sold. Our agents work with professional stagers who will consult with you about small improvements you can make before your home hits the market that can bring significant returns.

19. At Liz Moore & Associates, we believe that knowledge is power. Accordingly, we order at our expense an up front home inspection and independent appraisal, so that our sellers are armed with knowledge of value and condition issues before they begin the negotiation process. This knowledge can save thousands of dollars and weeks of time, by enabling our clients to take their time in selecting contractors and having repairs made up front, as well as being able to negotiate from a position of strength.

20. We all know that time is money. Although private sellers can hire a real estate attorney to perform certain functions on their behalf (drafting purchase contracts, etc.) for an hourly charge, there are many additional tasks that REALTORS perform which are included in their brokerage fee. And, unlike attorneys, your agent won’t get paid unless the transaction settles. Brokerage fees are typically paid from proceeds at settlement, whereas attorneys generally progress bill by the hour. So, if you don’t have an agent, and it’s outside the scope of the attorney’s job, these tasks will fall to you as the seller (marketing, negotiating, coordinating inspections and repairs, etc.), as well as the hard costs associated.

We would love to show you how we can get your home sold quickly for top dollar, AND save you time AND money! Email us at concierge@lizmoore.com, or click below to fill out our Seller Interview.

Lynnette Tully

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Liz Moore & Associates is a boutique real estate agency renowned for having the region's top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz's extremely high standards for professionalism. When you're buying or selling a home, experience matters.