Sellers

Putting Your House Up For Sale

The first step toward putting your house on the market is to meet with a real estate sales associate at your home. This is what we call the “listing appointment.” At the listing appointment, the listing broker will want to inspect the house and yard to become familiar with its special features. The broker will have given you a list of documents to gather for this meeting.

After conferring with the listing broker on market conditions and comparable nearby sales and listings, the home seller will set the listing or “asking” price for the house. Based on this sales price, the listing broker will go through a worksheet that estimates the “net cash” from the sale. Simply, this exercise subtracts anticipated charges paid by the seller from the sales price. A copy of the “net sheet” is left with the home seller.

Making Your Home Presentable

The home that stands out among similarly-priced houses is the home that sells. Why? Because it makes a good first impression that lasts right to the settlement table.

You may not be able to improve the market value of your house through remodeling, but you can improve its marketability. And usually this can be done with more elbow grease than hard cash. The key is to put yourself in the buyer’s shoes. If you take the time to drop by some open houses you’ll pick up some pointers. Then practice making your house as appealing and uncluttered as the home you wish to buy.

Start With Curb Appeal

Basics: A trim lawn, well-proportioned shrubs. Remove garden hoses, lawn tools, dog house and toys from the yard. Check for flat-fitting roof shingles; straight lines on gutters, shutters, windows and siding; caulking or weatherstripping around frames and seams; paint if you need to. Clean, or even paint, the front door. Extra touches: Brass door knocker. Seasonal door decorations. Wrought iron lamp posts. Small landscaped courtyard. Flower beds.

Put as much, or more, attention on the indoor presentation as on the outside, “first impression.” Make sure the house smells fresh and clean. One little tip is to put a few drops of vanilla extract on a cookie sheet in a low oven before a showing. This creates a homey, comforting feel and is appealing on a subtle, emotional level. Make sure that the woodwork is unmarred and the carpeting spotless. A fresh coat of paint is a good investment, and it’s safe to use a neutral tone, since strong color is so subjective. A clean, uncluttered look is what you should basically strive for throughout the house.

When it’s show time, your listing broker and other selling brokers will be bringing prospective buyers to see your house. Brokers will make an appointment with the home seller, and will give you as much advance notice as possible. Make every effort to accept all appointments — you never know when your buyer will walk through the front door. The lived-in appearance makes it a home. There’s no need to apologize for its appearance. Let the trained broker answer any objections. If you’re home, it’s best to greet the prospects then politely excuse yourself and leave the selling to the broker.

It’s All About The Contract

A buyer makes an offer by submitting a written and signed offer to purchase, which will become the sales contract when ratified by everyone’s signature. Once the seller and buyer sign the paper, they are bound by the contract conditions. The “presentation of a contract” begins when the selling broker registers the offer with the broker’s own office and notifies the listing broker of the offer. The listing broker then arranges a presentation appointment with the home seller, and with the selling broker in some areas. (The buyer doesn’t attend the presentation.)

All offers registered must be presented to the home seller. They will be presented in the order registered. The home seller should hear each offer completely and ask questions. No action is necessary until all offers are heard.

The Walk Through

The purpose of the walk-through inspection prior to settlement is to determine if conditions in the contract are satisfied. The time for the buyer to inspect and note defects for correction by the seller is during the contract negotiation and prior to signing the sales agreement. Repair or replacement items should be noted in the contract. Most resale homes are sold in “as is” condition, however, mechanical, electrical, and plumbing items should be in working condition.

Settlement

Present at the settlement will be an attorney or title company representative, the buyer, listing and selling brokers, and all owners. The home seller should bring all warranties on equipment (or leave them in the house) and any instructions on equipment maintenance or operation. As seller, there are appropriate closing costs to pay. These may include attorney’s fees, the lender’s inspection fee, appraisal, broker’s commission and other inspections. If the seller’s taxes or insurance have been escrowed, the seller will receive any money accumulated for bills not yet due. The seller, buyer, and brokers are supplied a copy of settlement sheets for their records. The house keys are transferred to the new owners.