LOCATION:

• Location is the single most important factor in determining the value of your home.

COMPETITION:

• Prospective buyers compare your property against competing properties.
• Buyers wil perceive value based upon properties that have sold or are available in the area.

TIMING:

• Property values are affected by the current real estate market.
• As the real estate market can not be manipulated, a flexible marketing plan should be developed which analyzes the current marketing conditions and individual features of the property.

CONDITION:

• The condition of the property affects the price and speed of the sale.
• As prospective buyers often make purchases based on emotion, first impressions are important.
• Optimizing the physical appearance of your home will maximize the buyer’s perception of value.

PRICE:

• Pricing your home properly from beginning is an important factor in determining the length of time it will take to sell your home.
• Reviewing this home marketing plan will assist you in determining the best possible asking price.
• The buyer looks for relative value, so the price of your home will determine whether the buyer buys your home or your neighbor’s home!

This is where ownership is legally transferred to the buyer. As the seller you will need to be prepared to give over any necessary documentation regarding the property and, depending on the arrangements made during negotiations, you may be required to have done something specific in order to close. Be sure and read all the documents. Mistakes are more common than you might think.

Your agent can save you time and money by being present during the closing to help explain the process and forms to you and make sure everything goes as planned. By being present during the closing, they mediate any last minute issues that may arise. Something always seems to come up!

#10 Post-Closing

Congratulations on the successful sale of your home. Hopefully, everything went smoothly and you will be vacating your house in the time frame that you had anticipated. You should make a list of all the items you will need to do to turn the property over to the new owners. You will need to do such things as make sure that all of the local services (i.e. electricity, gas, lawn care, cable, etc.) have been canceled or, if the new owner is going to retain some of the services, the name for the account should be changed. The property and anything assigned to the buyer according to the contract, should be prepared appropriately for the new owners.

An agent will save you time and money by helping you coordinate your move. They can help you develop checklists that you can use to make sure that everything is done so that your move goes as smoothly as possible

First, get the home inspected. Arrange a time to return to the property for the inspection, typically a few days after the contract has been signed. A professionally licensed inspector will accompany you through the home and point out repairs or discrepancies if they exist. The seller will then be notified of these problems and will usually agree to take on the repairs.

Set up an appointment with your mortgage consultant and be prepared with the following financial statements: W-2 forms or signed tax forms for the past two years, copies of your most recent bank statements (current and consecutive for at least two months), copies of your most current pay stubs or proof of income if self-employed. Be prepared to pay an appraisal fee at this time if you have not already done so.

Work with your real estate agent to choose a title or settlement company for you and provide them with the necessary paperwork. The settlement company has the responsibility of making your transaction legal. They will do the title work, examine the survey, prepare mortgage documents and all the necessary closing paperwork. After the settlement, they will prepare packages for your mortgage lenders, accounting and title insurance, life documents with the county, and release escrow.

You will need to provide proof of homeowner’s insurance at this time. You have the right to choose your own insurance company. If you have not selected one, work with your real estate agent for a referral to a reputable company.

Obtain certified funds for the settlement. The title company will be able to tell you a few days in advance the exact fees that will be due.

Conduct a final walk through of the home. Be sure to note any discrepancies from the home inspection that has already been completed. By taking the time to go through this process in a detailed and timely manner, your transition into your new home will be easy and stress-free! Now is also the time to transfer all the utilities into your name.

Choose your agent wisely. Working with a full-time real estate agent is a must. Ask questions of your agent. Find out how knowledgeable he or she is about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates? Does your agent ask questions of you to have a full understanding of what you are looking for to help you get the most home for the money?

out for each home you tour. Then, comparing your ratings later will be easy.

THE HOME                                       Good                          Average                    Poor

Square footage                                   _____                          _____                          _____

Number of bedrooms                         _____                          _____                          _____

Number of baths                                 _____                          _____                          _____

Practicality of floorplan                       _____                          _____                          _____

Interior walls condition                        _____                          _____                          _____

Closet/storage space                         _____                          _____                          _____

Basement                                           _____                          _____                          _____

Fireplace                                             _____                          _____                          _____

Cable TV                                             _____                          _____                          _____

Basement: dampness or odors          _____                          _____                          _____

Exterior appearance, condition           _____                          _____                          _____

Lawn/yard space                                _____                          _____                          _____

Fence                                                  _____                          _____                          _____

Patio or deck                                       _____                          _____                          _____

Garage                                                _____                          _____                          _____

Energy efficiency                               _____                          _____                          _____

Screens, storm windows                    _____                          _____                          _____

Roof: age and condition                      _____                          _____                          _____

Gutters and downspouts                     _____                          _____                          _____

