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Getting the Job Done!
Opening thoughts....
...In this ever changing world of information technology, it
is easy to derive the WRONG valuation of your home. With
online services such as
www.zillow.com
one can quickly derive "Tax Assessment" information that in
many circumstances has no basis for establishing a sales
price. The fact is in many cases Tax assessment information in
TEXAS does not translate to BANK APPRAISALS, or what banks are
willing to lend. Online information that "Comps in" homes
outside your immediate neighborhood provide little value in
determining your home's real market value.
Our job as your Realtor is to pull factors from recent sales
in your neighborhood, your home's condition, location,
amenities, floorplan and compare that with homes in your
neighborhood FIRST and then with other Subdivision or
Villages that will be competing with your house in the market
place for buyers.
Getting the price right is the first and most critical
step in your journey to sell your home. It is at this stage in
the process that issues such as "Curb Appeal" are pointed out.
Remember in this increasingly BUSY world most buyers
don't want to FUSS with a house. They want turn key and and a
good price versus carpet allowance and a long list of must
do's just after they move in!
Once we have all the factors concerning your home, then we can
advise you as to pricing, time on market expectations, etc.
PROPERTY PREPARATION (This
is important - visualize what a potential buyer might see!
Make the house look comfortable, sort of like a furnished
Corporate Suite where all that is needed is the Buyer to move
in!)
It's time to get your house into "showing and selling"
condition. Most of us don't keep our homes in the condition it
would need to be in to sell. Over the years those boxes in the
corner of the garage just seem to multiply on their own. I
would recommend renting a storage locker for items that really
have no immediate use. Making your house look less like you
own it and more like the prospective buyer's own it is a
successful strategy to keep in mind while your home is under a
listing agreement. How your house looks will have an
immense impact on how quickly it sells and whether or not you
get full market value for it.
Make sure your "CURB APPEAL" is a good as it can
be.
First impressions are very important and you only get to make
one. Approach your property from the buyer's standpoint. What
needs to be changed to make a good first impression? This may
mean that all you do is prune the trees and shrubs. On the
other hand, it may mean that you completely repaint the house,
inside and out. Do a "curb to door" check. Give the potential
buyers a clear path to enter the home. The fewer obstacles
between the buyer and the true appeal of your house the
better. Keep in mind that over time we become accustomed to
our surroundings. What's normal for you may be detrimental to
the buyer.
Make your house look as spacious as possible. Organize your
closets and kitchen cabinets, and if you have things stored in
the attic or basement, make sure they are presentable or move
them to Storage. If you are showing during the day, pull back
your curtains and drapes to show how bright and cheery your
home is. If you are showing at night, turn on all of the
lights to create a warm and welcoming environment for the
prospective buyers.
A house that is marked with your personality and style may be
harder to sell. You might even consider such things as
removing obvious clues to your political affiliation and
tucking away any biased literature that may be visible. This
will reduce distractions and help the buyers to visualize the
home as their own.
Your agent can save you time and money by providing an
objective and expert opinion on what needs to be changed or
improved. They know what the buyers are looking for because
they are in the marketplace everyday. They will perform an
analysis of the entire property and, taking into account the
state of the market in which you are selling your house, point
you to the changes that need to be made in order to sell it
for the most amount of money and as quickly as possible.
MARKETING STRATEGY
Now that your house is ready, it's time to put it up for sale
and market it. Establishing a marketing strategy is a must.
You will have to decide how you want to get the word out there
that your house is for sale. There are many different ways to
advertise your property. A yard sign, flyers, and direct
marketing are just a few of the many options you have. The
path you choose will depend on the money you have to invest,
which program will bring the most potential buyers, and your
comfort and experience level with each of your options. If you
are in a buyer's market you will have to be extra careful when
choosing a plan. You don't want your house to sit with no one
showing interest. The first 2-3 weeks should be the busiest.
If you don't get any traffic within that time frame, you may
want to reconsider your approach.
Your agent can save you time and money by exposing your house
to the most potential buyers possible. Your agent will present
to you the best marketing plan that will have the highest
possibility of bringing not only the most buyers, but the most
qualified buyers, to your doorstep.
RECEIVING AN OFFER
Once a buyer decides they would like to buy your house, an
offer will be presented. Review the written document taking
care to note what needs to be done by both parties to execute
the transaction. The contract should protect the best
interests of all parties involved and should be comprehensive
in nature. Once you accept the contract, it may be too late to
make any changes. The contract, though not limited to this
list, should include the following:
·
A legal description of the property
·
The offering price
·
The down payment
·
Financing arrangements
·
A list of fees and who will pay them
·
Amount of the deposit
·
Inspection rights and possible repair allowances
·
The method of conveying the title and who will handle the
closing
·
A list of appliances and furnishings which will stay with the
home
·
The settlement date
·
Any relevant contingencies and Addendum(s)
Remember that the legalities of this phase are very important.
