Selling your home is comprised of several duties:

  1)    Determining your selling price
  2)    Preparing your home for sale, ( Most important ) 
  3)    Marketing your home,
  4)    Finding a buyer and qualifying your buyer (yourself or a realtor)
  5)    Executing documents to enter into a sales transaction,
  6)    Verifying that your buyer secures the financing to purchase your home,
  7)    Handling the inspection and post inspection renegotiation  process
  8)    Handling the appraisal process and providing comparable sale data
  9)    Closing the transaction, and
10)    Moving out and into your new home

Here are some Frequently Asked Questions along with some tips from the Pro's: 

How can I determine the best price at  which to sell my home

Answer:  Every house sells sooner or later:  sooner if it is priced right, later if it is overpriced.

Every seller  feels that his home is worth more than his neighbor's home, and this is usually an emotional justification without basis and unfortunately, this usually leads to overpricing and a resultant L-O-N-G marketing period
 

Real estate brokers are trained to determine a projected selling price through a
process of constructing a "Comparative Market Analysis."

Usually brokers don't charge to do this work for you because they are hoping that you will ultimately list your home with them.  The CMA evaluates  the selling prices of similar properties within your neighborhood and makes projections for long term marketing and short term marketing.  The findings are based on statistical factors and are usually quite reliable.   Putting your home on the market at a price that is higher than the statistical findings of the CMA will more likely lead to buyers' to purchase a competing property and not yours.   That other seller will be grateful to you for making his property look like a bargain.  Even if you are lucky enough to find a buyer who is willing to pay an exaggerated "apple pie in the sky price," the sale price still needs to be justified by an appraiser.  An overpriced home that is on the market many months more than necessary may not get bank approval and you (as seller) may have to reduce the selling price after all!

The value of property is determined by supply and demand. The amount of money you need to move on or the amount you need to pay off your credit cards has nothing to do with the market value of your home. Your home is worth only that amount that the current market will pay for it.   Low mortgage rates and low unemployment cause demand.  Demand causes prices to rise.  Prices will rise until demand is satisfied.  If your property is on the market for several weeks and nobody comes to look at it,   and "sold" signs begin looking commonplace in your area, then you will need to consider reducing your price.
 

  
What preparations should we make to sell our home?

Taking the time and effort of preparing your home is the most critical thing you can do to successfully sell your home. 
 Here are some tips from the Pro's.

1. Start by calling in a real estate broker.  The best brokers are "Realtors" who, besides being licensed, are also members of the local real estate board and of the National Association of Realtors.  Only real estate brokers who have this affiliation can be called "Realtor" and they are compelled to conduct their business according to a Code of Ethics.   A realtor will show you statistically through a written comparative market analysis approximately what your house is worth and tell how to prepare it for sale.  Even if you intend to try to sell your home on your own, consider calling a Realtor; you will probably learn a lot from the experience.
2. Consider if you want an attorney to handle your closing, and if so, consult with one at this time so that he/she will be "on board" from the beginning.    It is not essential or always necessary to have your own attorney as many Realtors are experienced enough to represent your interests and see to it that all necessary documents prepared for you.  You can discuss this with your Realtor.
3. Get your property into the best condition possible.  Consider whether you would like to have a pre-sale home inspection that evaluates the more important structural components of your home including an evaluation of roof,  chimneys, foundation, porches and decks, utilities, basement, exterior and every other area of your home.  A good inspector can identify and help analyze problems such as wet basements, cracked foundations, plumbing and heating issues and they can provide advice and solutions to these problems.  This way you can avoid the pitfalls of learning about these problems from your buyer after you have already agreed upon a price, forcing you to reduce your selling price or spending money making unexpected repairs to the home you are selling.

What should I do to make my house more appealing for marketing?

1. Make necessary repairs and renovations.  Keep in mind that major upgrading does not usually justify adequate pay back.  Inexpensive cosmetic improvements as well as needed system repairs for items that will be discovered during inspection (such as electrical, plumbing, roof and foundation) may be necessary expenditures that will be justified in the end.  Make no repairs unless you will realize a selling price that will repay the cost of the repairs.  Make no major improvements unless you will realize a profit on the expenditure you will make.  Major repairs such as those to the roof or furnace will probably not give you a higher selling price because buyers expect to buy a home with a tight roof and working furnace.  But a new roof and new furnace will probably sell your home faster.