THE NEIGHBORHOOD Good Average Poor

Appearance/condition of nearby        _____                          _____                          _____

homes/businesses                              _____                          _____                          _____

Traffic                                                 _____                          _____                          _____

Noise Level                                         _____                          _____                          _____

Safety/Security                                   _____                          _____                          _____

Age mix of inhabitants                        _____                          _____                          _____

Number of children                             _____                          _____                          _____

Pet restrictions                                    _____                          _____                          _____

THE NEIGHBORHOOD (Cont.) Good Average Poor

Parking                                                 _____                          _____                          _____ 

Zoning regulations                               _____                          _____                          _____

Neighborhood restrictions/                  _____                          _____                          _____

Covenants                                           _____                          _____                          _____

Fire protection                                     _____                          _____                          _____

Police                                                  _____                          _____                          _____

Snow removal                                     _____                          _____                          _____

Garbage service                                 _____                          _____                          _____

SHOOLS Good Average Poor

Age/condition                                      _____                          _____                          _____ 

Reputation                                           _____                          _____                          _____

Quality of teachers                             _____                          _____                          _____

Achievement test scores                    _____                          _____                          _____

Play areas                                           _____                          _____                          _____

Curriculum                                          _____                          _____                          _____

Class size                                            _____                          _____                          _____

Busing distance                                   _____                          _____                          _____

CONVENIENCE TO: Good Average Poor

Supermarket                                       _____                          _____                          _____

Schools                                               _____                          _____                          _____

Work                                                   _____                          _____                          _____

Shopping                                             _____                          _____                          _____

Child care                                            _____                          _____                          _____

Hospitals                                             _____                          _____                          _____

Doctor/dentist                                      _____                          _____                          _____

Recreation/parks                                _____                          _____                          _____

Restaurants/entertainment                 _____                          _____                          _____

Church/synagogue                             _____                          _____                          _____

Airport                                                 _____                          _____                          _____

Highways                                            _____                          _____                          _____

Public transportation                           _____                          _____                          _____

Once you have accepted an offer to sell your house you will need to make a list of all the things you must do, and a list of all the things the buyer must do, in order to proceed successfully to closing. The property may need to be formally appraised, surveyed, inspected or repaired. Depending on the specifics reached during the negotiations, you may pay for all, some, or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the property the terms set forth in the contract will dictate your next step. Depending on the contract, you or the buyer may decide to walk away, open a new round of negotiations, or close.

Your agent can save you time and money by coordinating all the necessary items that must be done to finalize the sale. Your agent will be directly involved and keep you informed as to the results of each action and what effect, if any, it will have on the sale of the property. He or she will also help you coordinate any actions you must take to keep the sale moving forward. There are some sales that go smoothly and some that require a lot of work to get to the closing table. Until you get into it, you won’t know which one you have on your hands. Either way, your agent will be prove to be a valuable resource to you.

#8 Pre-Close Preparation

A few days before the closing you will want to contact whichever entity that is closing the transaction and make sure that all of the necessary forms and documents have been prepared and are going to be available to sign on the appropriate date. It would be a shame to get this close to selling and have the deal fall through because of a document not being at the right place at the right time. You should also begin to make arrangements for your upcoming move if you have not done so.

Your agent can save you time and money by making sure that all of the necessary documentation is prepared for closing. They will also make sure that all parties have done what they need to do so that the closing can proceed at the date and time planned.

Once a buyer decides they would like to buy your house, an offer will be presented. Review the written document taking care to note what needs to be done by both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature. Once you accept the contract, it may be too late to make any changes. The contract, though not limited to this list, should include the following:

- A legal description of the property

- The offering price

- The down payment

- Financing arrangements

- A list of fees and who will pay them

- Amount of the deposit

- Inspection rights and possible repair allowances

- The method of conveying the title and who will handle the closing

- A list of appliances and furnishings which will stay with the home

- The settlement date

- Any relevant contingencies

Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away.

Your agent can save you time and money by making sure that the offer is presented to you by a qualified buyer. There is no reason to review an offer if the person(s) making it will not be able to actually buy your home. Your agent will also be available to review the written offer to make sure that it is written in a proper way and covers the necessary areas.

#6 Negotiating to Sell

Most offers to purchase your house will require some level of negotiating to come to a win-win agreement. It is critical that you be well versed on the legalities of the real estate contract used in your area. In addition to legal issues, you will need to understand contract basics, including what each contract clause means to you and your buyer, what you will net from the sale of your home, and what areas in the contract lend themselves easiest to negotiation. Some of the things that you may have to negotiate on are:

- The price

- Financing

- Closing costs

- Repairs that need to be done

- Appliances and fixtures

- Landscaping

- Painting

- Occupancy time frame

To really gain some insight into why potential buyers are pursuing the purchase of your house and how they might proceed in the negotiations, it is important to know as much about the buyer as possible, especially their motivation for buying. Once both parties have reached a point where the deal is acceptable, you must be certain that you have a legally executable contract.

