A
home that is well-maintained and nicely decorated "shows
well."
Concentrate
on the decorating needed to make your home look good – painting,
replacing worn or cracked flooring. Choose neutral colors and
simple patterns.
Pull together appliance receipts, service records and information
on when major systems were installed. Collect warranties on siding,
roof shingles, and so forth. Also, monthly utility bills, organize
them in a folder for easy reference.
Start
with a curb-to-door cleanup. Our indoor and outdoor seller's
checklists list items you should inspect and repair before putting
your house on the market.
Make your home look as spacious as possible. Get rid of everything
extraneous.
Clutter turns buyers off, empty out crammed closets, pack away
things not in use. Sort out garage storage spaces to avoid the
flea-market look. Sell, give away or throw away what you can
before you start showing the house.
Depersonalize your space. You want prospective buyers to imagine
their things in the house, not yours.
Florida does require that owners who sell residential real estate
disclose to all prospective buyers any material defect that the
owner is aware of. Depending on the law in your state, you may
be required to reveal known problems and defects in your home's
roof, walls, foundation, basement, plumbing, heating and electrical
systems, as well as past pest problems and the presence of hazardous
materials such as radon, lead-based paint, and asbestos.
Seller's
Checklist: Inside Print out and use both the inside and outside checklists
to identify areas of your home that need work prior to putting
it on the market.
Attic
Check underside of roof for leaks, stains or dampness.
Look around chimney for condensation or signs of water.
Clean and clear ventilation openings if necessary.
Clean out stored junk.
Walls and ceilings
Check condition of paint and wallpaper.
Repair cracks, holes or damage to plaster or wallboard.
Windows and doors
Check for smooth operation.
Replace broken or cracked panes.
Check condition of weather stripping and caulking.
Examine paint.
Test doorbell or chimes.
Test burglar alarms.
Wash windows and woodwork.
Floors
Inspect for creaking boards, loose or missing tiles, and worn
areas.
Check baseboards and moldings.
Test the staircases for loose handrails, posts, treads.
Clean carpets.
Bathrooms
Check tile joints, grouting and caulking.
Remove mildew.
Repair faucets and shower heads that are dripping.
Check the condition of painted or papered walls.
Test operation of toilets.
Kitchen
Wash all appliances.
Clean ventilator or exhaust fan.
Remove accumulation of grease or dust from tiles, walls, cabinets,
floors.
Electrical system
Check exposed wiring and outlets for signs of wear or damage.
Repair broken switches and outlets.
Label each circuit or fuse.
Plumbing system
Check water pressure when taps in bathroom(s) and kitchen are
turned on.
Look for leaks at faucets and sink traps.
Clear slow-running or clogged drains.
Heating/cooling systems
Change or clean filters air-conditioning equipment.
Have equipment serviced if needed.
Clear and clean area around heating and cooling equipment.
Seller's
Checklist: Outside
Print out and use both the inside and outside checklists to identify
areas of your home that need work prior to putting it on the market.
Roof and gutters
Repair or replace loose, damaged tiles.
Clean gutters and downspout strainers.
Power wash roof if necessary.
Inspect flashings around roof stacks, vents, skylights and chimneys.
Clear obstructions from vents, louvers and chimneys.
Check fascias for decay and peeling paint.
Exterior walls and doors
Paint stucco if necessary.
Check masonry walls for cracks or any other damage.
Replace loose or missing caulking.
Apply fresh coat of paint to front door.
Driveway
Repair concrete or blacktop if necessary.
Power wash driveway to improve curb appeal.
Garage
Lubricate hinges and other hardware on your garage door.
Inspect doors and windows for any peeling paint.
Check condition of caulking around windows.
Test electrical outlets.
Foundation
Check walls, steps, retaining walls, sea walls, walkways and
patios for cracks.
Yard
Mow and edge lawn, reseed or sod if necessary.
Trim hedges, prune trees and shrubs.
Weed and mulch flowerbeds.
To set the right price on a home, your Realtor will combine an
objective evaluation of your property with a realistic assessment
of market conditions. This process is called a Comparative Market
Analysis. Your Realtor will search the MLS as well as the tax
rolls and contact area appraisers if necessary to compile the
appropriate data to price your home. This data will include “Active”
(properties currently on the market) “Pending” (properties
currently under contract but not yet closed) and “Closed
Sales” (properties that have closed within the last 6 months).
This data is what will set the framework for a “fair market
price”.
Don't
overprice!
