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Seller’s Tips
Here are some things to keep in mind when putting your home on the market.
· Put Yourself in the Shoes of the Buyer
It is important for you to see your house through the eyes of someone looking at it for the first time. The best way to do this is to ask a friend or neighbor to come over and take a look at your home as if they were in the market to buy a home. Many times, they will be able to suggest improvements that you would miss. A good first impression is important. A home’s “curb appeal” is how it looks to someone driving up to it for the first time. This is why it is very important to have the landscaping and outside of the home in good condition. Clear up the clutter in front of the house. Make sure your lawn is mowed and the bushes are trimmed. If a buyer’s first impression is favorable, they will want to look further. If their first impression is not so favorable, this will influence how they see everything else about your home.
· Make the House Look Great!
What can you do to make your house as desirable as possible? First we'll start with the simple things:
- As stated, keep the lawn mowed and the yard free of clutter.
- Keep the walkways and steps free of ice, snow, toys and leaves.
- Turn your porch lights on when showing your home in the evenings.
- Try to avoid having strong odors in your house - fresh baked cookies however, would be great!
- Do not smoke! If possible, try to do your smoking outside during the entire time that your home is on the market. You could actually loose a sale to non-smoking buyers.
- Keep the drapes and blinds open. Let as much light into the rooms as possible.
- Have flowers and greenery throughout the house.
- Keep the temperature at a comfortable setting.
- Have the fireplace on if it's a cold day.
- Turn the television off and have soft music playing.
- If possible, keep the kids and pets outside.
- Clean your bathrooms and kitchen. Don't leave dirty dishes around.
- Keep your closets free of clutter.
- Clean those easy-to-forget rooms like the garage, attic, basement, work area.
- No dirty windows or mirrors.
- The floors should be scrubbed and the carpets vacuumed.
- And finally, if a real estate agent is showing your home, leave the room so they can work with the buyer.
The agent knows what to point out to the buyers.
· Things You Can Do That Could Bring a Higher Offer
There are several low-cost repairs a seller could do that often results in a higher offer. If you are handy, and you have some willing friends, a little repair work can pay off BIG! Here are some ideas to consider:
- If it is needed, paint both the inside and outside of the house. It's best to use neutral colors. Fill the holes and cracks on the walls and ceilings.
- Replace your old wallpaper if it is in bad shape. Otherwise, just make sure the walls are clean.
- Remove the stains in the sinks and the tubs.
- Replace the tile in your bath and kitchen if needed. However, most of the time, a good mildew remover and some grout will take care of unsightly tile.
- Have your carpet cleaned.
- Go around the house and tighten or replace missing door and cabinet handles.
- If doors are hard to open and shut or they squeak, lubricate them. (Soap can actually work as a lubricant on drawers and doors.)
- This is the time to have those cracked windows fixed. You can have the glass replaced at your local hardware store or glass shop. It is not as expensive as replacing the entire window.
- Also, fix those leaky faucets and make sure the drains in your tub and sinks are not clogged.
- If your hot water heater or furnace need replacing, do it. Add the cost into the price of your home. New buyers don’t want the hassle right after moving in. This would also give them the option of financing the added cost (something they couldn't do after the sale).
- Make the necessary repairs to your roof if it leaks. If there are water marks on walls or ceiling, cover them with a coat of paint after you make the repairs.
NOTE: You must tell the buyers about material defects on a property that would not be apparent during a routine investigation.
- Check the fence on your property. Repair and paint it if necessary.
- How about those cracks in your driveway? If it’s blacktop, have it resealed.
Did you know that...?
From the Buyer’s point of view, the KITCHEN is the most important room. And the BATHROOM(s) is/are the
second most important room(s).
This is why it is important to have both of these rooms in top condition. Make sure your stove, refrigerator, dishwasher, and garbage disposal are in good working order. Replace the floor and the tile on the walls - or at least make sure they look new. If your cabinets are in bad shape, get them fixed (Replacing them may or may not be cost effective.)
