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Thinking of selling?
Selling a home may be one of the most important transactions of your life! It is important that you obtain quality information to make an informed decision. It is my job as a real estate professional to help you. The following FREE articles are available to you. They will help you save time and make more money!
If you’d like to find out what your home is worth, please fill out this form and I will contact you shortly.
Overview of the Buying & Selling Process
Preparing Your Home Through The Eyes Of A Buyer
Repair & Cleaning Checklist
Risks of Remodeling Without a Permit
Traversing The Pitfalls of Home Inspections
What is a CMA and Why Do You Need One?
The Home Sale: Securing The Deal
Possible Work Orders
What To Do While Your House Is Being Shown
Answers to Frequently Asked Questions
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Buyer
1. Considers purchasing a home
2. Selects a real estate agent
3. Determines needs and wants
4. Discusses financial issues
5. Views & researches target homes
6. Makes an offer to buy
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Seller
1. Decides to sell property
2. Selects a real estate agent
3. Determines needs
4. Prepares home for marketing
5. Agent markets the home
6. Accepts, rejects or counters offer
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7. Offer Accepted
8. Loan Application
9. Inspections
10. Title Search
11. Appraisal
12. Loan Approval
13. Closing Papers Signed
14. Documents Recorded
15. Funds Available To Seller -
16. Seller Moves Out -
17. Buyer Moves In
Preparing your home through the eyes of a buyer
The effort put into repairing and cleaning your property is likely to be returned in a fast sale at an attractive price.
As buyers approach your property the first time, impressions are formed quickly.
Paint house - this can do more for sales appeal than any other factor.
Yard - Remove all toys, garbage, garden tools and other items from view.
Mow lawn and keep edged.
Close garage doors.
Put colorful flowers in front of house.
Often, while waiting to be let in, the first thing a buyer looks at closely is the front door.
Put new paint on the front door.
Buy a new door mat.
Buyers take a close look at the basement of a home. They will look for bad wiring, leaky pipes and signs of decay.
Clean out and dispose of everything you are not going to move.
Ensure that there is plenty of lighting.
Sweep or vacuum floor.
Stack items neatly against walls.
The kitchen is often the most important room in the house. Make it bright and attractive.
Put a vase of fresh flowers on the table.
Replace curtains or clean existing ones.
Remove appliances from counters.
Create a pleasant fragrance in the kitchen (i.e. vanilla, cinnamon).
It is important that bathrooms are clean, bright and smell fresh.
Install a new shower curtain and replace worn throw rugs.
Polish all fixtures.
Open windows.
Hang bright, fresh towels.
Remove stains from toilets and bathtubs.
Use air freshener.
Display colorful soaps.
The living room
Clean out the fireplace and place logs in it.
Polish all woodwork.
Put big furniture in storage so rooms are not cluttered or crowded.