If you have any questions or concerns, they need to be
addressed right away.
Your agent can save you time and money by making sure that the
offer is presented to you by a qualified buyer. There is no
reason to review an offer if the person(s) making it will not
be able to actually buy your home. Your agent will also be
available to review the written offer to make sure that it is
written in a proper way and covers the necessary areas.
NEGOTIATING TO SELL
Most offers to purchase your house will require some level of
negotiating to come to a win-win agreement. It is critical
that you be well versed on the legalities of the real estate
contract used in your area. In addition to legal issues, you
will need to understand contract basics, including what each
contract clause means to you and your buyer, what you will net
from the sale of your home, and what areas in the contract
lend themselves easiest to negotiation. Some of the things
that you may have to negotiate on are:
·
The price
·
Financing
·
Closing costs
·
Repairs that need to be done
·
Appliances and fixtures
·
Landscaping
·
Painting
·
Occupancy time frame
To really gain some insight into why potential buyers are
pursuing the purchase of your house and how they might proceed
in the negotiations, it is important to know as much about the
buyer as possible, especially their motivation for buying.
Once both parties have reached a point where the deal is
acceptable, you must be certain that you have a legally
executable contract.
Your agent can save you time and money by representing you
through the offer, negotiation, and acceptance process. He or
she will review the written offer with you to make sure that
you thoroughly understand what the buyers are offering and
what they are asking in return. They will be able to help you
understand the issues and how they will effect you. It is your
agents primary responsibility to protect your best interest
throughout these negotiations.
SELL
Once you have accepted an offer to sell your house you will
need to make a list of all the things you must do, and a list
of all the things the buyer must do, in order to proceed
successfully to closing. The property may need to be formally
appraised, surveyed, inspected or repaired. Depending on the
specifics reached during the negotiations, you may pay for
all, some, or none of these items. If each procedure returns
acceptable results as defined by the contract, then the sale
may continue. If there are problems with the property the
terms set forth in the contract will dictate your next step.
Depending on the contract, you or the buyer may decide to walk
away, open a new round of negotiations, or close.
Your agent can save you time and money by coordinating all the
necessary items that must be done to finalize the sale. Your
agent will be directly involved and keep you informed as to
the results of each action and what effect, if any, it will
have on the sale of the property. He or she will also help you
coordinate any actions you must take to keep the sale moving
forward. There are some sales that go smoothly and some that
require a lot of work to get to the closing table. Until you
get into it, you won't know which one you have on your hands.
Either way, your agent will be prove to be a valuable resource
to you.
PRE-CLOSING PREPARATION
A few days before the closing you will want to contact
whichever entity that is closing the transaction and make sure
that all of the necessary forms and documents have been
prepared and are going to be available to sign on the
appropriate date. It would be a shame to get this close to
selling and have the deal fall through because of a document
not being at the right place at the right time. You should
also begin to make arrangements for your upcoming move if you
have not done so.
Your agent can save you time and money by making sure that all
of the necessary documentation is prepared for closing. They
will also make sure that all parties have done what they need
to do so that the closing can proceed at the date and time
planned.
CLOSING
This is where ownership is legally transferred to the buyer.
As the seller you will need to be prepared to give over any
necessary documentation regarding the property and, depending
on the arrangements made during negotiations, you may be
required to have done something specific in order to close. Be
sure and read all the documents. Mistakes are more common than
you might think.
Your agent can save you time and money by being present during
the closing to help explain the process and forms to you and
make sure everything goes as planned. By being present during
the closing, they mediate any last minute issues that may
arise. Something always seems to come up!
POST-CLOSING
Congratulations on the successful sale of your home.
Hopefully, everything went smoothly and you will be vacating
your house in the time frame that you had anticipated. You
should make a list of all the items you will need to do to
turn the property over to the new owners. You will need to do
such things as make sure that all of the local services (i.e.
electricity, gas, lawn care, cable, etc.) have been canceled
or, if the new owner is going to retain some of the services,
the name for the account should be changed. The property and
anything assigned to the buyer according to the contract,
should be prepared appropriately for the new owners.
An agent will save you time and money by helping you
coordinate your move. They can help you develop checklists
that you can use to make sure that everything is done so that
your move goes as smoothly as possible.
(If you need recommendations for a mover just let me know.) |
