What You Need To Know
Before You Sell Your Home
So you’ve decided to move but feel overwhelmed by the amount of work involved. You need to fix up the house, find a buyer, find a new place to live and coordinate it all.
Where to start?
You need a professional to help you through the process.
Someone who has done this many times before and can guide you and help you find other professionals to smooth the way. We would love to be that professional!
Step 1
The first step is to invite us to your home so we can see if any work needs to be done before putting it on the market.
It’s always worth it to do some repair work, so that all appliances are in good working order and there are no leaks or broken items.
We’re happy to provide recommendations for handymen, architects and painters to ensure that work is done with care.
That said, it is not worth it to do major renovations before selling. You may remodel a kitchen or bath to your taste that will not appeal to a buyer.
We can recommend a stager if that is appropriate but only if the amount spent will substantially increase the value of the house. You need to put your best foot forward to get the highest price for your home.
Sometimes, however, it is not possible to do any work such as in the case of an older person who cannot move until the house is sold or other similar situations.
In that case the house can be sold “as is” and priced accordingly. We can help you make that determination.
Step 2
In addition to the physical condition of the house we need to determine if everything in the house has the proper permits.
Did you put in a new bath without obtaining a permit?
Did you add a deck without filing?
We will help you find the proper professionals to correct the situation.
You may have bought the house many years ago before permits were being checked. We go to the building department as well as the tax assessor to double check and be sure all is in order.
We also confirm the current taxes as well as the Star deduction.
In the case of a condo or co-op we confirm with the managing agent the current common charges or the monthly maintenance, along with any assessments or flip taxes.
We also obtain a sales application and check for fees associated with the transfer. It is our responsibility to give prospective buyers the proper information to the best of our ability and we take that very seriously.
Step 3
Once we have the house ready for sale with all the permits in order, we are ready to put your house on the Multiple Listing Service.
This is the best way to reach all the possible buyers for your home. It is also automatically put on Zillow, Trulia, and Realtor.com. as well as all other pertinent sites.
We arrange for pictures to be taken of the house that show it in the best light as this is the buyers first introduction to your home.
Step 4
Generally, once the listing goes live we hold an open house for brokers only, to familiarize them with the house so they can speak to their buyers about it. We also do open houses on the weekends for the public.
While we will sell the house ourselves, we explain to prospective buyers that we cannot represent their interests as we are in a fiduciary relationship with you, the seller.
If they wish representation, they are free to hire a buyer agent who can fully represent their interests.
This is something that is unique in the industry. Most agents prefer to sell their own listings so they can keep the entire commission for themselves.
They tell the buyers that they can represent both sides in something called dual agency. This type of agency does not allow for either side to have total representation and that is why we do not practice it.
Step 5
Once we find an interested buyer, their agent will prepare an offer to purchase and send that to us with a preapproval for the amount they are offering.
We examine it to see how much of a down payment they are offering as well as whether they currently own a property that they have to sell in order to buy.
We will review all offers with you one-by-one to find the best fit for your needs.
Step 6
After they receive an accepted offer, the buyers will likely schedule an inspection of the property. Once the inspection is done they will let us know if they found any items of concern that need to be addressed.
That could open a negotiation for repairs or a possible credit depending on the situation.
If radon is found, that item is usually addressed by the seller prior to close. The same is true of buried oil tanks, which are considered an environmental hazard. If we know one is there we generally advise removing it prior to putting the house on the market.
Step 7
After inspections are completed and accepted, we draw up a Memo of Agreement which states the terms of the deal and who is involved. This is sent to both attorneys.
The contract is drawn by the sellers’ lawyer who sends it to the buyers’ lawyer for review and comment.
Once that process is done, the buyers sign the contract and put down their deposit, which is usually 10% but can be less.
The buyers then proceed to complete the mortgage process which includes an appraisal of the property as well as a title search.
Step 8
After all the paperwork is done and the mortgage is complete the attorneys schedule the close. Right before the close the buyer does a final inspection of the property.
If the house is not empty, then money is held in escrow at the close and returned once the final inspection is complete.
This is the process and while it is not easy it can be managed and go smoothly if you have the proper assistance. We would love to help you navigate through it. Call or email us for more information