Market Insights: Sold in 67 days: It’s easy!
December 23, 2012
Editor’s note: This is a series of articles about how to get your property sold in 67 days. To read the previous articles and review all 12 steps in the process, go to http://www.summitdaily.com and search for “market insights.” Here is a summary of the steps to selling in 67 days 1.) Plan ahead, 2.) Know the market, 3.) Make the commitment to sell, 4.) Select your Realtor, 5.) Work as a team & prepare your property, 6.) Explode onto the market, 7.) Listen, listen, listen and 8.) Take action. This week we are covering these final steps: 9.) Don’t worry, be happy, 10.) Snag the right buyer, 11.) Keep every commitment and 12.) Sign on the dotted line.
At this stage in the process you, the seller, have done everything in your control to get your property sold, which means it is time to heed the advise from the 1988 song by Bobby McFerrin with the lyrics, “In every life we have some trouble, When you worry you make it double, Don’t worry, be happy …” Now, all you need to do is to sit back, relax and watch as your professional Realtor implements the marketing plan you agreed upon.
And who is the right buyer? To answer that question, let’s turn the clock back to the late1960s when I was a kid and my mom was a Realtor. She often told me about her work. For some unknown reason, I actually listened. It certainly wasn’t because I had any interest in real estate at the time. There was one statement she made several times that has stuck with me: “The first buyer is the best buyer.” Here we are 40 years later and that statement is still accurate. I highly recommend that you seriously consider the first high-quality, reasonable and written contract you receive.And how do you know it is a high-quality and reasonable contract? First and foremost, you have selected a Realtor with experience who you trust to represent you. Secondly, you know the approximate market value of your property because you did your homework in the process of getting ready to sell (review the first couple of steps). The job is to negotiate the highest price possible and do all you can to get the first buyer under contract quickly.
The standard Colorado Contract to Buy and Sell Real Estate has over 30 defined deadlines. A typical residential contract will utilize at least 20 of these deadlines, of which several are the responsibility of the seller. In my particular case, I have a team member, Margaret Bowes, who manages these deadlines for our clients. The best strategy is to complete the required actions as early as is reasonably possible and certainly before the deadline (easy when you have an extremely experienced Realtor). The under-contract process takes several weeks and there are numerous major hurdles along the way. If the buyer is going to be getting a loan, the final deadline to watch closely is the “Loan Conditions Deadline” (Item 13 in Section 3 of the contract). This is normally the very last deadline before closing that a buyer can use to terminate the contract and receive their earnest money back.
This is in reference to the actual closing. This is the event that you have been waiting for. About 80 percent of my clients do not attend the closing as they prefer to stay home and handle the paperwork via courier. When this is the case, planning ahead is essential. Be prepared and know that just one missing signature or a delay in returning the documents could jeopardize the closing, so make sure you have reviewed your settlement statement with your Realtor before the package has been sent out. Just because you have signed the paperwork doesn’t mean the transaction is complete, so the best time to celebrate is after all funds have been transferred. Now you can get out the champagne and celebrate. It’s time to give yourself a pat on the back because you’ve successfully sold your property quickly.This series of articles started two months ago and there has been a lot to cover. To obtain all the articles together as one document, just contact me. I would be more than pleased to send the entire series to you. Happy holidays and see you next Saturday, when I will have some market insights for buyers. Love life, DWJ.Daniel Webster Johnson is a very active, full-time Realtor in Breckenridge, who has earned the national Quality Service Certified Platinum award, recognition of 100 percent client satisfaction. He is one of the team at Resort Brokers Real Estate. He loves feedback, so call him at (970) 393-3300 or him drop him a line at Daniel@YourMountainBroker.com.