For the bathroom: replace the shower curtain, clean the tile around the tub (grout if necessary), make sure there are no odors. Keep clean towels hanging.
What About Remodeling?
Should you spend a lot of money on remodeling before putting your home on the market?
For the most part, major remodeling will not be cost effective. In other words, you will probably not make back all of the money you put into it. The exception may be kitchen remodeling (if it is in the $3,000 to $8,000 range). Here you may actually, see a ’profit‘ for your efforts.
The next closest would be adding another bath (which costs approximately $10,000 to $12,000); or a major kitchen remodeling ($15,000 to $20,000). Studies have shown that these two may not have a pay back of 100%, but they could be close. Of course, the more you spend, the least likely you will be to make it up in price. This is especially true if these additional costs put your house way above the average price in your area. However, if selling your house fast is important, remodeling may help. Home buyers would rather see the new home improvements than be told how much potential the home has.
Other remodeling efforts that will probably not bring you a return on your investment include: bath remodeling, family room addition, master bedroom suite, attic bedroom, a new deck, replacing your windows, replacing your siding, and adding a sun room. If you want to do these things, make sure you are going to be in your home long enough to enjoy them. Otherwise, leave them for the next owner.
Marketing Tips
Here are some marketing tips that may help sell your home.
Step One: Use the Rooms As They Were Designed.
Show your house as it was intended by the architect/developer. If you are using your living room as an office, you will want to re-arrange the room and furniture back into a living room. Buyers want a living room and find it difficult to “imagine” the living room exists if they do not see one. It is important to appeal to as many people as possible. If you’re home has a living room, family room and dining room, be sure that you arrange your furniture in such a manner that buyers know immediately what room they are in.
Step Two: Accent the Positive.
Show your rooms at their best. Make the rooms appear larger by cleaning out the clutter. Pack away your prized knick-knacks and what-nots. Pack away the prized possessions. Store extra furniture at the homes of your relatives, friends or storage facilities. You want the rooms to feel open, clutter-free and spacious. A fresh coat of paint is also a good idea. Stay with neutral paint colors. Always remember that a clean, attractive home will sell itself.
Get the help of a professional Stager if necessary. A stager can help you arrange furniture, bring out the best features in a room and provide good advice for showing your home in an attractive manner. The easiest place to look for a professional stager is on the internet. Here is one good source:
www.InteriorRedesignDirectory.com
Step Three: Make the Neighbors Green With Envy.
Show off your yard, make the neighbors wish they had your home. People who drive by will be looking at your for-sale sign. If the yard is green, well-manicured and inviting, they will believe the inside is inviting and well-cared for as well. This makes a good impression. This makes a memorable impression. Make your yard even more special by planting attractive bushes and flowers and adding decorative features. This makes intrigued buyers interested in your property and encourages them to want to live there.
Step Four: Price it Right the First Tim e.
Prospective buyers are reluctant to negotiate on overpriced homes. If similar homes in the area are selling for $10,000 less than your house, find out why! Many buyers believe that offering $10,000 less for your home would be insulting you even though the lower price may be perfectly in line with the fair market value of similar homes. How would you react to receiving this lower offer? Would you feel the buyers were taking advantage of you? Overpriced homes stay on the market longer until their price is lowered. But by then, many of the buyers who saw the house and wanted it, most likely purchased the home that was less expensive. Also, buyers who see that the home is on the market for a long time, and then see the price lowered, may think something is wrong with the house, and that is why it did not sell. This means that all the time and energy I put into marketing this property was not spent as efficiently and effectively as it could have been, if the home was priced at fair market value in the beginning.
