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MLS Selling Tips for FSBO's:

Preparing for a successful sale on the MLS (Multiple Listing Service)
 

1. Fill out aSellers Disclosure Form; take the time and be sure that you don’t forget problems, however minor, that might create liability for you during or after the sale.

2. Get estimates from a Licensed Contractor and/or order a pre-sale property inspection for any repairs needed on the property. If possible make all repairs before placing your property on the MLS.

3. Order a termite inspection. This will show the potential Buyers that the property is not infested..

4. Gather any and all warranties/guarantees on any items that will remain with the Property.

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Preparing your property to be shown to potential Buyers successfully

1. Clean the interior of your property thoroughly and get rid of all smells. Completely remove all clutter, clean out your closets, clean out the garage.  Paint if necessary. Clean Properties make much better first impression and demonstrates to potential buyers that the home has been well cared for.

2. Open shades, wash windows and screens to let more light into the interior. Get higher wattage bulbs in light sockets to help rooms seem brighter. Replace any burnt-out bulbs.

3. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the Property isn’t well maintained.

4. Keep your exterior well maintained. This is the first part of the property potential buyers see. Paint if necessary. Patch holes in your driveway and reapply sealant, if applicable. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Make landscaping improvements if necessary. Clean your gutters. Polish front doorknob and door numbers.

5. Homes stage your property if possible.

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How to Price Your Home

Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?

Consider competition. How many other Properties are for sale in your area? Are you competing against new homes?

Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?

Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (www.appraisalinstitute.org) or ask a REALTOR® for some recommendations.

Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.

Be accurate. Studies show that homes priced higher than 3 percent over the correct price take longer to sell.

Know what you’ll accept. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

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How to sell fast in today's Real Estate market

1. Price it your property right. This is very important.

2. Get your Property market-ready for at least two weeks before you begin showing it.

3. Be flexible about showings. It’s often disruptive to have a Property ready to show on the spur of the moment, but the more often someone can see your home, the sooner you’ll find a seller.

4. Be ready for the offers. Decide in advance what price and terms you’ll find acceptable.

5. Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, be prepared to lower your asking price.

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Hosting an open house like a professional

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.

2. Mow your lawn, and be sure toys and yard equipment are put away.

3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn’t fill up.

4. Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open Property, it’s impossible to watch everyone all the time.

5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.

6. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.

7. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

8. Put fresh or silk flowers in principal rooms for a touch of color.

9. Add a new shower curtain, fresh towels, and new guest soaps to every bath.

10. Set out potpourri or fresh baked goods for a homey smell.

11. Set the table with pretty dishes and candles.

12. Buy a fresh doormat with a clever saying.

13. Take one or two major pieces of furniture out of every room to create a sense of spaciousness.

14. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.

15. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use.

16. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork.

17. Turn on the sprinklers for 30 minutes to make the lawn sparkle.

Advertise your open Property. Ideally you should advertise both the weekend before and the weekend of the open Property. Check with the local paper to see when their ad closing deadlines are.

Create a property summary sheet. This sheet gives prospective buyers an overview of your home. Include dimensions for each room, copies of a property survey, summaries of utility costs and property taxes, and a list of when capital items, such as roofs and furnace, were added.

Develop a sign-in form for prospects’ addresses. You’ll ideally want both phone numbers and e-mail addresses to follow up with prospective buyers.
Put up signs. One or two days before the open Property, place directional signs at major intersections within three to four blocks of your Property. Be sure you check on anti-sign regulations in your area.

Get your Property ready. Remove clutter, clean your Property, wash your windows, add flowers, turn on lights, open draperies and blinds, remove valuables and breakables, confine pets, turn on soft music, and set up a table for your property fact sheet near the entrance.

Develop a follow-up sheet. Getting feedback on your home from prospects who attended your open Property will give you a better understanding of how to make your home more appealing to buyers.

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Terms to Watch for in a Purchase Contract

1. The closing date. See if the date the buyer wants to take title is reasonable for you.

2. Date of possession. See if the date the buyer wants to move in is reasonable for you.

3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer.

4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable.

5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount.

6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final.

7. The contract expiration date. See how long you have to make a decision on the offer.

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What Is Appraised Value?

It’s an objective opinion of value, but it’s not an exact science so appraisals may differ.

For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

Appraised value doesn’t consider special considerations, like the need to sell rapidly.

Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

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Understanding Capital Gains in Real Estate

When you sell a stock, you owe taxes on your gain—the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations.

How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this:

1. Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing.

2. Add adjustments:
Cost of the purchase—including transfer fees, attorney fees, inspections, but not points you paid on your mortgage.
Cost of sale—including inspections, attorney’s fee, real estate commission, and money you spent to fix up your home just prior to sale.
Cost of improvements—including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

3. The total of this is the adjusted cost basis of your home.

4. Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain.