Overpricing can result in their getting less for their house than
if they priced it right to begin with. The reason: Knowledgeable
agents and buyers often won't bid on a severely overpriced house.
By the time the seller wises up, many of his best prospects will
have bought other houses, decreasing demand for the now properly
priced property. An overpriced house can end up being sold for
less than it would have a few months earlier.
Don’t fall for this one! Occasionally, an agent may agree
to list a property for far more than it is worth. This is a poor
tactic and should not be used. The agent knows that, if the owner is serious about
selling, the price will have to come down sooner or later. But sometimes an agent
who is competing against other agents for a listing will give a seller an unrealistically
high estimate of value, to ensure getting the listing. After the house sits on
the market awhile, the agent will suggest a new, lower price more in line with
what it should have been. This tactic uses valuable time and is unfair to the
seller. Be sure to ask your agent to show you the “comps” (the comparables
to your home) and justify the suggested sale price.
Shop
your competition. Use your agents’ knowledge and experience.
Learn about the offering and selling prices of similar properties.
Find out the specifics such as, how long each property took to
sell.
To be comparable, a house that sold has to be close to yours in
age, style, size, condition and location. You should also know
the terms under which a house was sold. Try to find at least three
comparables no more than six months old.
When you list your home with The Real Astute Team, you can expect
that this research will be done for you, presented and explained
to you.
Get an appraisal?
If your idea of what your property is worth and the listing broker's
recommendation don't coincide, an appraisal may be in order. An
appraisal is an especially good idea when you start getting offers
on your property.
Tension between buyer and seller is inevitable. A buyer wants
the most house for his money; a seller wants the most money for
his house.
When you employ The Real Astute Team to represent you, you can
rely on our professionalism and business savvy to direct events
toward a satisfactory conclusion.
Do's
and don'ts:
All
negotiating should be done in writing, not orally.
Be careful not to react to trial balloons the buyer sends up
hoping to discover your bottom-line price and other terms. Let
your agent do the negotiating, we are trained to protect our
sellers.
Don't feel you must commit to the first offer presented, however,
don't disregard a good offer just because it's the first or
second one you receive. Early contracts on a well-priced house
are usually submitted by the most serious, well-qualified buyers;
people who know their own needs and resources and who have studied the market
carefully. A reasonable offer from such a prospect is worth serious consideration
and probably a counteroffer from you.
Don't be overly impressed by a large earnest-money deposit;
it doesn't automatically cement a contract.
Do examine each contingency. Beware of the contract that binds
only you. Getting a seller to accept an offer that nails down
the price and terms but leaves the buyer free to escape through
any number of clauses is a perennially favorite buyer strategy.
•
Price and terms
• Condition of home
• Financing
• Response deadline
• Sale of buyer's home
• Settlement date
• Other conditions
Price
and terms
If you receive what you consider an insultingly low offer, don't
give in to an emotional response. Be realistic, objective and,
above all, cool. Examine the offer. Was the price based on an
independent appraisal or a broker's market analysis? How long
has your property been on the market? How many written offers
have you received?
Don't use price alone as a reason not to counter or negotiate.
A first offer may reveal what's most important, price or terms,
to this particular buyer and thus give you the key you need to begin the bargaining.
Condition
of home and inspection
It is fair that the purchaser should have the opportunity to have your home inspected
for soundness of construction and state of repair. Keep the process fair by insisting
that the person or firm to be used is named in the contract by professional designation,
and set a time limit for the removal of the contingency; five or so working days.
As a rule, contract language determines what must be in working
order at settlement. Make sure everything is clearly spelled out;
otherwise, local law and custom may prevail.
Financing
If the contract is contingent on a buyer's ability to obtain an
acceptable loan, does the clause spell out what actions are required
by the buyer? What interest rate and number of discount points
does the buyer consider "acceptable"? Is there a time
limit? What will happen if no loan is secured by the agreed-on
deadline? How will you know when the buyer gets a loan commitment?
How can the contingency be removed? Generally, you'll want to
leave the buyer as few escape hatches as possible.
Response
deadline
You'll be asked to respond to a contract offer within a specified
period of time, say, one or two days. Try to get as long a response
time as possible. If you are presented with a desirable contract
containing a deadline you are unable to meet, perhaps because
your attorney or spouse is out of town, counter promptly with
a more suitable time frame and an explanation.
If you think you'll have other offers coming in, you'll want to
buy as much time as possible to review them and select the offer
that best meets your goals.