Don’t be greedy. Price your home right the first time. The best way to determine the fair market value of your home is to see what homes in your area have been selling for over the past several months. Remember that the asking price is not the same as the selling price. The advertised selling price will be the starting point for our advertising. Verify the price with local real estate offices that have homes listed in your area. Find a home with a “sold” sign and ask what the home was listed for and what it sold for and under what terms. The information is public and they should tell you this information freely. If they ask, feel free to tell them the t
Another way to get good information is to check with at least three real estate agents and ask for a free market analysis or opinion of value. Ask for this opinion to be in writing and in detail. Providing the seller a free comparative market analysis (CMA) with no obligation to list is a standard service offered by real estate agents everywhere. No real estate agent charges the owner for this service and no one expects homeowners to list with them because of a free market analysis. There is no need to feel obligated in any way to the agents providing the service. If you find that you like an agent, you could ask their assistance in finding you a home.
Finally, when pricing your home, remember that the asking price is not always the selling price. Some buyers will offer a lower price for your home. In this case, pricing your home about 2 to 3% higher to allow for the negotiation may be something to consider. However, if you live in an area with a "hot" market where most homes sell within 30 days, you will be able to stand firm on your price. Knowing your market area is important. Overpricing or under pricing your home could cost you thousands of dollars or many months of wasted market time.
Step Five: Thank Goodness for the Internet!
The power of the internet is in its exposure of your property to many potential buyers both locally and world-wide. Buyers are now taking an active role in their home search rather than depending solely upon an agent. They surf for homes on the internet and when they find a home that they are interested in (and if they are not able to contact the owner), they will seek out the help of an agent in order to view the home. If you want an agent to help you sell your home, you must be willing to pay them a commission if they find you a willing, ready and able buyer. The commission rate you are willing to pay should be mentioned in any advertisement you place on the multiple listing service (MLS) or personal web site. The usual commission rate is between 2 and 3% of the purchase price of the property.
The Multiple Listing Service (MLS) is the National Association of Realtors® (NAR) computerized list of homes currently for sale. The MLS is the primary tool used by Realtors to find homes for their buyers and the website can be seen by anyone. But only a Realtor® can place your property in the MLS. This can be done by listing your home with a Realtor® or by using a flat-fee service (such as e-ListState.com) to list your property. The advantage of using a flat-fee service such as e-ListState.com is that the owner retains the right to sell their home in the manner that best fits their requirements and they save exorbitant listing costs. Buyers can contact the owner directly rather than working through an agent if that is how the owner wants to sell their home. Listing a home with a Realtor® will cost the owner 6% of the purchase price to sell their home. Listing with e-ListState.com will cost under $500 to list the property in the MLS and the only commission fees paid will be commission fees to the Buyer’s agent. If the house is sold without the service of an agent, then no commission fees are paid by the owner.
Step Eleven: Open Houses.
An Open House will often draw more attention than the standard classified ad, especially if it is in a large, bold type. Open houses can be an effective way to bring potential buyers to your home. Many buyers like the anonymity of being among several people viewing the home at the same time. Buyers know that the open house is their day to look at homes without any seller interference or a real estate agent hounding them with questions. They don’t have to personally interact with the owner and can quietly slip away without telling the owner how they feel about the house. The Open House can also attract a lot of people who just want to compare their home with yours, or see decorating tips, or just get out on a Sunday afternoon.
The open house was originally created for the benefit of the real estate agent and to placate the owner to show them that the agent was working and marketing their property. Rarely, if ever, does the home sell because of the Open House. However, there are situations when an open house could benefit the owner.
If you are a for-sale-by-owner, then your house is always open. Open houses can work best for the for-sale-by-owner when they receive lots of interest from their flyers or other advertising at one time. Normally a seller would show all of these buyers the home at different times of day which can cause traffic and chaos in the home. A better way would be to plan an Open House. The owner could tell the buyers that they are having an Open House next weekend between the hours of 1 and 4 p.m. and they are welcome to see the house. This plan works well for several reasons. It allows the owner to show the house to several buyers in a short period of time and avoid lots of hassles. Buyers will see that other people are interested and it will create a demand for your home and may encourage one of the buyers to make an offer. This also works well for you because you have time to prepare for the people coming to view your home to ensure that it shows in its best light. And finally, an Open House gives the neighbors a reason to come by and look at your home. Your neighbors may have a friend or relative who is looking for a place like yours. Neighbors can be an important source of advertising.
