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Time Becomes Money : It’s a good idea to place your home on
the market as far in advance as possible of purchasing a new one. If you find a
new home first and then try to sell your present home, you may wind up with two
mortgages.
Keep in mind that when people move, sell and buy, there usually is a domino
effect. Closing and moving dates have to be coordinated, and the more firmly
everyone commits to a window of dates and sticks to them, the better for all
involved. Put all agreements about dates in writing, and protect yourself by
negotiating financial penalties for failure to comply.
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Check Your Curb Appeal |
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A home that’s visually appealing and in good condition will attract potential
buyers driving down the street. Use this checklist to view your property through
an outsider’s eyes.
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Are the lawn and shrubs well maintained? |
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Are there cracks in the foundation or walkways?
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Does the driveway need resurfacing?
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Are the gutters, chimney and walls in good condition?
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Do the window casings, shutters, siding or doors need painting?
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Are garbage and debris stored out of sight?
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Are lawn mowers and hoses properly stored?
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Is the garage door closed?
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On the Inside |
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Strong curb appeal will lure potential buyers inside, where you have to live
up to their expectations. Fortunately, there are plenty of easy improvements you
can make to your home’s interior without spending a lot of money. Cleaning is
No. 1. Your windows, floors and bathroom tiles should sparkle. Make sure you
have clean heating and air conditioning filters. Shampoo dirty carpets, clean
tubs and showers, repair dripping faucets and oil squeaky doors. Keep your home
neat, clean and picked-up at all times. It may not seem fair, but a peek in the
oven may be the hallmark by which a buyer judges how well you have kept up your
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Remove unnecessary
clutter from the garage, basement, attic, closets and
straighten stored items. Also remove any items that
might make a statement that would be offensive to others
who may not share your same views, beliefs or sense of
humor. If your home is crowded with too much furniture,
consider putting some things into storage. If a room
needs a fresh coat of paint, use a neutral off-white.
Think, too, about how your home smells. You may be used to
the smell of a pet or cigarettes, but such odors can be
a strong turn-off to others. Finally, set a mood for the
buyer. Make your house homey with live flowers and fresh
guest towels in the bathroom. Place scented potpourri
around the house or, on the day you’re expecting a
potential buyer, pop a batch of frozen cinnamon rolls
into the oven for a welcoming aroma. |
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Go It Alone--or Choose an Agent? |
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Some homeowners decide to sell their homes themselves in order to save the
commission charged by a real estate agent. The commission rate may vary,
depending on where you live or what agency you choose. However, handling your
own sale means you will be responsible for placing ads, answering phones and
showing your home to strangers. What’s more, buyers who know you are saving on
an agent’s commission may offer less for your home, wiping out the financial
incentive to do it all yourself.
However there are some benefits of going through professional real estate
agents:
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They will help you establish a fair asking price for your home.
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They will promote your home to other agents and list your property in
multiple listing services. A multiple listing service is a book or computer
database that all real estate agents who subscribe to the service can access.
Your home will get exposure to all those agents, one of whom may have the
perfect buyer. |
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They will create, pay for and place advertising for you.
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They will schedule appointments to show your home to prospective buyers
even when you are not there. |
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They can weed out buyers who will not qualify for a mortgage.
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They can refer you to sources for insurance, inspections, legal counsel
and financing. |
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They will help you negotiate with the buyer.
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They can make suggestions to help make your home more attractive to a
potential buyer. |
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Setting a Fair
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Naturally, you want to get the best price for your home. But, at the same
time, you don’t want to scare off potential buyers with a price tag that’s too
high. Setting an artificially high price may cause your property to languish on
the market for months. Reducing your asking price later on may lead buyers to
wonder if there is something wrong with your home. Here are some of the factors
to consider in pricing your home.
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Your location
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Economic conditions |
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Supply and demand in the local housing market
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Seasonal influences
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Local schools |
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Average home prices in the neighborhood
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Your home's extras -- pool, fireplace, central air, etc.
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To determine the value of your home, you probably will want the advice of a
real estate agent or appraiser.
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Seek Legal Representation |
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When selling your home—particularly if you are selling on your own—it’s a
good idea to be represented by an attorney. Look for an attorney with expertise
in real estate transactions. When a potential buyer puts an offer in writing and
you accept it, the signed acceptance becomes the sales contract. Your attorney
will be present at the actual closing to protect your interests and can assist
you with the following elements of a sales contract: |
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The sale price |
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What is included in the sale price -- draperies, carpeting, light
fixtures, heating oil, etc. |
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The amount of the down payment.
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The date of settlement and possession date.
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Contingencies to the sale--inspections (e.g. structural, lead-based paint,
radon), required improvements, legal review of the contract by the buyer's or
seller's attorney, etc. |
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The amount and length of the mortgage loan, interest rate and time limits
to secure the loan. |
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Determining which closing costs are to be paid by the buyer and which by
the seller. |
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