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Front Door:
Newly painted
Doorbell operating
Door brass polished
Hinges oiled
Exterior of House:House recently painted
Gutters recently cleaned
Exterior lights operating
Missing shingles replaced
Moss removed from roof
Windows:Window trims painted
Windows operating freely
Cracked windowpanes replaced
Windows washed
Driveway:Resurfaced
Potholes patched
Recently sealed
Patios:Wood stained or painted
Fencing secure
Lawn:Lawn in good condition
Grass mowed
Edges trimmed
Trees/Shrubs:Dead branches pruned
Dead shrubs replaced
Overgrown shrubs pruned
Entry:Entry lights operating
Floors cleaned
Closet cleaned
Closet light operating
Living Room:Recently painted
Cracks in ceiling/walls repaired
Leaks repaired & watermarks covered
Wallpaper secured
Woodwork repainted
Curtains/drapes/blinds cleaned
Drapes/blinds opened
Carpets cleaned
Furniture positioned to show space
Kitchen:Sink free of stains
No dripping faucets
Appliances in good working order
Walls, cabinets free of stains
Countertops cleared and cleaned
Pantry neatly arranged
Pantry hardware replaced
Refrigerator defrosted
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Family Room:
Cracks in ceiling/walls repaired
Leaks repaired & watermarks covered
Wallpaper secured
Woodwork repainted
Windows washed
Curtains/drapes/blinds cleaned
Windows operating freely
Drapes/blinds opened
Carpets cleaned
Hobby supplies put away
Bedroom:Cracks in ceiling/walls repaired
Leaks repaired & watermarks covered
Wallpaper secured
Woodwork repaired
Windows washed
Curtains/drapes/blinds cleaned
Floor waxed/refinished
Carpets cleaned
Beds made
Laundry put away
Floor free from clutter
Basement:Cracks in ceiling/walls repaired
No evidence of water penetration
Dampness removed
Cold water pipes covered
Dehumidifier installed
Sump pump installed
No musty odors
Drains cleared
Furnace cleaned
Storage neatly arranged
Excess storage removed
Floor swept
Light fixtures operating
Handrail secure
Stairway runner secure
Dining Room:Cracks in ceiling/walls repaired
Leaks repaired & watermarks covered
Wallpaper secured
Woodwork repaired
Windows washed
Drapes/blinds open to view
Floor waxed/refinished
Carpets cleaned
Bathrooms:Sink stains removed
Leaky faucets repaired
Grouting stains removed
All joints caulked
Missing tiles replaced
All fixtures operating
Floors cleaned
New shower curtain
All supplies stored
Guest towels
Risks of Remodeling Without a Permit
Most cities require that homeowners obtain a building permit before making modifications to their residence. Which modifications require a permit vary by city. Also, some cities are more vigilant than others in enforcing permit laws.
In order for the homeowner to receive a permit, the homeowner or his/her designee are required to file plans and pay fees to the city. In addition, the improvements are given a value. If they increase the value of the property, this may result in an increase in property taxes. Inspections are often required, and this means having to schedule and then wait for inspectors to approve the work to be done. This process can be time consuming and inconvenient in the short run. It is for this reason that some homeowners skip the permit process.
If a permit is needed and you fail to get one, the city may discover this at some time in the future and getting a permit retroactively can frequently be significantly more expensive and much more problematic than having obtained the permit before work commenced. If work is not done in accordance with city procedures or if the inspector is unable to determine if the work has been done properly, the homeowner could be required to open walls, tear up floors, so that the inspection may take place. In addition, by law, work not permitted where a permit was required must be disclosed to any prospective purchaser. This may cause the owner to discount their sale price or perform costly or time-consuming repairs before title can be transferred
For prospective buyers of a property, save yourself the future hassle and loss of money by researching whether all work on the premises has been done according to code and with the proper permits. You may obtain these permits by going directly to Building & Safety in the municipality in which the property is located or by hiring a "permit puller" who will research the permits for you.
Traversing the Pitfalls of Home Inspections
June and Fred Smith were diligent about getting their home ready for sale. They ordered a pre-sale termite inspection report. The report revealed that their large rear deck was dry-rot infested, so they replaced it before putting their home on the market.
The Smiths also called a reputable roofer to examine the roof and issue a report on its condition. The roofer felt that the roof was on its last legs and that it should be replaced. The Smith's didn't want buyers to be put off by a bad roof, so they had the roof replaced and the exterior painted before they marketed the home.
The Smith's home was attractive, well-maintained and priced right for the market. It received multiple offers the first week it was listed for sale.
But the buyers' inspection report indicated that the house was in serious need of drainage work. According to a drainage contractor, the job would cost in excess of $20,000. Fred Smith was particularly distraught because he'd paid to have corrective drainage work done several years ago.
First-Time Tip: If you get an alarming inspection report on a home you're buying or selling, don't panic. Until you see the whole picture clearly, you're not in a position to determine whether you have a major problem to deal with or not.
What happened to the Smiths is typical of what can happen over time with older homes. The drainage work that was completed years ago was probably adequate at the time. Drainage technology had advanced. New technology can be more expensive but often does a better job.