When you conduct an Open House, along with a flyer about your home being readily available, it is a good idea to have Guest Sign-In Sheet available. This will help you determine how they found out about your Open House (by newspaper, web, yard sign or friend) and you can tailor your advertising accordingly. The typical guest sheet will ask for the visitor’s name, address, phone number, comments, and how they learned about the event. This is a good record for you to keep for several reasons. One, you know who is looking at your home. And two, if a real estate agent introduces you to a couple that wants to buy your home, you may be able to avoid paying the agent a commission if you can prove that the couple visited your home on a prior occasion.
Your state of mind is important on Open House Day. You want the atmosphere of your home to be calm, inviting and cheerful. Set the mood. Greet guests warmly. Soothing music playing in the background, cookies in the kitchen, and a fire on a warm day, all help to make the event an inviting one and will make the guests feel welcome. Children and Pets can be distracting for the owner and the potential buyers. Some people are afraid of animals. Whenever possible, have the children visit their friends and relatives and keep the dog away from guests.
Step Twelve: Be Safe. Set House Rules.
Before you show your home, all of your valuables should be packed away, completely out of site. This means things such as jewelry, special collections, (gun collections, too!), vases and paintings. You know the items that are valuable to you. If you cannot bear to be without them, then keep them safe, packed away and out of site. Hide your medications. Remove them from the medicine chest in your bathrooms. Hide your bills and documents that could make you a target for identity theft. Don't give potential thieves a reason to make your home a target. Homes show their best when there are very few mementos and distractions around. For ideas of what you can display around your home, visit some new homes in the area. See what the decorators have displayed and use these ideas to spruce up your home.
Be sure to let your insurance agent know that you are selling your home. There may be some insurance coverage available for you that does not cost much but could help you prevent any loss or mischief that could happen during the selling process.
When you have a for-sale sign in the yard, you may get a few pushy drive-bys that demand to see your home because they are “here”. You may also get demanding people who call at unreasonable hours insisting to come over and see your home at that moment. Take control of the situation. Tell the individual that you would love to accommodate them but simply cannot right now. Make an appointment when they can come back and see the home. This will allow you to be sure that the house and property can be shown when it is at its best, but it will also prevent time being wasted by looky-loos. People who are truly interested in finding a home, will keep the appointment. In the very least, whenever you show your home, ALWAYS have them sign the Guest Sheet. If they are an honest prospective buyer, they should willing give you their name and phone number. Keeping a record of who visits your home is an important safety rule. Also, give yourself at least an hour for each appointment. This will give you plenty of time to talk with the buyer, show the house and answer questions without feeling rushed.
Never show your home if you are alone, particularly if you are vulnerable. Invite a relative or a neighbor to assist you in showing your property. Never show your home after dark. Keep the drapes apart, the shutters and curtains open. This allows people from the outside to see in. Ask yourself this question: If my home were not up for sale, would I allow anyone who knocked on the door to enter? The answer here is definitely NOT! The rules should not change just because you have your house on the market.
Step Thirteen: Honesty is the Best Policy.
Honesty is the only policy when selling your home. Sellers are bound by the Seller’s Disclosure Law. Buyers have a right to know what kinds of problems you have experienced with the home. They have a right to know the current condition of the house and the age of certain features, such as the furnace or the age of the roof. Never try to hide a defect. Buyers will eventually discover the defect and can take legal recourse if you failed to disclose any “known” defects.
That being said, the Golden Rule is also something that should be followed: Treat others in the manner that you would like to be treated. Never personally offend the buyer. Treat everyone t
Step Fourteen: Patience is a Virtue.
