A Word on Discount Real Estate Companies.
There are some companies that
claim they can save you money when selling your home. Getting the maximum money
for your home involves exposing the most buyers to your property through a
comprehensive marketing plan. Compare the sale of your home to an auction.
Imagine having 100 people at one auction bidding on an item (it could be an
antique vase or a water buffalo, it doesn’t matter.). Then imagine 1000 people
at a different auction bidding on the same item. At which auction do you think
this item will receive the highest bid?
Of course, this is a very simplistic comparison, but selling real estate
at the highest possible price is simply a numbers game. The more qualified
people the property is presented to, the better the chance of getting top
dollar. Discount real estate companies offer comparatively little advertising
when compared to a full service broker. They may list your property on their web
site and nothing more, or they may include limited print advertising (usually
for a price).
By not listing with the
Multiple Listing Service (MLS), your home will not be exposed to the over 13,000
real estate agents who use the MLS on a daily basis. Your property will also not
appear on the most popular web sites that have contracted with the MLS to use
their listings – www.realtor.com,
Homes.com, MLS Assistant, etc. In short, without having your home listed in the
MLS, you would be missing out on over 90% of the home buying market. Can you
afford to take the chance that the remaining 10% will offer you the price you
want? Sure, you would like to save money on a commission, but will the amount
you save be more than what you might lose in the sale price of your home?
A full service broker earns his/her commission. Finding a buyer who will
offer the price you want is just the beginning of the real estate process. In
the 10 days after the offer is accepted, the following things occur and must be
handled:
-
Deposit
the binder check into an escrow account.
-
Get
a copy of the buyer’s pre-approval letter.
-
Explain the
Massachusetts
lead paint laws to the buyer and have him/her complete and sign the
mandatory Property Transfer Notification Certification.
-
Arrange for the home inspection
(approximately 2-3 hours).
-
Set up testing for lead paint and Radon gas
if the buyer so desires.
-
Make sure buyer financing application is
made.
-
Verify that the home appraisal ordered.
-
Eliminate any concerns that the buyer may
have regarding the property.
-
Negotiate
any items that come up during the home inspection.
-
Draw up purchase and sale agreement
(P&S) and distributed to the buyer’s and seller’s attorneys for
review.
-
Attorney
P&S changes negotiated and incorporated into the final Purchase and Sale
Contract
-
All parties sign the P&S.
-
The second deposit from the buyer is
received and put in escrow.
And that is only in the
first 10 days!
During the subsequent days an agent will handle all the details of the
transaction including dealing with the attorneys (not an easy task sometimes),
mortgage officer, appraiser, title company and any contractors involved,
obtaining a smoke detector certificate, getting a final water and sewer bill,
obtaining condo documents (if a condominium), making sure that the buyer meets
his/her financing requirements, negotiating any last minute issues, arranging a
closing time and place, and being there with you during the closing to help with
any questions or situations that may come up. Do you have the time, expertise
and patience to take care of all these things? The discount companies will
usually leave these items up to you.
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