Selling Your Home Checklist
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5 Key Items To Minimize Unpleasant Surprises When Selling Your
Home
1. Independent
appraisal...by a licensed appraiser.
2. Preliminary title
report...will inform a homeowner of any liens that might be on the property.
3. Inspection by
local municipal building inspector(s)...to advise of any building code or
zoning violations.
4. Home Inspection...having
a licensed home inspector complete a professional home inspection will assist
you, the homeowner, in making sure all mechanical systems are in good working
order. A home in good working order will sell faster than a home in need of
repairs.
5. Plat of survey...
will notify a homeowner and prospective buyer of the actual lot lines of the
property and will indicate any encroachments to the property.
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6 Truths About Today’s Marketplace That Every Home Seller
Needs To Know
Truth #1:
Buyers buy
after "shopping around". In their search for the best buy they are
comparing your property to the others currently on the market.
Truth #2:
Sellers
control the pricing and sale ability of their homes but buyers control VALUE. A
property is worth what the market (buyers) will pay.
Truth #3:
If a
property sits on the market for more than a few weeks it gets shop worn
(stale... like an old donut). Price it right in the beginning while it is fresh
and buyer interest is at its peak.
Truth #4:
Most properties must be sold three (3) times...
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First...to the real estate agents who have the buyers. If
they don’t see it as a decent value, they may not show it.
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Second... to the buyers. If they don’t see it as an
attractive offering, they’ll look elsewhere.
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Third... to the lender who will make the loan and the lender’s
appraiser. If this group doesn’t see the value... no loan.
Truth #5:
What it means if...
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No showings: Agents don’t see your offering as worthy of
showing to their buyers. Or, buyers themselves aren’t interested enough to
look.
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No Offers: Buyers don’t see enough value to even negotiate
or try to buy.
Truth #6:
Overpriced properties actually help well-priced
properties sell.
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7 Questions A Seller Should Ask Agents Prior To Making Their
Agent Selection
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What are your
company's resources, support staff and network affiliation?
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What is your
company's history and track record in helping sellers? (ex: How many sellers
did your company serve last year?)
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What checklists and
systems does the agent have to help you, the seller, stay on track?
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Does the agent have
information to help buyers find a lender, including "Home Loan
Application Checklist" and "14 General Questions To Ask
Every Lender"?
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Is the agent
offering you a choice between customer and client level service?
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Is the agent
offering traditional level service only or do they have an upgraded home
marketing system?
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Does your agent
appear trustworthy, caring and committed to helping you reach your goals?
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7 Steps To "Safe Selling" That Every Home Seller
Should Consider
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Do an honest,
detailed "Seller's Disclosure". Check with your agent and/or
attorney for details.
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Offer a "Home
Warranty/Protection Plan" to the buyer of your property. See "Home
Warranty Policy Checklist... For Sellers" .
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Remove valuable
personal property like jewelry, etc. before allowing your home to be shown.
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Have a lock-box
system placed on or by the front door. If this is not possible, have some
other system to track who shows the property.
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Have all necessary
inspections that can be done before buyers look at your property. Examples
include, but are not limited to building codes, municipality inspections,
title work, etc. This lessens the chance of you losing a buyer due to a
surprise after accepting a contract. See "The 8 Interior Items That
Buyers REALLY Notice".
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Never show your
property to someone who hasn’t been properly pre-qualified.
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Hire a real estate
agent/company or real estate attorney to represent and guide you through the
many details of the home selling process. See "7 Questions A Seller
Should Ask Agents Prior To Making Their Agent Selection".
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8 Critical Issues To Consider When Negotiating The Sale Of Your
Home
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Is the buyer
qualified...ready, willing and able?
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How long has your
property been on the market?
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Given the market
conditions, how attractive is the offer?
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Does their offer
"as is" allow you to meet your original set of goals and
timetable?
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Where, if anywhere,
are you able to compromise?
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If you counter their
offer, you’ve bought the property back on those same terms and conditions.
Are you willing to risk the buyer "walking"?
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Make a list of the
strengths and weaknesses of the offer.
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Considering the
terms and conditions of the offer, is this offer in your best interest both
emotionally and financially?
12 "Don’ts" Every Home Seller Should Know...
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Don’t overprice
your home. It will cost YOU money!
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Don’t be surprised
if the first offer on your property is the best offer you receive.
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Don’t let your
property sit on the market too long before making a significant change in
price (or it will get stale). See "Updated X-Rays Concerning The
Value Of Your Home".
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Don’t think all
real estate agents and companies are created equal...they are NOT. Find an
agent/company with a great track record and proven home marketing system.
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Don’t list with a
real estate agent just because they charge the least or the most.
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Look for the best
VALUE. Consider the company’s track record with sellers & buyers.
