Real Estate Watch: Getting ready to sell your home

Philip A Raices

Ready To Sell? 

There may be more than one reason why you want to sell your home.  

Maybe you want a larger home in a better location. If your children have flown the nest (empty nester?), you may be considering the purchase of a condominium, co-op, townhouse or relocation. 

Whatever the reason, one of the first questions is how much is your house worth? 

You know what you paid for your house initially and how much money you’ve put into improvements over the years. You also know how much it has cost to maintain the house in good condition. 

There is also the appreciation factor. Your home has appreciated tremendously in value because of low interest rates fueling housing demand, general inflation, good schools and higher incomes. 

However, there are other factors to consider, such as what houses similar to yours are selling for. 

Selling Your Home – Do Not Punish Buyer

 Here are some points to remember when selling your home: 

1. Insist on a CMA (Comparative Market Analysis) in writing, from your agent. 

2. Market & Merchandise your property with an experienced agent – Do they have their own website and is it ranked properly? 

3. Let your real estate agent do all the negotiating. 

4. Look at all offers, even if they are low. Your agent has an obligation to present all offers. Some buyers feel- they have to make a low offer to reassure themselves that they got the best price possible. 

5. Do not become angry with a low offer and react with an unreasonable counter offer out of anger. Your goal is to sell the house not to punish to buyer.

6. Never judge buyers by the car they drive or how they are dressed. Be kind to all people viewing your home.

7. Your goal is to sell your home, so try not to place barriers about whom you want to buy it.

8. If you feel you have to make a counter offer, make the best one possible, and remember, there are no guarantees.

After The Buyer Says, “Yes”

Once a buyer has been found for your home, the part of the transaction that takes the most care and attention is the closing. A realtor’s responsibility does not end when a buyer says “Yes, I want it!” 

Your realtor must coordinate a number of important details that must be confirmed and finalized before the sale of your home can be successfully completed 

As an example, there is the purchase contract that must be signed by all parties, disclosure documents that need to be prepared and signed, the loan for the buyer of your home needs to be overseen, all of the contingencies have to be addressed and removed and any title matters that crop up during the closing need to be cleared. 

Any and all of these details are essential elements in the successful sale of your home. 

Closing And The Seller

If you are about to close a sale of your home, there are steps you should be aware of to make the closing as smooth as possible. 

Normally, you and your attorney will be responsible for drawing the new deed and bringing this document to the closing. The purchase of tax stamps may also be necessary. 

You will need a copy of your most recent tax bill, which should be receipted if it has been paid. If the insurance or mortgage is to be assumed by the new buyer, you will need these payment books, policies, etc. 

When the sale involves income, as for rental properties, the seller should bring leases, rent schedules, escrow statements for deposits held and a letter to be sent to tenants notifying them of the ownership change. 

Of course, you would also bring keys, garage door openers, and the like to the closing. 

Also, l or 2 days before the closing, call your utility companies for readings to be given in at closing, lastly, compile a change of address list to be sent out to everyone you know 2-3 weeks prior to closing. 

Be sure that all the bases are covered. 

Then you can walk out with cash in hand and celebrate. 

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