Michigan Seller's Guide | Stefani Residential Group

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EXPERIENCE EXCELLENCE

Stefani Residential Group exists to give you the best real estate experience. We are assisting clients around the Detroit Metro area buy, sell, invest in and rent properties every day — and love what we do. Our teamwork, experience and humble commitment to serving our clients is the reason why our referral business continues to grow. We strive to make the search, valuation and transaction processes simple, making you feel right at home, even before your property gets prepped for sale.

Chris has sold three properties for me: two multi-unit buildings and a condo. Although each property had its challenges, Chris was hands-on in taking care of all issues that popped up. I was extremely pleased with the results and look forward to working with Chris again.

- Ferris H., Lincoln Park, Evanston & Uptown

A COMPREHENSIVE GUIDE FOR SELLERS

Stefani Residential provides a comprehensive pricing study of similar properties in the area. Considering these results and current market trends, Chris and the team assist clients in determining the optimal listing price to compel buyers to tour and consider purchasing the property.

Stefani Residential meets with sellers to review each property. Chris and the team help clients identify the property’s key promotional highlights. Promoting a property’s strengths is essential to marketing each individual property correctly.

Stefani Residential holds a professional photo shoot to generate a library of high-quality interior and exterior property pictures. These are utilized to produce MLS/consumer websites listings, print brochures, social media impressions and much more.

Stefani Residential submits an organized and professionally photographed property listing to the Multiple Listing Service (MLS) database. Listings reach all Metro Detroit area realtors, their clients and consumer search websites.

Stefani Residential's marketing process will always be web-focused, but is also also adept at employing traditional, professional marketing tools: brochures, yard/street signage, open house notices and targeted mailers. Stefani REG employs all available means possible to sell properties quickly and efficiently.

Stefani Residential offers unmatched marketing power and reach for clients. An online presence begins the marketing process with a custom-built listing page, receiving tremendous exposure on both StefaniResidential.com and all the major residential home websites.

Stefani Residential believes in the personal touch of showings and does not lean on lockboxes unless sellers agree to the use of lockboxes.

All offers are reviewed and the buyer’s financial qualifications are verified prior to presenting offers to clients. Stefani Residential negotiates offers to reach an agreement that satisfies our client sellers' goals. Contingencies and sale conditions are scrutinized by Stefani Residential to protect a seller’s interest and assist in achieving the absolute best deal.

Everything leading up to the final closing is monitored by Stefani Residential to ensure a smooth, problem-free process, including the contract review, property inspection, appraisal, financing, satisfaction of contingencies and closing paperwork.

IMPORTANT SELLER MILESTONES

1-2 DAYS POST-CONTRACT

Within in a few days, buyers are expected to deliver an initial earnest money check (generally) to the property’s listing brokerage. There is not standard amount due. However, most of the time initial earnest money ranges from $1,000-$5,000 (often depending on the property’s purchase price and mutual agreement by both parties). Submitting initial earnest money essentially takes the home “off” the market and allows for the attorney review/inspection period. Initial earnest money is generally refundable based on the findings and further negotiations during the attorney review/inspection period.

5-10 DAYS POST-CONTRACT

The buyer and seller attorneys will review and modify the contract. Modification occurs for several reasons, including tweaking of contract language and the negotiation of inspection and/or tax credits. The inspection period generally runs concurrently with attorney review period. This allotted inspection window allows the buyer to have subject property inspected to review its condition for any noteworthy issues not noted during the property tour. Chris recommends his buyers always conduct the property inspection. Inspections findings are different per property, so buyers and sellers will negotiate either fixes and/or a credit due to the buyer for any issues that are exposed during the inspection. Stefani REG highly encourages the use of an experienced real estate attorney and professional property inspector to assist in the buying process.

10-12 DAYS POST-CONTRACT

Once the parties agree to the terms negotiated during the attorney review/inspection period, the earnest money balance check is due (generally) to the property’s listing brokerage. At this point, there are only a few ways to get the earnest money refunded (e.g., the buyer is not approved for a loan).

30-35 DAYS POST-CONTRACT

This time is allotted for the formal lender evaluation of the borrower’s credit worthiness and the property’s appropriate value, which entails an appraisal scheduled by the lender (paid for by the buyer). A mortgage commitment is different from a pre-approval. The pre-approval is a preliminary approval for a loan amount based on initial information the buyer provided to the lender. Once a purchase price has been agreed upon, lenders call for a formal loan application. This begins the lender’s process of reviewing the buyer’s financial information and determining if the subject property is warrantable (e.g., worthy of the purchase price, meets lender loan requirements). It is important to note that once the lender has approved the loan, the total earnest money delivered is “almost” non-refundable (depending on the specifics of the deal).

58-60 DAYS POST-CONTRACT

A walk-thru by the buyer and both agents is usually scheduled within 24 hours prior to closing to verify the subject property is in good condition and that all (if any) agreed to inspection repairs were completed.

60 DAYS POST-CONTRACT

Both parties’ representatives meet (usually at a designated title company) to transfer the possession of the traded property. Buyers generally are in attendance. Sellers are not.

IMPORTANT CONTRACT CONTINGENCIES

INSPECTION CONTINGENCY

Buyers are allowed to procure a licensed home inspector at their own cost. The final sale may depend on either the property conditions meeting the buyer’s satisfaction as-is, or with certain additional credits or agreements based on the results of the inspection.

ATTORNEY REVIEW CONTINGENCY

Once the buyer and seller’s brokers have organized the terms of the contract offer, both parties are permitted to have the document examined by their separate attorneys, who may then advise their clients to either accept the deal, reject the deal, or suggest altered terms.

MORTGAGE CONTINGENCY

Before the sale is considered final, the buyer must provide proof that they have secured a loan towards the purchase. This contingency allows the buyer to rescind their offer if financing does not materialize, and the property will be placed back on the market.

STEFANI RESIDENTIAL'S NETWORK OF INDUSTRY RESOURCES

REAL ESTATE ATTORNEYS

Although Stefani Residential will manage the buying process throughout, an attorney may handle the deal’s legal aspects upon contract. An attorney examines appropriate documentation, negotiates any possible sticking points with the buyer’s attorney and provides important guidance at the closing.

STAGING SERVICES

Utilizing a professional staging service can assist in showcasing a property. Whether a home is empty or currently populated with furniture, inexpensive yet professional staging can (depending on the property) make the difference whether a property sells quickly.

HANDYMAN SERVICES

Properties routinely need minor work done prior to listing. A good handyman service can efficiently correct minor issues in and around the home (i.e. paint, electrical issues, appliance installation, HVAC maintenance).

CONTRACTORS

It may be necessary to call on a professional contractor if an issue requires more than a handyman fix. Generally, it is best to correct any such problems prior to listing.

TRADITIONAL and Social Media MARKETING

Great marketing goes a long way. Stefani Residential works closely with its in-house marketing to provide listings with intelligent and effective marketing exposure.

Professional photography
Print advertising
Expertly designed brochures and signage
Maximum exposure through the Multiple Listing Service (MLS) database
Premium exposure on all the top ranked major residential websites and StefaniResidential.com
Weekend open houses
Facebook and Instagram marketing

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