    

2. Remove all clutter from attic, cellar, garage, yard and living areas.  This is the time to get rid of anything and everything that you are not going to take with you.  Don't plan on leaving broken lawnmowers or furniture that needs refinishing -- take a trip to the local dump or hire a clean out company.  Have a yard sale or advertise your unwanted treasures in your local newspaper.  This is the time to pack away your expensive jewelry, your coin collections, your stamp collections, Hummels  and everything else that needs to be out of sight when people are coming through your home.   Weed out and discard any unhealthy-looking houseplants.  Buy new ornamental houseplants to dramatize appropriate areas such as fireplaces and special corners.  Pack away everything that you will not be using for the next several months to reduce clutter and to empty storage areas.
3. Wash all windows or hire a cleaning service; wash or dry clean or replace curtains and draperies.
4. Check your bathrooms for loose or missing tiles, leaks, worn out caulking, mildew, loose door knobs and cluttered cabinets.  Replace window and shower curtains;   make bathrooms shine and smell good.  Provide new towels, scatter rugs, and crisp boutique items if possible.
5. Clean out all kitchen cabinets and bedroom closets.  Keep them neat and well-ordered to maximize the appearance of   space.
6. Repair and decorate your home for a quick sale.  Do not underestimate the value of the "first impression."  Take a good and critical look at your home.  It needs to be clean, sparkling, light, airy, pleasant smelling and in the best physical condition possible.   If necessary consider repainting, re-wallpapering, replacing windows.  An old trick is to boil cinnamon in a pan on the stove so that the aroma will permeate the house during showings.
7. Pack away clutter including  small and personal valuables, misplaced knick-knacks, crowded book, CD's and videos.  Keep all stairways clear.
8. Replace blown out light bulbs throughout the house and in the basement and garage.
9. Collect instruction manuals, insurance policies and warranties and put into a folder to have handy.
10. Spend a weekend preparing the exterior of your home and your yard, or hire a service company.  Trim all overgrown trees, shrubs and other plantings.  Shrubs and trees should not block windows or entrances.  Mow the lawn, plant beds of flowering annuals, repair fencing, replace shingles, paint as needed, clean out gutters and downspouts and replace if necessary.  Check for and remove hornet nests and other signs of  insects.
11. Emphasize recreational opportunities: Strategically place a garden swing, a  bench, a hammock,  or grill so that potential buyers can visualize the recreational opportunities of the lawn, patio, deck, etc.
12. Arrange everything neatly and orderly.  If there is a workbench in the basement or garage, take the time to arrange everything neatly and orderly.  Pack away any tools that are not going to be needed for the next several months.
13. Pets/pet odors.  If you have pets be sure to deodorize your home.  You may not be aware of pet odors because you have become accustomed to them, but Buyers coming into your home will notice any odors.  Consider using aromatherapy candles during showings.  Try to have all pets out of the house during showings because they will tend to distract the showing process either by making Buyers feel uncomfortable or by making them more interested in the pet than the house.
14. You don't get a second chance at a first impression.  When you finish getting your home ready for marketing, take a good critical look and ask yourself if your home looks like you want it to look when you invite guests.   Top

Marketing Your Home – By Yourself,  or with a Realtor?

Do you want to be a FSBO (pronounced: fiz bo)?:  Many people feel inclined to try their hands at selling their homes themselves in order to save the expense of a broker's commission.  Properties marketed by homeowners are referred to by Realtors as "FSBO'S" or "For Sale By Owner."

Some Words about FSBO's:   Most people can prepare their home for sale and some can even design a respectable marketing plan to sell their home; some may even be successful in finding a qualified buyer, but the rest of the sale process takes skill and experience and most homeowners are apt to find that they, by themselves, cannot bring the transaction to closing.  They then need to hire a lawyer, and the FSBO homeowner will probably have to pay a much higher legal fee for the added time the lawyer will charge to negotiate the closing issues of the transaction..  In instances when a Buyer makes an offer on a property that is not listed with a Realtor he invariably offers less than he would on a Realtor-listed property; the end result is that the FSBO homeowner and the lawyer do the work that is usually done by the Realtor.  The Buyer pays less for the property and the Seller provides the Realtor's services to the Buyer free of charge.  Statistics show that Realtors are able to get higher prices than homeowners and in a shorter marketing time.  A  FSBO homeowner may feel justified in selling his home for a lower price because he does not have commission expense to pay, he and his lawyer will more than make up for this expense in added time and effort and it will be the Buyer in the end who benefits.    In short, the FSBO homeowner may not pay a sales commission to a Realtor, but it is the Buyer who, in the end,  actually gets the financial benefit.