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Don’t look just at
the price the buyer offers. Analyze the total package including buyer
qualifications, contingencies, closing dates, etc.
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Don’t forget
buyers will shop around looking for the best buy. You are in competition
with other sellers for your buyer’s attention.
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Don’t forget that
if real estate agents don’t see your property as a good value, they will
take their buyers elsewhere.
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Don’t believe
those who tell you newspaper ads sell homes. You need a COMPREHENSIVE
marketing plan tailored to your property and your needs.
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Don’t make it
difficult for agents and buyers to see your home. Buyers want to look at
their convenience.
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Don’t overlook the
value of MERCHANDISING your home... make it look its VERY BEST!
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Don’t forget that
you control the pricing of your home, how it looks and the overall marketing
plan. But it is the BUYERS who control value. If buyers won’t pay your
price, the house remains yours.
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Looking For An Agent? 15 Questions To Ask
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How long have you
been selling real estate?
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What professional
real estate designations do you have?
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Are you actively
involved in your local Board of Realtors?
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How many homes have
you sold in the past year?
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What is your average
listing price?
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What is your average
list price to sale price ratio?
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How many homes have
you sold in my area?
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What is the average
length of time your listings are on the market?
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What specifically
will you do to cause my home to sell?
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May I see a copy of
your marketing plan?
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What are you willing
to spend to market my home?
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What specific
procedure will you follow to help establish a price for our home?
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What will you do to
keep us informed regarding any changes in the market that may impact our
price and terms?
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How often can we
expect to hear from you once we have given you the listing on our home?
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May I see your
professional service brochure and/or resume?
18 Service Providers You Should Consider Using During The Home
Selling Process
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Real Estate Agent
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Home Inspector
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Mortgage Loan
Officer
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Environmental
Specialists
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Radon Gas Expert
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Lead Paint Test and
Inspector
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Well,
Septic/Sanitary Systems Inspector
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Building Inspector
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Zoning Inspector
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Soil Testing Expert
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Flood Plain
Inspector
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Termite/Pest Control
Company
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Surveyor
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Property Appraiser
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Insurance
Salesperson
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Attorney
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Title Company
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Moving Company
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12+ Sets Of Rules And
Regulations Every Home Seller Should Be Aware Of Before Selling
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Seller Disclosure
Laws
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Lead Base Paint
Disclosure
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Federal Fair Housing
Laws
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State and Local
Housing Laws
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Laws Regulating
Advertising and Marketing
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Real Estate Contract
Law
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Zoning and Local
Ordinance Laws
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Occupancy Laws
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Building Code Laws
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Environmental Rules
and Regulations
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Stigmatized Property
Laws
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Governmental Rights
and Real Property Laws
Other rules and
regulations impacting the buying & selling of real estate in your area
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Are You A "Serious Seller"? Take This Quick Quiz To
Find Out
By answering the following three questions you will have a
better idea if you are truly a serious seller. "Serious sellers" tend
to net the most amount of money at closing, have the least amount of hassles and
get their desired results in the shortest period of time.
Question #1: Why are you moving? The more compelling your
reasons, the more realistic you are apt to be about the realities of your
marketplace.
Question #2: What is your timetable for making the move?
Most sellers don’t get realistic about the realities of the marketplace until
time is of the essence.
Question #3: Are you committed to move? If you are not
committed to moving within your stated time frame, you are likely to neglect
doing the "little things" that would cause a top dollar - no
hassle - timely sale.
* Remember, buyers are objective about price and value. They are
shopping for the "best deal". Serious sellers know this and respond by
objectively pricing and marketing their homes.
Caution ALL Home Sellers... Avoid Taking Advice From People Who...
(Our TOP 10 List Of People Whose Advice You Should Avoid When Selling Your Home)
Avoid People Who:
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Don’t know YOUR marketplace.
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Haven’t taken time to thoroughly inspect your
property.
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Don’t know your circumstances in DETAIL... goals,
timetable, motivation, etc.
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Like or love you but don’t approach your situation
objectively or knowledgeably.
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Will tell you what you want to hear but don’t have
the facts or data that would help you make a more realistic decision.
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Will always have a better DEAL you could have or
should have gotten.
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Talk too much...but never seem to listen. If one
doesn’t really know your problem, how can they have the BEST solution?
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Always bad-mouth others but bring nothing concrete
to the table themselves.
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Can’t show you a logical, detailed action plan
that addresses your situation.
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Have no proven track record for results comparable
to those you want or need.
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For Serious Sellers Only The "Top Dollar, Timely Sale, No Hassle" Plan
(5 Simple Steps)
If you want...
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Top Dollar
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A Timely Sale
- No Hassles Like:
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Keeping your house clean and tidy for days, weeks, or months
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Numerous interruptions in your life for "showing
appointments"
... this plan is your DREAM COME TRUE. Simply follow the 5 steps
below:
Step 1. Price your house at the lower end of your property’s
realistic range of value.
