SELL

At one point, you were drawn to your home and you need to revisit the qualities that made you home attractive when you bought it.  If you elect to self-sell:

• become familiar with facts about your property including property taxes, zoning, lot size, square footage. Speak to your lender regarding the terms of your existing loan.
• look at prices for homes comparable to yours.
• identify the terms of the sales and understand property disclosures you should provide to prevent litigation
• estimate the price and net proceeds you will receive from sale to cover your mortgage
• identify financing alternatives.  Contact lenders in your area to determine what the options are for your prospective buyer. You want to be informed before they ask, or your lack of knowledge may turn them off from dealing with you.

Alternately, employ a Close Real Estate agent to make the process smooth and leave no money on the table when you sell.

3. ASSESS YOUR HOME'S CONDITION

Look at it from the perspective of both the prospective buyer and the inspector. Take notes on all items that need to be repaired or replaced. Things to consider include:

• OUTSIDE
  • Does it need a new coat of paint (either because the old paint is obviously cracked or faded, or because of an uncommon choice in color that might turn off prospective buyers)?
  • If a house with a yard, is the lawn and landscaping attractive and well-kept?
  • If it is a condo, you can’t do much about the building, but is the front door (and balcony, if there is one) appealing?
  • Are the windows and doors attractive and in good condition?
  • Are the roof (and the gutters) in good condition?
  • Is the grass nicely cut, are the hedges trimmed, are the leaves swept up? Are all toys put away such as bikes, scooters, etc.?
• INSIDE
  • Are the interior paints and finishes in good condition (recently updated), or do they need to be freshened up? This is one area with the best ratio of least expensive to most desired. For a minimal investment, you could possibly make or break a sale by having your home look well-kept and inviting.
  • Are the appliances in good working order and of recent vintage?
  • Are the plumbing and electrical systems in good condition? Are they fully functional?
  • Are the carpets or other floor coverings clean and in good condition? Like the paint, are they attractive and well-kept? Floor coverings are worth paying for so that your home makes a good impression.
  • Are the sealants (sink, shower, tub, windows) in good condition?
  • Are all light fixtures working properly, and is there good lighting in each room so that prospective buyers won’t think you’re hiding something?

A disadvantage to a homeowner making a single sale is depth - they don't have myriad transactions for comparison.  A Close Real Estate agent has this perspective and can bring this familiarity to your deal.

4. KNOW YOUR NEIGHBORHOOD

Most prospective buyers will want to know about the local schools, shopping, parks, transportation, etc. Be prepared so you can knowledgeably answer their questions.  A great place to start understand your neighborhood by digging deep with Close Real Estate's market reports or using other sites to look at local schools or understand area crime rates.  A Close Real Estate agent can to help you answer these questions.

6. WAYFINDING

8. NEGOTIATION PT. 1

Leave your emotions behind when you enter negotiations. You never want to get angry or give away the fact that you’re overly eager.  If you are in the fortunate position where you have multiple offers, identify the contract that brings the best price and is most likely to consummate in a sale.

A number of forms are required for the legal sale of your property. In addition to the contract of purchase and subsequent counteroffers, there are multiple forms that the seller may be required to provide to the buyer. It is necessary to review the contract carefully to determine when these forms/documents are due and what the buyer’s rights are once they receive the document. The form and content of many of these documents are prescribed by state or federal law and must be adhered to in their entirety. These forms are not just designed to make a sale, the are also designed to forestall litigation once the sale is closed.

Buyers need to contract with the seller regarding the following:

• price
• which party bears non-price expenses e.g. survey, title insurance, closing costs.
• duration of option period and price of option
• inspection contingencies
• financing terms
• date of closing
• venue for closing
• date of possession
• non-realty items conveyed

A Close Real Estate agent can help you with each element of the contract to ensure that a sound offer is crafted and is poised to close.

9. NEGOTIATION PT. 2

Your buyer will like purchase an option to unilaterally vacate the purchase contract for your property.  This gives them a period to evaluate your property and make sure they understand what issues they may inherit in the sale.  Buyers may self-inspect or they may hire a licensed inspector to evaluate the property.  Using their own assessment or the written report of the inspector, they may ask that the seller make specific repairs or adjust the price as compensation for the unremedied repair.

As a seller, you should be prepared for this second round of negotiations.  Your Close Real Estate agent understand what's at hand. They can differentiate between reasonable and unreasonable requests to help the seller keep their equity versus concede it to the buyer.

When both the buyers and a witness can be present, schedule a final walk-through before you complete settlement in order to determine that the property being conveyed meets the expectations of all parties involved.