So you still want to be a FSBO?  You can't do this until you make a decision as to your selling price.  Once this is determined, you may want to schedule to have an "open house" the first weekend the property is introduced to the market.  Deliver notices of the event to the neighborhood so that your neighbors can notify  their friends and relatives who are looking to move into your neighborhood.  Prepare a "fact sheet" on the house to hand out as buyers arrive.  Send the family and Rover out for the afternoon, but have one other person stay with you just in case a difficult situation arises -- you never know who will be coming into your home to view the property and you want to be prepared for all emergencies.  Place an "open house" sign on your front lawn.  Have a "sign in" sheet for all who enter.  Allow people to go into all the rooms, but don't accompany them into the smaller rooms or bathrooms because it will make the rooms appear smaller than they really are.  If someone asks you about your price, be  firm and don't tell anybody your bottom price.  If someone wants to make an offer you will need to know how to qualify him/her and how to have him/her prepare an offer form.  You may want to talk to your lawyer about this before hand.  Or maybe your "open house" will not be the experience you thought it was going to be and you may become disenchanted with the entire process. You can  still call in a Realtor.

Marketing through a Realtor.  A Realtor  is a professional at selling homes.  Statistics demonstrate that they are able to get a higher price than the homeowner can and in a shorter period of time.  Most people would prefer to leave the selling of their home to the professionals; the best professionals are Realtors.  They have the training  to make the sales process easier and more pleasant than you would expect to experience by either handling the transactions yourself or by hiring a less qualified broker.  Consider carefully the recommended sales price and suggested preparations that your Realtor offers.  You may feel the brokerage fee is too high, but statistics indicate that the higher sales price realized through a Realtor more than justifies this cost of the brokerage fee.

In choosing one Realtor over another, make your choice based on your confidence that the Realtor of your choice has demonstrated outstanding professional abilities, extraordinary knowledge of the market, and a strong determination to satisfy your needs.  Do not choose a Realtor because he/she recommended the highest selling price.  The Realtor that overprices your home is probably the least experienced and will probably cause you the most stress because it will take so much longer to sell your overpriced home..

Discuss the methods your Realtor will use to market your home and make sure you understand what is required of you:  Make sure that everyone is in agreement about everything, such as:

1. How much notice will you require for showings?
2. Should you be present during showings and open houses?
3. How will the keys be handled? Will my family be safe from untruders?
   Who will have access to the keys to my home?
4. What arrangements will be made to accommodate your pets, children, mealtimes, home-based activities when showings are scheduled?
5. Will co-broke showings be accompanied by your Realtor or will they be unaccompanied?
6. What information about you and your plans is your Realtor free to discuss with other Realtors and buyers.  What information is strictly confidential between you and your Realtor?
7.   Are you comfortable paying the commission of a "buyer's broker" who represents the buyer and not you?
8. Have you given full disclosure about any defects in your property? Does your Realtor want a "Seller's Statement" making full disclosures in writing, or has your attorney or someone else advised against it?
9. How will offers be presented and who are the decision makers who will respond to the offers?
10. What items will be left for the buyer (such as chandelier, draperies, appliances)?
11.   How much time do you need between the acceptance of an offer and your relocation to another home?
12. What is expected of you after an offer is accepted? What will happen after an offer is accepted?
13. Who will be reviewing the significance of the financials of the transaction for/with you to determine the transaction's feasibility? What is the time frame required for this?

These are only some of the issues that will have to be discussed.  Make sure you are comfortable with the Realtor you are hiring;  you can anticipate a very close and personal relationship in conjunction with the professional services your Realtor will be providing you and your family.  This relationship should be so comfortable that you will be willing to refer your Realtor to your closest friends and family members and look forward to working with this professional again if and when you relocate

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