You’ve cold called your heart out, networked ‘till you dropped, click funneled or Zillowed the bank away, and now you have a listing appointment. Use the Listing Appointment Checklist below to avoid having your deal fall through.
You’ve prepared your 3 M’s:
- Market analysis
- Marketing plan
- Motivation; why is seller selling
But you are still missing something. Something the real estate industry has overlooked since its inception in 1890. In the near future, this thing will be the standard in real estate listings.
It takes two things to close a house sale; an agreement on value and clear title. You are fully prepared on value, but taking a shot in the dark on title. In the near future, no one will walk into a listing appointment without knowing title as well as they know value.
Listing appointment competition is fierce, and as value drops, deals are getting skinny. To nail that listing, you have to be on A++ game, everyone is bringing their “A” game.
Title Advance gives you A++, game and makes sure you will close.
- How do you stand out when the seller is laying in bed that night and running the tape in their mind of the 5 listing agents they interviewed?
- How do you quickly drop your value proposition?
- How do you distinguish yourself?
It’s easy:
Sellers sign up with the most prepared agent.
Title Advance gives you the extra edge and makes you the most prepared agent.
Text “Title Advance” and the address to 561-307-0885
New Path loves preparing agents.
We’ll deliver you a Google link with the Title Advance. Text me at 561-307-0885 24/7 if you need an explanation, or for any transactional support. Sample Title Advance Report
Oh yeah, and when they mention Zillow… Don’t forget to tell them Zillow could not get pricing right for their own home sale business, how are they going to get pricing right on yours.
The checklist is long, don’t be intimidated. Knowledge is power. Read it once, and look at it before you walk into a listing appointment. The more you know early, the smoother the road to closing.
Before you enter the property:
- Look at the Property Appraiser’s website.
- Review the deed, who’s named on the title?
- Ultimately you will need everyone named to sign the listing agreement. The goal is to get a signature to start from whomever is in the listing appointment, but you need everyone to avoid a potential dispute between the sellers.
- The law & rules on who must sign listing agreements Who must sign a listing agreement (or contract)
- Married, single, corporate entity, or trust?
- Married? The not present spouse will have to sign the contract if it’s the homestead of either spouse and the divorse is not final yet. You can’t believe how often this issue comes up.
- Corporate entity:
- If an LLC, you will need all named managers (or authorized members “AMBR”) to sign.
- Members can not bind an LLC, only managers can.
- Sometimes you’ll see LLC’s with presidents, vice presidents, securities, and treasures. Technically any one of these should be able to bind the LLC, but I’ve seen problems with partners and title underwriters, so practically speaking, get all the executives to sign.
- If an Inc., Corp, or Corporation, you only need the single signature of the president, vice president, secretary or treasurer.
- Directors can not bind.
- Shareholders can not bind.
- Members can not bind.
- Generally speaking owners, shareholders, members, directors, can not bind companies, although they may insist they can.
- If an LLC, you will need all named managers (or authorized members “AMBR”) to sign.
- Trusts.
- Ultimately the seller will have to give the title agent a copy of the trust, or key pages in the trust. Set expectations early. After they have signed the listing agreement, tell your seller this. I can’t tell you how many deals this has stalled and even killed.
- Look at the deed to see if the trustee is named. Sometimes they are not.
- Land trusts and other more exotic trusts almost never identify a trustee.
- Get a trust copy at the listing apt if possible.
- Partnerships, Limited Partnerships, and more exotic partnerships or other entities. Get the signature of whomever you have, and research after the singing. These entities do not have to be filed in the State Secretary’s report found on SunBiz. Call me, we’ll figure it out together.
- Bottom line: Get the signature of whoever you have in front of you, text me, and we’ll figure out if any other signatures are needed. I have 1,000’s of examples of agents having last minute issues on this easily avoidable issue.
- If you have time:
- Check for open permits. Most cities have a permitting site on the “building division”, or “construction services” pages
- If its a multi family, look at Property Use Code on the Property Appraiser’s page
- While you’re there, look at the structure. Is it a wood frame? Wood will hurt the sale value, insurance for wood frame is going through the roof (no pun intended).
- Look up the Flood Hazard Rating on Realtor.com (this is becoming a more frequent conversation)
After you sign the listing agreement:
- Now your walk of the property topics come up.
- Open permits, remind them of the seller’s duty to disclose (I have an outline on this).
- Notices of Commencement
- FIRPTA
- Unpaid contractors
- Pace or Y Green Loans
- Home improvement loans, equity lines of credit, or 2nd mortgages
- Although these will be discovered in our title search, best to know early if there may be not enough money to cover the mortgages
- Look for things that don’t fit.
- Example, older couple, run down home, with brand new high quality hurricane impact windows. This screams Peace or Y-Green home improvement loan, aka “tax loan”.
- I had an agent notice multiple pictures of the seller with the same person and kids, but seller insisted they were single. Warning flag! That property is still in sale limbo 8 months later waiting for the divorse, and buyer hanging on.
- If you sense a problem sale, ask the hard questions:
- Does the seller have outstanding judgements or IRS liens
- Divorces unpaid child support
- These things can kill a sale, best you know early
- Distinguish yourself as the sophisticated agent
- Get HOA contact info, and confirm the number of HOA’s in that community. We have seen several communities lately with 3 HOA’s.
- Is this the primary residence?
- Ask seller are they buying another home?
- Research portability values so you can distinguish yourself as a superior knowledgeable agent.
- Does seller need a contingency for purchase of a new home? There is a “sale of buyer’s property” addendum, but we can style a “purchase of seller’s property” addendum.
Contract drafting tip (or review tip if you have the seller): In tight closing contracts, make sure the Loan Approval Period does not extend past the Closing Date or lands too close to the Closing Date. This always creates confusion. We are seeing this a lot lately.
Revised 12/20/22