A Special Real Estate Exemption for Capital Gains
Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:

You have lived in the home as your principal residence for two out of the last five years.
You have not sold or exchanged another home during the two years preceding the sale.

Also note that as of 2003, you also may qualify for this exemption if you meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

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17 Service Providers You Might Need When You Sell

1. Real estate attorney
2. Appraiser
3. Home inspector
4. Mortgage loan officer
5. Environmental specialist
6. Lead paint inspector
7. Radon inspector
8. Tax adviser
9. Sanitary systems expert
10. Occupancy permit inspector
11. Zoning inspector
12. Survey company
13. Flood plain inspector
14. Termite inspector
15. Title company
16. Insurance consultant
17. Moving company

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4 Forms You’ll Need to Sell Your Property

1. Property Disclosure Form. This form requires you to reveal all known defects to your property. Check with your state government to see if there is a special form required in your state. You can access this form by going to: http://unlimitedmls.com/forms/Property-Disclosure-Form.pdf

2. Sales Contract. The agreement between you and the seller on terms and conditions of sale. Again, check with your state real estate department to see if there is a required form. You can access this form by going to: http://unlimitedmls.com/forms/As-Is-Contract-for-Sale-and-Purchase.pdf

3. Sales Contract Contingency Clauses. In addition to the contract, you may need to add one or more attachments to the contract to address special contingencies—such as the buyer’s need to sell a home before purchasing yours. You can access this form by going to: http://unlimitedmls.com/forms/FAR-Residential-Sale-and-Purchase-Contract-Comprehensive-Addendum.pdf

4. Lead-Based Paint Disclosure Pamphlet. If your home was built before 1978, you must provide the pamphlet to all sellers. You also must have buyers sign a statement indicating they received the pamphlet. You can access this form by going to: http://unlimitedmls.com/forms/Lead-based-Paint-Statement.pdf
 

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Is Your Buyer Qualified?

Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer’s financial status before signing the contract.

1. Has the buyer been pre-qualified or pre-approved (better) for a mortgage. Such buyers will be in a much better position to obtain a mortgage promptly.
2. Does the buyer have enough money to make a down payment and cover closing costs? Ideally, a buyer should have 20 percent of the home’s price as a down payment and between 2 percent and 7 percent of the price to cover closing costs.
3. Is the buyer’s income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).
4. Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
5. Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.

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MLS Sign-Up Instructions: For help signing-up call: 305-203-3734‬ 1. Fill out & print the Flat Fee MLS Agreement and applicable MLS Data Input form located below: Flat Fee MLS Listing Agreement (PDF) 2. Email documents to: mls@unlimitedmls.com   3. Email pictures in named order (1,2,3 ext.) to: mls@unlimitedmls.com (Pictures must be 6-MB or less / Recommended Size: 1024 X 768. / Vertical and Panoramic pictures are not recomended.) Required: -MLS Property Data Input Forms-  * Use these forms if you wish to provide us with more detailed information about your property. Choose the SEF-MLS, RMLS or MFR-MLS, input Form that best describes your property type. (Adobe PDF Required)  * SEF-MLS Property Data Input Forms: SEF Single Family Home Data Input Form SEF Condo/Co-op/Villa/Townhouse Data Input Form SEF Residential Income Data Input Form SEF Residential Land Data Input Form SEF Residential Rental Data Input Form SEF Business Opportunity Data Input Form SEF Commercial Land Data Input Form SEF Commercial Property Data Input Form  * RMLS Property Data Input Forms: RMLS Residential Data Input Form RMLS Duplex/Triplex/Quad Data Input Form RMLS Land Data Input Form RMLS Commercial Data Input Form RMLS Rental Data Input Form RMLS Business Data Input Form  * MFR-MLS Property Data Input Forms: MFR Residential Data Input Form MFR Commercial Data Input Form MFR Vacant Land Data Input Form MFR Income Property Data Input Form MFR Rental Data Input Form

MLS Status Changes: Use the following Online or PDF form to submit changes to your MLS listing. Status changes will be processed within 24 to 48 business hours. *Email forms to: mls@unlimitedmls.com SEF MLS Change Form (PDF) RMLS Change Form (PDF) MFR MLS Change Form (PDF) Back to top MLS Add-Ons & Extras: (Optional) All add-ons and extras are sold individually (Learn more) Add-On & Extras Order Form Back to top   Payment Options:    1. EMAILED INVOICE: Paypal Invoice will be sent via email. *Risk Free Sign-Up Policy: MLS payments are not taken in advance! All payment invoices are sent after MLS Listing is completed and customers has a chance to review.   Back to top