Step 2. Market your house for two (2) weeks before ANYONE is
allowed to view it. No one may see it until your open house.
Step 3. Get your house "market ready" during those
two weeks. See "13 Ways To Prepare Your Home For Showing".
Step 4. Get your house "open house ready" the day
before and the day of your open house. See "16 Steps To Get Ready For Your Open
House".
Step 5. Get ready for offers (potentially multiple) the day of
your open house. See
"8 Critical Issues To Consider When Negotiating The Sale Of
Your Home".
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Home Warranty Policy Checklist...For Sellers
A Home Warranty Policy can protect against costly repair
expenses. For a seller, a protection plan may offer a competitive edge over the
competition in the current marketplace. The Home Warranty Policy offers protection during the initial
listing period and for one year after the sale of your home. For buyers, the typical home
warranty may eliminate concerns about unexpected repair costs and may also add
confidence to the buying decision. Make sure to evaluate each protection policy as the
terms and conditions vary from policy to policy, company to company. The items most often
covered in a Home Warranty Policy are as follows:
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Plumbing System
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Well Pump
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Water Heater
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Electrical System
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Central Vacuum System
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Ceiling Fans
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Dishwasher
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Garbage Disposal
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Built-in Microwave
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Range/Oven/Cooktop
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Trash Compactor
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Heating System
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Ductwork
Optional coverage may include:
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Central Air Conditioning
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Swimming Pool
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Spa
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Built-in Swimming Pool
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Refrigerator
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Washer/Dryer
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How To Read Today’s Market! 3 Simple Steps To Discovering Your Property’s Market Value
(Warning...Don’t Skip Any Of These Steps!)
Step 1. You must be objective. Take off your seller’s
hat and put on the hat of an impartial analyst. Look at your property through the eyes of the
buyer.
Step 2. Look at the following general market data:
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The local, state and national economic picture with emphasis
on the employment and population growth
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Interest rates
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Housing supply/demand for the community and for your specific
neighborhood
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How quickly are properties selling
Step 3. Compare your property to comparable properties
in the following four categories to appraise how yours objectively stacks up:
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Current competitive listings
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Current competitive properties under contract or waiting to
close
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Recent competitive "SOLDS" (past 24 months with
special emphasis on the last 6 months)
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Properties that failed to sell in the past 12 months
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Stop...Look...Listen... A Warning To ALL Home Sellers
5 Of The Top Reasons Why Buyers Pick The House They Do
Price
... believe it or not PRICE ranks higher than location in most studies on this issue*
Neighborhood
... pride of ownership, homogeneity of the area, physical attractiveness of the streets, etc.
Schools
... highly rated and diversity of schools adds to the overall market demand for area...especially for home buyers with
school age children
Work
... proximity to, diversity of and overall stability of jobs
Shopping
... people shop out of both need and desire
* Of the above mentioned items, you as a seller have control
over only one...PRICE...so price it right from the start while it is fresh to the
market.
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3 Major Tax Issues Every Seller Of Real Estate Needs To Know
1. Increase in the exclusion from capital gains tax on the sale
of a principle residence from $125,000 in capital gains to $500,000 for filing joint taxpayers
($250,000 exclusion of profit for single taxpayer). This exclusion can occur every 2 years.
The repetitive ability is a great opportunity to buy and sell a principle residence and
either move up or buy down. There is no age restriction on who is eligible for this
exemption.
2. First-time homebuyer incentives:
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Save income in a tax-deferred IRA account with the purpose
of saving for a down payment and withdraw down payment at any time without
penalties for early withdrawal.
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Parents can save money in a tax-exempt savings account for
the purpose of assisting children with a down payment for housing.
3. Investments in real estate
4. Reduction in capital gains tax rate from 28% to 20%. This
will increase the profitability of a real estate holding.
* For these or any other tax law issues be sure to contact your
accountant or tax advisor for further information and details.
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Have I REALLY Sold My House? 6 Essential Elements That Most Real Estate Contracts Must Have
To Be Valid And Enforceable
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Competent parties—must be at least 2
parties to any contract
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Names and signatures of all parties to the
contract
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Consideration—such as a promise to pay
money
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Must be in writing—except for leases of one year
or less
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Address of property
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Meeting of the minds—an unqualified
acceptance of the offer so that the seller clearly understands the terms of the
buyer’s offer and the buyer clearly understands the performance required and the timing of the
obligations
*In most instances, the parties involved in a real estate transaction would be best advised to seek the services of
an experienced real estate attorney to review an agreement to purchase.
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The
above checklist is for informational purposes only & is not a substitute for
legal, tax or other professional assistance.
The lists were reproduced with permission of "Your
Home Coach"