The Smiths considered calling in other drainage experts to see if the work could be done for less. After studying the buyers' inspection report, the contractor's proposal and the buyers' offer to split the cost of the drainage work 50/50 with the sellers, the Smiths concluded that they had a fair deal.
The solution is not always this easy, especially when contractors can't agree. Keep in mind that there is an element of subjectivity involved in the inspection process. For example, two contractors might disagree on the remedy for a dry-rotted window: one calling for repair and the other for replacement.
Recently, one roofer recommended a total roof replacement for a cost of $6,000. A second roofer disagreed. His report said that the roof should last another three to four years if the owner did $800 of maintenance work. Based on the two reports, the buyers and sellers were able to negotiate a satisfactory monetary solution to the problem for an amount that was between the two estimates.
It's problematic when inspectors are wrong. But it happens. Inspectors are only human. Here is another example: A home inspector looked at a house and issued a report condemning the furnace, which he said needed to be replaced.
The sellers called in a heating contractor who declared that the furnace was fit and that it did not need to be replaced.
The buyers were unsure about the furnace, given the difference of opinions. The seller called in a representative from the local gas company. The buyers knew that the gas company representative would have to shut the furnace down if it was dangerous. He found nothing wrong with the furnace, and the buyers were satisfied.
In Closing: Sometimes finding the right expert to give an opinion on a suspected house problem is the answer, but it is always good to get two opinions.
What is a CMA and Why Do You Need One?
CMA is real estate shorthand for "Comparative Market Analysis". A CMA is a report prepared by a real estate agent providing data comparing your property to similar properties in the marketplace.
The first thing an agent will need to do to provide you with a CMA is to inspect your property. Generally, this inspection won't be overly detailed (she or he is not going to crawl under the house to examine the foundation), nor does the house need to be totally cleaned up and ready for an open house. It should be in such a condition that the agent will be able to make an accurate assessment of its condition and worth. If you plan to make changes before selling, inform the agent at this time.
The next step is for the agent to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), but a qualified agent will also know of properties that are on the market or have sold without being part of the MLS. This will give the agent an idea how much your property is worth in the current market. Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.
The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for.
CMAs are not only for prospective sellers. Buyers should consider requesting a CMA for properties they are seriously looking at to determine whether the asking price is a true reflection of the current market. Owners who are upgrading or remodeling can benefit from a CMA when it's used to see if the intended changes will "over-improve" their property compared to others in the neighborhood.
The Home Sale: Securing the Deal
Ready to close the deal? Maybe not.
Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with negotiation, most of these have a workable solution. Unfortunately, this is not always the case. But don't panic. Another buyer might still be found who is willing to accept the house as is.
Imagine that your prospective buyers are a couple with young children. They envision your unused attic as the perfect playroom for the kids but, before closing the deal, they request an inspection to see if it's safe and also if they will be able to install a skylight to provide natural light to the new space.
This inspection reveals that under the shingles that are in good condition is a roof that will only last another year or two. The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the roof. Their plans were to move in and only have to spend time and money renovating the attic. The additional cost of the new roof, they say, is just too much.
At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you can jointly decide what to do about it. While the buyers hadn't planned on that expense, you show them that instead of a limited roof life that they would get with most existing homes, they'll have a new worry-free roof that won't cost them in repairs for the next decade or so. Since the roof wasn't in as good shape as you had thought, you agree to lower the purchase price to help offset the cost of the new roof.
By negotiating calmly and looking at all possibilities, what could have been a "deal breaker" can be turned into a win-win situation for both the buying and selling parties. In other cases, the most workable agreement for both parties might be for the deal to be called off. The seller can always find another buyer and the buyer can always find another home.
To protect yourself against last minute "buyer's remorse," make sure the purchase contract anticipates and closes as many loopholes as possible after all known defects have been fully disclosed.
The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements.
