Topic 2: HOME SELLER GUIDE

Transcription

1 Topic 2: HOME SELLER GUIDE

2 A TIMELINE FOR HOMESELLERS DECIDING WHETHER TO LIST Investigate the market: It s a hot market, which means you ll likely get a good price for your home. Consider your next move: Where will you live if you sell your home? What s your buying price? Use Zillow to do research: Learn how much homes have been selling for within a few mile radius. Decide to sell: Commit to selling, which means emotionally disentangling from your home; it could go fast CREATING YOUR LISTING Price it right: Do neighborhood research (solds and on the market) to settle on a listing price that will generate immediate buyer interest Write an amazing (and true) listing: Catch attention with your headline and description to check off buyers must-haves RIGHT BEFORE YOU LIST Do a deep clean: We re talking drawers, cupboards, the fridge, the garage, windows and sills, even ceiling fan blades Use word of mouth: Let everybody know your house is going on the market. This can create demand before you even list THE FIRST WEEK List it: Use EntryOnly.com to publish your official listing Post: Your EntryOnly.com yard sign Get the word out: MLS, Zillow, Realtor.com, Trulia.com, Craigslist, and social media Have high quality photos: Consider hiring a professional photographer THE SECOND WEEK Host an open house (not to find a buyer): Open houses can motivate interested buyers to make offers, but once you have a potential buyer or two use them sparringly and for this purpose only. Otherwise you are wasting your time. 1

3 ACCEPTING AN OFFER Consider offers: Review every aspect of each offer, so you can compare multiple offers Agree on a price: This often means some back and forth with your buyer Agree on a closing date: Stay flexible, there are many ways to meet your timing needs Manage the legal paper: Use you real estate attorney to help you cross every t and dot every i MANAGING THE TRANSACTION Decide on a home warranty: You may choose to provide a home warranty; many plans exist and you ll need to select one Help your buyers with appraisals and inspections: Your buyer will schedule a home appraisal (if they are taking out a loan); they will likely also want to conduct a home inspection and, based on what the inspector finds, may want additional inspections Pay attention to buyer s finances: Loans fall through during underwriting and even good buyers can mess up; help keep your deal from falling through when you get your buyer preowned and monitor how the finance is going Know your payoff figures: Use the attached worksheet to do the math on what your payoff ought to be CLOSING Sign closing docs: The title company and lender prepare these you just have to verify that the numbers and dates are correct Hand over keys: Arrange with your buyer ahead of time to transfer keys once the loan has funded and the transaction has recorded Receive your payoff check: This can be automatically deposited into your bank account CELEBRATE! 2

4 (& TRUE) WRITE AN AMAZING LISTING 1) Don t base your listing off other listings. 2) Make your first sentence direct and to the point: Elegant, renovated 2-story colonial home with a large back yard that s close to downtown 3) If your ad looks like the others, it ll blend right in (so don t do that) Keep it to the facts but use enticing descriptions: Nice backyard becomes Spacious 50 x40 sq-ft backyard Kitchen with new appliances becomes Immaculate kitchen with new stainless steel appliances 3

5 4) 5) 6) Give details: Nice contemporary kitchen becomes Contemporary kitchen with newer custom walnut cabinetry and quartz countertops Give people an idea of the area: Walking distance to train and 10-minute drive to downtown Avoid vague and bland words: Don t use vague words like nice cute or charming Instead use details, measurements, distance and specific brands

6 IF APPLICABLE, MENTION THESE ATTRIBUTES TO SELL YOUR HOME FASTER 1. High Ceilings (If 9 or higher) 2. Quartz Countertops 3. Granite Countertops 4. Extensive Molding and Millwork 5. Stainless Steel 6. Built-ins and Cubbies 7. Home Automation (specify brands) 8. Basketweave Flooring 9. Frameless Showers 10. Subway Tile 11. Exposed Brick 12. Pendant Lights 13. Outdoor Kitchen 14. Pool/Spa 15. Anything newly installed... 5

7 WHAT TO EXPECT FROM HOME INSPECTIONS Home inspections are a given when you re selling a house. As a seller, here are some things you should be aware of to avoid any potential problems: PRIOR TO LISTING You may want to pay to bring in a home inspector before listing your house. So you will know about any concerns in advance. This way you, can choose to take care of them before the first potential buyer even takes a tour. You can also choose to share your own home inspection with the buyer. They will often decide to save the money and use yours instead. 6

8 LOANS AND INSPECTIONS FHA loans and VA loans each have a list of requirements of things that must be fixed before the loan can be processed. Other loans, such as conventional loans, may have fewer mandatory requirements. Just because a repair is requested does not mean you are obligated to pay for it. Check with attorney to find out what to expect for your buyer s loan type. SETTING UP INSPECTIONS Your buyer will often make arrangements with their inspectors. Your responsibility is to make sure they can gain access to your home. (Payment for the inspection is also the buyer s responsibility.) DURING AN INSPECTION You should to be away from home during the inspection. Most buyers prefer to be alone in your home, taking a closer second look, getting a feel for it and planning where they ll place their furniture. Many also want to ask the home inspector questions as the inspection moves along and won t want you there when they do. AFTER AN INSPECTION The inspector will provide the buyer with a detailed inspection report, including highlighted areas of particular concern. You will not receive a copy of this report unless the buyer chooses to share it with you (which most buyers only do when they want you to pay for or fix something). Sometimes, one inspection can lead to others. For example, a general home inspection might reveal the need for a roof inspection or a termite inspection. NEGOTIATING REPAIRS Depending on the results, certain repairs or changes may be requested by the buyer as a contingency for their offer. Discuss all buyer requests with your attorney to determine whether or not it s in your best interest to agree to each request. Note: many buyers will request more than they expect you to fix to have a stronger negotiating position. If you do agree to fix certain things, the buyer will usually request a final walk-through to verify repairs prior to closing. 7

9 KEYS TO CLOSING Take a calculator with you to closing and redo the math. Lawyers and Title companies push multiple closings a day through their doors and last minute changes can often be overlooked. Make arrangements for the transfer of house keys, mailbox keys, garage remotes, etc. Keys typically don t pass from owner to buyer until the loan has been funded and the bank has wired any profits to your bank account. Cancel home insurance policies after the deed has been recorded and the title transfer has formally occurred. Transfer or cancel utilities, set up a change of address with the post office, and update your address with ongoing deliveries. If you have a smart home or security system, inform service providers of the transfer of ownership; provide instructions for the new owners about how to set up these systems. Leave any appliance manuals, warranties, or receipts that the new owners may need in a kitchen drawer. Keep your closing documents for tax purposes. 8

10 For more tips and ideas, or to get started with selling your home with New England s top ranked flat fee firm go to: EntryOnly.com or call