Smooth Co-ops
The secret to smooth co-ops is simple. It comes down to regular and clear communication throughout the entire process. I’ve put together a quick reference guide or steps and key questions to help you stay in touch through the process.
Writing an Offer
- Call the listing agent to get information PRIOR to writing the offer.
- Any there any other offers?
- What is the Ideal closing date for seller?
- Can the listing agent provide any more information that we might not know from the information posted in MLS?
- Is there any other special information you NEED to know?
- Review Agency Disclosure.
- Obtain the seller’s names.
Listing a Home
- Pull title work previous to listing the home.
- Review the Sellers Disclosure.
- Review Lead Based Paint Disclosure.
- Include signed Agency Disclosure.
- Fill out the contract thoroughly and properly.
Submitting Your Buyer’s Offer
- Inform the other agent an offer is on the way.
- Attach a list of comparables to support the offer.
Presenting an Offer to Your Seller
- Thank the buyer’s agent for the offer.
- Prepare your seller for potential offer.
- Get back to the buyer’s agent in a timely manner and keep them updated.
- Send a list of comparables with counteroffer.
- Review Buyers lender letter-Is this a pre-qualification or a pre-approval? What are the “needs” for approval listed?
Negotiating the Offer
- Don’t speak for your client; don’t assume you know how they will respond.
- Try to accept the other player’s last counteroffer when you are close.
- Prepare the other agent and their client for Inspection expectations.
- Don’t blame the other agent/buyer/seller – keep the conversation open and positive.
- Once the offer is accepted send a quick note to the other agent: “…so excited to be working with you, etc”
Inspections
- Give the buyers an opportunity to choose home inspectors who are knowledgeable.
- Anticipate/prepare seller/buyer for potential problems.
- Don’t be the inspector or appraiser; keep your Realtor hat on!
Closing
- Schedule the walk through with enough time for repairs/resolution, if necessary.
- Coordinate closings for sellers/buyers.
After Closing
- Send a note/email to the other agent./
- Send a note to the buyer (especially if it’s not yours!)…hope you love your house, etc.
- Pick up your sign/lockbox PROMPTLY.
Following these quick steps will showcase your professionalism and make the home buying and/or selling process a breeze for you, the other agent and the happy home owners.
