Home Sellers' Concerns

Everyone has that moment when the whole process of selling seems overwhelming. Here’s a list of common fears of the seller, and solutions.

Concern : I'll sell my house for too little because I priced it too low.
 

You can price your house fairly and do it with confidence. The basic rule is your asking price should be within 10 percent of the average sold price in your neighborhood. Factor in your home’s condition to adjust the price higher or lower from that starting point.

Concern : There are so many real estate agents out there, and they all claim to be super salespeople! What if the agent I decide to list my home with turns out to be a slick wheeler-dealer who’s all talk and no action?
 

Counter with your own two-step plan of talk and action: Get on the phone and ask about showings, inquiries, Web hits, etc. If that doesn’t bring satisfactory results, let them know you’ll terminate or not renew the listing.

Concern : People at an open house will go through my personal things, perhaps even my drawers — and they may steal things!
 

Yes, people at open houses will open drawers. If there’s something you don’t want them to see — store it somewhere else. . Please put all valuables in a very safe place and do remove all medicine from the medicine cabinet.

Concern My house will languish on the market for months without a nibble, and I’ll have to suffer through multiple open houses to drum up interest.
 

If you price your home right and keep your house neat, clean, and available for viewing to agents and buyers, you’ll get offers.

Concern What if the inspection reveals the support beams are damaged and my house is about to collapse? This sale will fall through and I won’t be able to buy my new house, which is scheduled to close next week!

Remember how smart you were. You avoided any last-minute inspection surprises by hiring your own inspector before you even listed your house for sale. He found nothing major and you already completed minor repairs.   

 Sellers Guide

Important Tips for Selling your Home

1. Find an experienced full time realtor to help you determine a realistic price. Ask for recommendations and don't hesitate to ask questions. Ask about their marketing techniques - are they current with the new technologies, what about open houses, showings and lock boxes. Now is the time to openly discuss any and all questions. Don't feel pressured into using a relative of friend for a realtor as this often leads to difficulties in the future.

2. Determine a realistic asking price. With the help of your realtor, you'll compare similar properties and analyze both the market and the location. A review of similar properties that have recently sold will take into account, age, lot size, square footage, condition and amenities. It is the realtor's role to prepare an analysis of the market, enlighten the seller and execute an effective marketing program. It is the seller's role to price their property competitively and prepare it for the market.

3. Complete the Condition Report. When you put your property on the market, disclose absolutely everything. you know about it! If there is a negative, put a star by it - capitalize it - underline it - whatever. A negative disclosed in the beginning seldom remains a negative. It is when a buyer discovers a negative on their own that it becomes a problem. The question becomes, "What else didn't they tell me?"  The buyer assumes the defense and the relationship between buyer and seller becomes adversarial. The offer provides an inspection clause which incorporates the obligations of both the buyer and the seller.

Prepare your home for showing

Outside Appearance: Your front door is the first thing buyers will see so be sure it is fresh and clean. Make sure that your lawn and landscaping are well manicured. Be sure that your yard if free of refuse and leaves and make necessary repairs or improvements that will increase the marketability of the home.

Safety: During winter, make certain that all ice and snow is removed from walkways and steps. Keep all indoor and outdoor areas clear and uncluttered, especially stairways.

Lighting: Open drapes and curtains as much as possible to let in natural light. Make sure that the windows are clean so that your home appears as bright and cheery as possible. Turn on all inside and outside lights when showing your home at night so as to make your buyer feel welcome.

Fixtures: Repair any leaky faucets. Dripping water discolors sinks and suggests faulty or worn out plumbing.

Important Areas: Make sure that doors, windows and cabinets don't stick or have loose knobs on them. Proper repair of these minor flaws increases your home's value. Closets can be an important selling point. Make them look larger by organizing them neatly to display your home's ample closet space.

Rooms: In general, try to refresh faded walls and worn woodwork with new wallpaper and fresh paint - it will increase the appeal and value of your home. Bathrooms can sell homes. Check and repair any damaged or discolored caulking around the bath tubs, showers and sinks and be sure that the towels and area rugs are bright and clean. Display the full value of your attic, basement and other utility space including crawl spaces by removing all unnecessary articles and debris and repainting if necessary. Bedrooms should appear bright and cheerful. Remove all excess furniture and be sure that bed spreads and curtains are freshly laundered and attractive.

Atmosphere: Leave the house during a home inspection. Home owners can make the potential buyer feel uncomfortable and want to hurry thought your house. Turn off the stereo and television so that the potential buyer and salesperson can discuss your home freely in a relaxed environment, free of distractions. Keep pets from disturbing potential buyers by restricting them to the backyard or an alternative location such as a friend's home while conducting an open house.

Approach: Be courteous and friendly but don't insist on conversing with the potential buyer. Never apologize for the appearance of your home. Should any objections or derogatory comments be offered, let a trained salesperson will call you. Avoid trying to sell potential buyers furniture or furnishings which you are not taking with you before they have purchased the home. This can potentially lose the sale.

Negotiations: Let your realtor discuss the selling price, terms, possession and other factors with the potential buyer. It is with their training and experience that negotiations will be brought to a satisfactory conclusion.

What Happens After the Offer?

During this period you benefit from the experience and commitment of the agents involved. The real estate agent must be adept at negotiating, dealing with inspectors, title companies, surveyors, appraisers, etc. Experience is valuable. A proven track record and an experienced realtor will successfully lead the transaction to a smooth close.

• Earnest money is collected per contract.
• Buyer puts all finance applications in motion in the first few days
• Professional inspection's) are scheduled and conducted.
• The property continues to be marketed.
• The appraisal appointment is expected by week #2. Loan commitment is usually 21-30 days from accepted offer.
• A typical transaction closes 6 weeks from the accepted offer.
• Title is ordered within the first 10 days and copies are sent to buyer, seller, lender and cooperating agents.
• As the closing date approaches, the exact date and location are set.
• Closing statements will be issued within 2-3 days of the closing.
• The broker and title company will see that all liens and expenses are covered and paid prior to the closing.
• Closing is usually at the title company or the bank of the buyer.
• Congratulations! You've sold your home!