The sales process

How we work with Sellers ...

• Before the listing interview    

 Once we are asked to interview with you, we need to do some basic homework.  We pull your tax records from two different sources, the Pikes Peak Multiple Listing Service (PPMLS) and directly from the County Assessor's tax records.  We then check the Regional Building Department web site for your permit history.  An ownership and encumberance report is also requested from our title company.  If there are any previous listings for the property in the PPMLS we get printouts of those.

• Our listing interview

We first want to know what your goals are in the sale of your property - are you looking for a quick sale or is time not important and you're willing to wait for maximum sale price?  Do you intend to make any repairs or improvements before you place the property on the market?  Are there any material defects that will have to be disclosed to a potential buyer?  Are you behind in your payments and facing potential foreclosure? 

Our listing presentation covers almost all questions that frequently come up during the course of a listing.  If we don't cover a topic that you feel is important we will do our best to answer those questions also. 

• Your decision

You should know fairly quickly if we are the right Realtors to market your property - and we will know at this point if we feel we can meet your expectations.  Selling the home is a team sport - we both have to be in synch if we're to have a good partnership while marketing your property.

• Determining market value

Our market analysis is based on the same concept used by appraisers to determing market value - however, we're not licensed appraisers.  We'll give you a range of values from recent comparable sales - your sale expectation should fit somewhere within that range based on a number of different factors (location, condition, upgrades ...).  We are advisors and counselors in this process - you are the decision makers.  The list price is your decision, not ours.

• The listing paperwork

The listing contract is between you and our company; we are your brokers.  The Colorado Real Estate Commission listing contract is about 7 pages long - we'll ensure you understand all the details of the contract before we ask you to sign anything.  We'll also complete a property disclosure, square footage disclosure, mold disclosure and closing instructions.

• Action!

Now we get busy marketing the property.  Your property is entered into the MLS and about 20 other web sites - ad copy is written and submitted for our print advertising.  Other details of our marketing plan will be covered with you in person during the listing interview.  Appointments for showings are set based upon your instructions.  We'll forward any feedback to showings to you.

• When an offer is presented

We prefer getting together with you in person to present offers, however, we can do this via phone or e-mail.  We'll go over the pros and cons of any offer and implement your decisions in the form of a signed contract or a counterproposal.

• Under contract!

Once we have you and the buyer in agreement and the documents signed, you're under contract!  Verbal agreements aren't enforceable in Colorado, so we work to get all the signatures accomplished.

• The buyer's loan process

We'll encourage you to ask for evidence that the buyer is qualified if they intend to get a loan to purchase your property - we normally receive this before you are under contract.  The buyer must apply for the loan and their application must be approved by the lender's underwriter if they are to be given the loan.  There is always some risk that the contract may fail at some point in this process. 

• Inspection

The Colorado Real Estate Commission approved buy/sell contract gives the buyer the right to inspect the property and to either terminate the contract or ask for items to be corrected if they find problems with the property.  We are in another negotiation at this time, working to get the parties to the contract to agree to a resolution of any inspection issues.

• Appraisal

If the buyer is getting a loan, an appraisal will be ordered for the benefit of the lender.  The purpose of the appraisal is to convince the lender's underwriter that the market value of the property is sufficient to guaranty value to the lender if the property should subsequently go to foreclosure.  If the property was priced right when it was listed, this shouldn't be a problem.

• Closing!

 A happy day!  Colorado is not an escrow state; we close at the closing table.  Buyer and buyer's lender bring the money, Seller brings the keys.  The title company pays off the Seller's mortgage, transfers title to the buyer, gives the Seller their proceeds, and the buyer gets to move in immediately.