Your agent can save you time and money by representing you through the offer, negotiation, and acceptance process. He or she will review the written offer with you to make sure that you thoroughly understand what the buyers are offering and what they are asking in return. They will be able to help you understand the issues and how they will effect you. It is your agents primary responsibility to protect your best interest throughout these negotiations.

It’s time to get your house into “showing and selling” condition. Most of us don’t keep our homes in the condition it would need to be in to sell. Over the years those boxes in the corner of the garage just seem to multiply on their own. Things have broken that we just never get around to fixing and some things have just worn out. We just accept the fact that they will always be this way. It is this frame of mind that you have to break out of in order to get your house ready to show. How your house looks will have an immense impact on how quickly it sells and whether or not you get full market value for it.

First impressions are very important and you only get to make one. Approach your property from the buyer’s standpoint. What needs to be changed to make a good first impression? This may mean that all you do is prune the trees and shrubs. On the other hand, it may mean that you completely repaint the house, inside and out. Do a “curb to door” check. Give the potential buyers a clear path to enter the home. The fewer obstacles between the buyer and the true appeal of your house the better. Keep in mind that over time we become accustomed to our surroundings. What’s normal for you may be detrimental to the buyer.

Make your house look as spacious as possible. Organize your closets and kitchen cabinets, and if you have things stored in the attic or basement, make sure they are presentable. If you are showing during the day, pull back your curtains and drapes to show how bright and cheery your home is. If you are showing at night, turn on all of the lights to create a warm and welcoming environment for the prospective buyers.

A house that is marked with your personality and style may be harder to sell. You might even consider such things as removing obvious clues to your political affiliation and tucking away any biased literature that may be visible. This will reduce distractions and help the buyers to visualize the home as their own.

Your agent can save you time and money by providing an objective and expert opinion on what needs to be changed or improved. They know what the buyers are looking for because they are in the marketplace everyday. They will perform an analysis of the entire property and, taking into account the state of the market in which you are selling your house, point you to the changes that need to be made in order to sell it for the most amount of money and as quickly as possible.

#4 Marketing Strategy

Now that your house is ready, it’s time to put it up for sale and market it. Establishing a marketing strategy is a must. You will have to decide how you want to get the word out there that your house is for sale. There are many different ways to advertise your property. A yard sign, flyers, and direct marketing are just a few of the many options you have. The path you choose will depend on the money you have to invest, which program will bring the most potential buyers, and your comfort and experience level with each of your options. If you are in a buyer’s market you will have to be extra careful when choosing a plan. You don’t want your house to sit with no one showing interest. The first 3-6 weeks should be the busiest. If you don’t get any traffic within that time frame, you may want to reconsider your approach.

Your agent can save you time and money by exposing your house to the most potential buyers possible. Your agent will present to you the best marketing plan that will have the highest possibility of bringing not only the most buyers, but the most qualified buyers, to your doorstep.

It is important to set out in writing the reasons that are motivating you to sell your current home. You might ask yourself, “Why am I selling my home and what do I expect to accomplish?” If you have a growing family and you need more space you may be under less pressure to get your house ready to sell than if you were, let’s say, moving to a new city due to a career opportunity. Explore your short and long term goals and decide how selling your house fits into those goals. Doing this will help you to establish a time management path for selling your home.

Your agent can save you time and money by applying their expert knowledge to your particular needs and setting a realistic time frame for the process to proceed. They can explore all of the variables within your individual goals and how best to achieve them in your local real estate market.

#2 Pricing Strategy

Your next objective should be to determine the best possible selling price for your house. You will need to take into account the state of the local market, the condition of your home, and sales of comparable homes in your neighborhood. It is often hard to maintain an non-biased view of your property, so you will want to gather the necessary information in the most objective way possible. If you want a truly objective opinion about the price of your home you could have an appraisal done. This will need to be paid for up front, in cash, and may cost between three and five hundred dollars.

Be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price high expecting that someone will come along and be willing to pay it. If your home stays on the market too long because it is overpriced potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price.

Your agent can save you time and money by educating you on how to set the asking price for your home. He or she will create a comparative market analysis by taking into consideration the type of market you are in and recent sales of comparable properties. Your agent will then guide you to the best fair market price that will help sell your house within the desired time frame. Usually, real estate agents have a better sense of market value than anyone else- including appraisers

Before you get to actually looking at homes, take the time to establish your needs and wants. Make a careful assessment of what you absolutely must have in your new home compared to what would just be nice. Be as specific as possible when determining your needs prior to purchase. It will save you much time and concern to do this before looking rather than getting into a new home only to discover that it doesn’t meet your needs.