Develop a realistic expectation about the real estate market in your area. Check with professionals to determine how long it takes to sell a home in your price range and then develop an advertising budget accordingly. Some sellers become discouraged because their home did not sell within the first 30 days when, if they had done their research, they would have discovered that most homes sell within 3 months. Knowing how long the average home sells in the area will help you to stay focused and true to the course. Remember that the deal revolves around you. There are no secrets to selling a home. If you attractively present your home, price it fairly and consistently within your market, and effectively advertise it, you will be in a great position to sell your own home and save the equity.
The Selling Process
Here is a summary of the steps that you will take once you have found a buyer to purchase your home.
Step One: Draft and Review the Sales Contract
Seek the advice of legal counsel. The sales contract is a legal document. Both you and the buyer should enlist the assistance of an attorney to make sure the terms and conditions state what you intend. The lawyer will be familiar with the real estate laws that exist in your particular state. The lawyer will ensure that you are both represented and protected. Many lawyers offer “free initial consultations” so you can get an estimate for the cost of their services. If you do not want to seek legal counsel to help you complete the purchase agreement, you could consult a real estate agent and ask that the agent represent both you and your buyer for a small commission fee. Or you could engage the services of a paralegal that specializes in real estate.
Step Two: Conduct a Title Search.
The purpose of the title search is to ensure that you are the rightful owner of the property. Work with a title company in your area. Request that the lawyer look over the documents. The attorney certifies the title and returns it to the Title Insurance Company. This will protect your buyer from potential claims of past owners popping up to re-claim the property. Lenders usually require the buyer to have title insurance.
Step Three: Work through the Contingencies.
Contingencies are those items mentioned that must be done or completed before the sale can be completed. They may be things such as the buyer’s home must sell before he can buy your home; or the buyer’s new mortgage must be approved; or the repairs mentioned in the home inspection must be completed. Remember that the buyer must be given the opportunity to walk through and inspect the repairs. So, the inspection should be scheduled as soon as possible.
Step Four: Closing Arrangements.
Your lawyers, or the title company will most likely handle the steps to bring about the closing (often called the settlement). The closing is when the buyer receives title to the property and the seller receives the money. The parties who attend the closing are: you (the seller), the buyer, the seller’s lawyer, the buyer’s lawyer, sometimes the lender, and the closers (often paralegals). If you had a listing agent sell your home, you would notice that the agent almost never attends the closing, but you can be sure that a significant chunk of money for their services were deducted from the seller’s check.
Both the Seller and Buyer will have a rough idea of how much money will be due and received during the closing. The buyer will have received a good faith estimate regarding the amounts they will be required to pay at the closing by their lender. The seller will receive an estimated settlement statement from the attorney. Taxes will be pro-rated and determined. The amount the buyer owes will be stated and the amount of cash the seller gets will be determined.
Step Five: Closing Events.
The attorneys will inspect the title for transfer to the new owner. The seller’s attorney will prepare a Warranty Deed that basically states that you, the seller, are transferring the property to the buyer. The deed will be recorded by the attorney or the title company with a copy mailed to you for your records.
The seller needs to bring to the closing the following items: the property deed, mortgage payoff information, the most recent property tax assessment, the sale contract, evidence that the outstanding contingencies have been met, estimated settlement papers drawn up by the attorney so there is an understanding of how much to expect from the sale, evidence showing the removal of any liens uncovered during the title search, evidence that repairs were made according to the home inspection, loan documents and property inspection reports.
The buyer needs to bring his check book to cover the down payment and closing costs of purchasing the home, and proof of homeowner's insurance. The buyer is responsible for scheduling the lender’s presence at the closing. The seller may want to contact the lender to be sure someone from the company is present.
A Summary of Events.
Once a buyer has been found and a sales agreement signed, it normally takes anywhere from as little as 30 days up to 90 days to close the deal. You can draw up a timeline to help keep track of the tasks that need to be completed. Of course timelines will need to be adjusted. That is part of the life process. The timeline is the goal to strive towards. It is not set in stone. The following is a rough estimate of a timeline and what goes on during the weeks.
