When you’ve decided to sell your property, now’s the time to clarify your motivations and create a time frame for the selling process.
Why do you want to sell your property? Looking for a larger – or smaller property, another neighborhood, school district, city or state? You might think your reasons are obvious, but it would do well to consider the implications for your lifestyle, opportunities, and finances. Being clear about your intentions will make it easier for us to determine the most appropriate option for your real estate goals.
First, we’ll establish your time frame for selling. If you need to sell quickly, I can speed up the process by giving you a complete market analysis and action plan. However, if there is no pressing need, we’ll sit down and review the current market conditions and find the most favorable time to sell.
When you work with me, you have my knowledge, expertise and negotiating skills to determine the optimal market conditions. I’ll keep you apprised of the marketplace, financing, and terms and conditions of competing properties. With me, you will know exactly how to price and sell your property.
Deciding to sell your property demands serious consideration of your current financial situation – and future possibilities. With my help, we’ll assess the cumulative impact and estimate the potential proceeds of selling your property and devise an effective tax savings and estate planning strategy. I’ll ensure that you take control of your finances, and use them to their fullest potential.
Choosing an Agent
Finding the right agent is essential to any successful real estate transaction. Base your choice on the following:
The most important factor in choosing a real estate professional is their real estate knowledge.
Your agent should be familiar with the area, and the type of property you intend to sell. Do they employ a diverse range of marketing and advertising strategies? How tech-savvy is your agent? How many similar properties have they sold in the past?
Your agent should be capable of prompt and decisive action during the course of selling your property. Does your agent make it a point to keep in touch with you constantly? Can your agent easily be contacted in case of emergencies or even for the simplest questions? Is your agent available on the weekends or in the evenings when most buyers are out looking?
Does your agent listen to your goals and clarify your needs? Does your agent understand your unique situation and have genuine concerns about the outcome? Your agent is your partner in this crucial decision, so it is important to find one you trust.
Without an agent, most property sellers tend to overestimate the value of their property. Avoid this pitfall by consulting with an experienced real estate agent.
You can do a lot to increase the appeal of your property and to create a lasting impact on potential buyers.
Preparing to Sell
Here’s a couple of factors to keep in mind when preparing to sell your property:
Keep your landscape in pristine condition to create an immediate impact on potential buyers.
Simple upgrades like window cleaning and repairs, and a fresh coat of paint instantly brighten the property.
Keep your property uncluttered, and clean, like really clean. Put away the kitty litter, clean your carpets, place fresh flowers near the entryway, and as cliche as it sounds, pop a batch of cookies in the oven and have the place smelling sweet.
I understand the legal procedures surrounding disclosures and inspections, and ready to develop a mutually beneficial disclosure statement, and suggest home improvement measures, like termite and pest inspections, before listing.
Let me take care of presenting and showing your property.Buyers feel more comfortable discussing the property with the agent if you’re not there. I also know what information will be most useful in representing your interests when speaking with prospective buyers.
Considerations for when your house is ready for a sale:
“The higher the price, the better the offer.” Do not let yourself be fooled by this popular misconception. Price is not always the determining factor when accepting an offer because the initial offer is usually not final, and there are a number of terms and conditions that may influence the final price. Trust me to help you evaluate every proposal without compromising your marketing position.
I take the ethical responsibility of fair negotiations seriously. It’s my job to find a win-win agreement beneficial to all parties. You may have to deal with multiple offers before selecting the most advantageous offer. As your agent, I guarantee a thorough and objective assessment of each offer to help you make the right choice.
An effective agreement is a legal arrangement between a potential purchaser and the property’s seller. Laws vary from state to state, but in order to be a legally, binding agreement, the agreement may require consideration. This consideration (initial and additional deposit) is to be held in the closing agent’s escrow account pending the fulfillment of conditions or contingencies in the effective agreement.
Some important tips to keep in mind to streamline the process even further:
- Keep written records of everything.
- For the sake of clarity, transcribe all verbal agreements including counter-offers and addendums, and convert them to written agreements to be signed by both parties. I’ll assist you in drafting all the paperwork for your sale and make sure that you have copies of everything.
- Stick to the schedule.
- You and the buyer will be given a timeline to follow the process in closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations and ensures each party is not in breach of their agreements. During the process Il keep you constantly updated so you will always be prepared for the next step.
Most buyers have their property inspected by a licensed property inspector within a specified time frame agreed upon in the contract. Some buyers have several inspectors review the property, especially if they wish to obtain professional opinions from specialists like roofers, HVAC, or structural engineers.
If the agreement is conditional upon financing, the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate. A buyer of a commercial property may also have a complete environmental audit performed and/or soil test, if required by the lending institution.
Either a title company or an attorney will be selected as the closing agent, whose job is to examine and insure clear title to real estate. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing; and 2) all new encumbrances are duly included in the title.
A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.
Before completing his or her purchase of your property, the buyer goes over every aspect of the property, as provided for by purchase agreements and any applicable addendums. These include:
- Obtaining financing and insurance;
- Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
- Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead based paint, HVAC, etc.
Depending on the outcome of these inspections, one of two things may happen:
- Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the closing; or
- The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, I guarantee my expertise and total commitment to every customer, no matter what their situation is.
I suggest you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification, or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
If you’ve come this far, it’s almost time for congratulations – but not yet. We still need to tie up a few loose ends:
The final inspection takes place the day before, or the day of the closing. The buyer visits the property to verify everything is working order and the condition of the property is the same as when the buyer last saw it. And, that you, the seller, have not left anything behind.
I’ll provide a list of useful numbers for the termination of home services and utilities after the closing occurs.
I’m ready to assist you in the event of a last minute glitch. They happen, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. I’ve encountered these problems before and know how to handle them in a stress-free manner.
The closing agent will furnish all parties involved with a settlement statement, summarizing the details enacted in the process. You and the seller(s) and the closing agent will sign this statement and verify accuracy. If you’re also obtaining financing, hyou’ll also sign all pertinent documentation required by the lending institution.
If you’re unable to attend the scheduled closing, arrangements can be made depending on the circumstances and advanced notice.. If you’re bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check in the amount specified on the settlement statement.
The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.