Settlement date and occupancy
If
you're selling your home because you already have another house
under contract, seek a settlement date that will enable you to
take your sales proceeds to the next closing. Be realistic; the
buyer of your home will probably need at least 30 to 50 days to
arrange financing and come to closing.
Most sold homes are delivered to the buyer empty and clean on
settlement day. If you need a temporary place to live after settlement,
resist the path of least resistance. Our best advice: If at all
possible, avoid staying in your old home even one night after
closing. And don't accept the new owner's offer, no matter how
friendly, to accommodate you with a short-term lease.
Other conditions
Other contingencies address problems or events that may happen
between the time the contract is signed and the time title is
passed to the buyer. If your house burns down or a natural disaster
strikes, what happens? Does the buyer have to buy and pay the
agreed-on price? Can the whole deal be called off? Can a lower
price be offered? What about insurance proceeds?
Preparing for Settlement
As the seller, you have relatively little to do at this point.
The bulk of the work between contract signing and closing falls
on the buyer, who must arrange for a home inspection, financing,
and homeowners and title insurance policies.
If you agreed to have something repaired, do it now. If a problem
arises with the title, you could become involved with paperwork,
legal bills and delicate diplomacy. If a title problem is so complicated
it threatens to delay settlement, your buyer may want to void
the contract. Your attorney may be able to smooth things over
for a time, but if the deal seems headed for the rocks you'll
need to determine what your rights and options are.
Here are some of the common last-minute glitches that can be avoided
at settlement by being prepared.
Keep
abreast of progress on both sides. If your buyer is having trouble
getting a loan on the terms specified in the contract, you should
know it; if she is turned down, it could jeopardize the whole
deal. A day or so before closing make sure all the necessary
papers and documents have been gathered and are in the hands
of the right players.
At this stage, everything should have been spelled out in the
contract. Your agent should have kept you up to date on what
you should expect to net from the transaction. You should have
received an estimated-net sheet when you signed the listing
agreement, and another along with each contract presentation.
Prior to settlement, the escrow officer or settlement attorney
should have provided you with a copy of the settlement sheet.
If you are handling your own settlement, you can get an estimate
at the time you arrange for closing, or "open escrow,"
whether it is with a title or abstract company or an abstract
attorney.
People who should be present at closing need to be kept informed
of any change in the date, time or place. They should be reminded
a week before closing, and again the day before.
Anyone named on the deed under which you hold title must sign
the new deed by which you grant title. In many jurisdictions,
if you have married since acquiring title, your spouse also
will have to sign the deed. If a co-owner doesn't live nearby,
allow time to have the deed signed and returned before settlement.
You should know when you will be paid. Don't expect to walk
away from the settlement table with a check in hand, but don't
leave the question of when and how you will be paid undetermined.
Most settlement attorneys do not disburse checks until all the
necessary documents have been recorded. If that's the procedure,
when will the recording take place, and how often are checks
made up?
If you are buying another property, consider having both settlements
at the same office, scheduled back-to-back. That way, the timing
of the disbursement is not a problem. You sign a paper authorizing
the title company or attorney to assign the funds from your
sale to your purchase.
The Papers You'll Need
Here's a list of what will be needed for closing:
A
copy of the sales contract and documentation showing that any
contingencies have been removed or satisfied.
Documents to complete the title transfer. These usually are
handled by the title insurance or abstract company and the closing
officer. They may include: certificate of title, deed, correcting
affidavits, quitclaim deeds, survey, and title insurance policy
or binder. Be sure the closing officer has the necessary papers
showing that all judgments, liens and mortgages have been removed
or satisfied.
Homeowner’s insurance policy. When the buyer plans to
take over the unused portion of your hazard insurance, you'll
need to make arrangements in advance so that all the paperwork
will be completed on time.
Prorations for ongoing expenses such as insurance premiums,
property taxes, accrued interest on assumed loans, and utilities
(if not shut off between owners).
Receipts showing payment of the latest water, electric and gas
bills.
A certificate from your lender indicating the mortgage balance
and the date to which interest has been prepaid. The closing
officer usually obtains these figures calculated to the day
of settlement.
Ok,
we did our job, all the papers are signed, all the parties are
at the closing table, everyone is smiling?
A
home that is well-maintained and nicely decorated "shows
well." 
Seller's
Checklist: Inside
Seller's
Checklist: Outside
Don't
overprice!
Shop
your competition. Use your agents’ knowledge and experience.
Learn about the offering and selling prices of similar properties.
Find out the specifics such as, how long each property took to
sell.