Determine how much you can afford in a home loan and get pre-approved. Set up a budget for monthly payments and be realistic. By assessing your financial situation and getting pre-approved, you can be certain that when you select a new home, you will have the financial backing to get you in as quickly as possible. When considering the purchase of a home, don’t just look at your current financial status. You will probably be in this home for years, and many things can change. Take your future into account as well, looking at such things as job changes and a growing family.

Once you begin the process of searching for a home, don’t let emotions cloud your judgment. Just because a house has a nice lawn or some interesting architectural features doesn’t mean it is the perfect one for you. While it is important to consider the aesthetics of a property, consider that much of what you see can be changed. Never judge a house by how the current owner has decorated. Most likely, whatever is inside the house will be gone when the seller leaves, and it will be up to you to paint and decorate.

Take the time to view several homes. This doesn’t mean look at every house available on the market, but look at enough properties to get a good feeling that you aren’t just making an impulse buy. When you find the right home, all the work you do in this process will pay off.

Once you have selected a home that you feel is right, inspect it thoroughly. Be sure the home is inspected by a professional home inspection company, and go over that report with a fine-toothed comb. By taking the time to do this before making the purchase, you can save yourself an endless amount of stress after the fact. Don’t take anything for granted. There are many pitfalls that can surface during the process, and it’s vital that you take care of these problems before you move in. When inspecting your home, check for working utilities so there are no surprises later on. Check out all costs and expenses before you sign anything. Taxes, insurance and homeowner dues may appear, and you need to know all of them. Ask as many questions as possible and be very conscious of details.

Use your home-buying team as much as possible. Align yourself with the right real estate professional and you will have an entire team of reliable lenders, title representatives and home inspection companies available to you. Each of these people should work hand in hand with you and each other for your benefit.

Be sure to do a final walk through once all the previous owner’s furnishings have been moved to be sure of no surprises. Be absolutely positive the property is in exactly the same condition that you agreed upon in the contract. Things that could not have been spotted before are often unintentionally overlooked.

Plan for flexibility. Closing dates are not carved in stone. Allow for certain contingencies and always have a back-up plan in the event that delays occur. These types of circumstances are not at all uncommon in real estate transactions, so it is important that you are prepared for them.

Any and all promises and agreements must be written. If it is not in writing, then assume that it doesn’t exist. Even the best of intentions can be unintentionally misinterpreted, so take the time with your REALTOR to be certain that all agreements have been signed on paper.

Remember, your team will work best for you if you are honest and up front with them. Take the time to select the right team of professionals to get you into your new home and do everything possible to make this an enjoyable experience. They will return the favor by getting you into your new home as smoothly as possible.

1. Begin by being up front and honest with your REALTOR and lender about your credit history. Your credit, whether good or bad, affects everything from your down payment to your interest rates. Your REALTOR or a professional mortgage consultant can often advise you as to how you can get credit problems cleared up or completely eliminated from your credit report before you apply for financing or make an offer on a new home.

2. Getting pre-qualified for a loan by a professional lender before you begin your search for a new home will allow you to know in advance exactly what kind, and how much, mortgage you can afford. This makes it possible for you to make an offer on your new home with confidence that enough funding is available.

3. If the seller does not offer a home warranty on the house you want, ask your REALTOR to make it a part of the written offer that you make. A home warranty can save you thousands of dollars in repairs, and can often be obtained for a very nominal annual fee. A standard warranty covers the electrical, plumbing, heating and air conditioning systems as well as major home appliances.

4. Ask your REALTOR for a market analysis of the home, in comparison to similar homes in the neighborhood or throughout the city, before you make an offer. A home is not just a place where you live, it is also an investment. Take the time to view several homes before you make an offer so you know exactly what is on the market. Be certain you are making a wise investment.

5. Make your offer contingent upon a home inspection and ask the seller to make the required repairs. Hire a professional to inspect every aspect of the home thoroughly. This can save you thousands of dollars in costly repairs and many headaches in the future. A good inspection can also allow you to negotiate for any repairs prior to closing. If the seller is not willing to make the necessary repairs, remind them that the lender will also require the home to be in good condition before they make a loan for the purchase.

6. Take into account your present homeowner or renter status. If you already own a home and must sell it before you buy a new one, it is best to get a REALTOR to do a complete market analysis on your present home. This allows you to know how much you can sell your current home for before you make an offer on a new one. If you are leasing or renting, the lease’s expiration date will give you a timetable for your new purchase. Review this with your REALTOR well in advance of when you want to move.