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There are a number of steps to selling any house -- and you've just taken the most important one: You've contacted Long & Foster's team of experts to help you. Experience has taught us that every home sale is unique. Yet every sale -- shares a common process. For specific answers to your specific situation, we encourage you to consult Ingrid Dallaire , who is happy to assist you. After all, we want you to get the best selling price in the shortest time. |
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Putting Your House On The MarketThe first step toward putting your house up for sale is to meet with a real estate agent at your home. What we call the "listing appointment." But beforehand, it's important to understand "who's who" and how brokers may cooperate to sell your house.
Listing Broker or Listing Agent
Selling Broker or Selling Agent
A Little Homework
Before the listing appointment both the home
seller and the listing broker are busy While the home seller collects
a list of documents requested by the broker, the listing broker
studies recent neighborhood sales of homes comparable to yours,
and also comparable homes currently for sale.
There's No Place Like HomeAt the listing appointment, the listing broker will want to inspect the house and yard to become familiar with its special features. You have probably enjoyed living in your home and have been pleased with its many unique features. Your listing broker will want to tell prospective buyers about the special features of your home and neighborhood. Be ready to be specific about schools, day-care, nearby Metro, and other desirable community features, as well as home features not readily apparent.
Remember, prospective buyers will be "comparison
shopping" and keenly aware of subtle differences in houses
for sale in the area. Be sure to tell your listing broker why yours
is special--from any home remodeling to afternoon winter sunshine.
Demand Set PriceAfter conferring with the listing broker on market conditions, comparable nearby sales and listings, and available financing, the home seller will set the listing or "asking" price for the house. A common definition of market value is: "What a ready, willing and able buyer will pay, at a price a seller will accept." Metropolitan area buyers are sophisticated. They've already been shopping, and when they see your home they'll be comparing features and financing. There's a rule of thumb that says: "A house priced more than 5% over market value discourages offers." Buyers who can afford the price can get "more house" for their money elsewhere. Buyers who cannot afford the price simply won't look. This is why we say, "A house priced right is half sold."
A fair market value will be determined by comparing
the property with similar properties which have recently sold and
(in some cases) with similar properties currently on the market.
Experience in the industry has proven this "market analysis"
approach is more accurate than the "replacement cost"
or "potential rental income" methods.
Sample NET SHEET
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. (An itemized list of typical
selling costs is presented in the "Settlement" chapter,
which is the stage when these charges are paid.)
Financing Strategy
No sale can be completed without financing.
That is why it is generally to the home seller's advantage to appeal
to the greatest number of home buyers by accepting the greatest
range of financing plans. The listing broker will explain the basic
differences between VA (Veterans Administration), FHA (Federal Housing
Administration) and conventional financing, as well as explain "discount
points."
What is a Point?
A point is one percent of the amount of the
buyer's mortgage loan. For example, if a loan is $100,000, one point
is $1,000. Lenders charge points to increase the yield on their
loans. On all loans, home buyer and home seller may share the charges
by mutual agreement.
Property Profile FolderTo enable the listing broker to prepare a folder of information on the property, the home seller needs to provide a number of documents and information specific to the location and jurisdiction. (This Property Profile is often left in the home for the convenience of prospective selling brokers.) Because the list is long, you can understand why it's best to collect the papers before the listing appointment. These materials may include:
Pay-Off Notice
Well and Septic Inspection
Order Lender Appraisal
Assessments/Easements
Property Taxes/Condominium Fees
Inspections
Utilities
Helpful Documents
What Conveys?In anticipation of a buyer's offer, the home seller must be ready to supply listing broker with a specific list of the personal property that is included in the real estate property for sale. Examples of items to "convey" may include: draperies, drapery rods, remaining heating oil, firewood, washer, dryer, refrigerator, stove, microwave, disposal, swimming pool chemicals, awnings, storm doors and windows, screens, venetian blinds, shutters, window air conditioner, etc. Home seller should tag or remove items which do not convey.Top Listing Agreement
When the home seller is ready to put the house
on the market, the listing agreement is filled out indicating a
specific period of time the agreement is in effect ("listing
period"), and signed by the seller You've now hired a listing
broker and listing agent.
Questions and Answers
What is a "Lockbox"?
Do certain geographical areas have unique
home selling requirements?
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Ingrid
Dallaire
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Copyright 2001 Long & Foster Realtors. All Rights Reserved.