Smooth Co-ops

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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.