- First Week - Sales agreement is signed. The buyer applies for a mortgage and credit check. If necessary, an appraisal is scheduled by the lender. Escrow is opened and a deposit inserted.
- Second Week - The seller should check with the lender on the mortgage application process. Title search is started and hopefully, completed. The home inspection is scheduled.
- Third Week - Termite inspections and work done. Repairs from the home inspection are done. Title problems are cleared (if any). The Lender gives the buyer formal loan approval.
- Fourth Week - Buyer does the final walk-through. Buyer signs the loan documents. Seller transfers title to the buyer. Deal closes.
A Checklist for Closing the Deal.
The following is a list of items the seller can do to help ensure the deal closes smoothly:
- Check with the Buyer - Be sure the buyer applies for the mortgage.
- Get a commitment letter - Insist on a 7 to 14 day approval or commitment letter.
- Open the Escrow Account - Use the signed sales agreement to open escrow and place the buyer’s deposit in the escrow account.
- Order the inspections - Order the title inspection, termite inspection, the water well inspection, the home inspection, etc.
- Clear Title problems - Remove any title problems.
- Check with the Buyer - Check on the buyer’s progress in getting the mortgage.
- Check with the Lender - Find out when the mortgage will fund.
- Order repair work - If any of the inspection reports indicate that repairs need to be done, get the repairs ordered.
- Do the final walk through - Once the repairs are done, order the walk through.
- Sign the documents - Smile all the way to the bank.
To Do List for Moving
This list will help you as you plan to move from your current residence to your new residence. You can print this out and use it as a check list.
· KEEP TRACK OF YOUR EXPENSES.
Keep track of your moving expenses. Some may be tax deductible!
· PREPARE FOR THE MOVE.
These items are listed in the general order that you should do them. Begin about 6 to 8 weeks before moving.
__ Find a moving company. Have them give you a written estimate.
__ Start discarding items that you will not be moving.
__ Inform your company of the address change for their mailings - especially your W2 form.
__ Request a transcript of your children's school records. Contact the new school.
__ Begin looking into churches or synagogues to transfer membership.
__ Start collecting cardboard boxes and other containers for moving. Begin packing out of season clothes and other items.
__ If you are going to be taking draperies and/or carpets, have them cleaned before you move and then pack them for protection.
· NOTIFY UTILITY COMPANIES AND OTHER BUSINESSES.
Notify the following companies/agencies/people of your move. When applicable, contact new ones in the area you're moving to.
__ Electric company
__ Gas company
__ Water
__ Telephone - Keep your current phone in service through moving day. You may need it that day.
__ Trash removal
__ Auto insurance
__ Other insurance (life, health)
__ Stock broker
__ Accountant
__ Lawyer
__ Banks
__ Credit card companies
__ Stores where you have charge accounts.
__ Doctors/Dentists - ask for referrals in the new area. Transfer records.
__ Motor vehicle department for your driver's license.
__ Governmental agencies like the Social Security Office (if you are receiving benefits), Veterans Administration, federal and state tax offices.
__ Newspapers, magazines, other publications you might be receiving.
__ Family, friends, business contacts - put together a letter to be sent to these people.
__ Book or record clubs.
__ Cable T.V.
__ Post Office - leave a forwarding address.
· AFTER YOU MOVE IN.
When you get to your new home:
__ Check the telephone, gas, electricity, water.
__ Check the pilot lights in your stove, furnace, hot water heater.
__ Register to vote.
__ Register your car with a new state within 5 days.
__ Get a new driver's license.
__ Purchase a
__ Go through your check list above - make sure each item has been completed.
Do you Know...?
· What is the busiest moving season of the year?
As you might have guessed, the busiest moving season is the summer.
· At what time of the month do most people move?
Most people move on the first and last days of the month.
Using these two facts you can plan accordingly. For instance, if you're planning to move in the summer, make your arrangements
far enough in advance.