The following conditions may require a work order:
Broken windows
Debris in crawl space.
Dry rot or deteriorated wood.
Earth-wood contact.
Overgrown shrubbery.
Electrical not in working condition.
Gutters and downspouts blocked or missing.
A hot water tank without a 3/4" discharge line.
Inadequate foundation ventilation.
Inadequate attic ventilation.
Less than four feet of waterproof material around tub enclosures (tile, formica, etc.).
Less than 18" clearance between soil and floor joists under entire house.
Peeling or missing paint.
Plumbing not in working condition.
Single oil or gas space heaters to heat entire house.
Water damage inside home.
You might have to:
Paint the exterior and interior if in bad condition.
Hook up to public water or sewer if available.
Get county certification if home is on septic or well.
Remove unused oil tanks or fill with cement-slurry or polyurethane foam
Other items to remember:
Inspectors will need access to the attic.
Leased equipment cannot be included in the sale (i.e. hot water tank, alarm system, etc.).
All assessments must be paid.
Joint maintenance agreements will be required for common road easements for maintenance on home where property line is within 3' of structure.
* Check with local authorities for specific requirements.
While your house is being shown
Before Your House Is Shown
Tag or remove items not included in sale (i.e. water conditioner, chandeliers, plants, drapes).
Open shades and curtains to let in light.
Turn on enough lights so home is well-lit during showing.
At night, turn on porch light and outdoor lighting.
Tidy all the rooms. Neatness makes a room easier to view.
Clean dirty dishes in the sink and put away any dishes on counter.
Keep toys in the children's rooms.
Put away items in the yard such as bicycles, gardening tools and skateboards.
If fall or winter, light a fire in the fireplace.
While Your House Is Being Shown
When possible, leave while the property is shown. If not, remain in an area not being shown by the sales associate.
Let the real estate expert show your house. Answer questions candidly when asked, but avoid questioning potential buyers.
Refer inquiries about seeing your house to your Realtor to take advantage of the agent's professional skills in selling your home.
Don't mention items you wish to dispose of unless asked.
It is best to be away when your agent is holding an open house.
Keep pets outdoors or in one area.
Keep children quiet and in one area.
Keep radio, stereo or TV on low volume.
Keep money and other valuable items out of sight.
Answers to frequently asked questions
What is title insurance?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.
What is a wood-destroying organism inspection report?
A wood-destroying organism inspection report is a written opinion by a qualified state licensed structural pest control inspector based upon what was visible and evident at the time of inspection. The inspection report does not in any way represent or guarantee the structure to be free from wood-destroying organisms or their damage, nor does it represent or guarantee that the total damage or infestation is limited to that disclosed in the report. Wood-destroying organisms include subterranean termites, dampwood termites, carpenter ants, wood boring beetles and wood decay fungus.
What are the hazards of lead-based paint?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask your real estate agent for a copy.
What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For sellers, they are usually about 9.5-10% of the total sales price of a property. Some of the closing costs you might encounter are: discount points, escrow fee, documentation fee, homeowners' association fees, pest/rot inspection, real estate commission and title insurance premium.
What is the difference between "pre-qualified" and "pre-approved"?
If a buyer is "pre-qualified" it has been determined, with a loan officer, what price the buyer can afford based on the down payment, debts and the amount the mortgage company will approve for the mortgage. Being "pre-qualified" is only a determination of probable credit. If "pre-approved", credit, employment and funds have been approved by the lender.
What should a home inspection include?
Every inspection should include, but not be limited to, an evaluation of the following:
1. Foundations 2. Roof 3. Heating and air conditioning systems 4. Ventilation 5. Common areas (for condominiums) 6. Septic tanks, wells or sewer lines* 7. Insulation 8. Plumbing and electrical systems 9. Ceiling, walls and floors 10. Doors 11. Hazardous materials concerns*
* There may be an additional fee for this.
What property details are usually included by Listing Services?
Usually, properties listed will include the following details:
Location
Photograph
Price
Utilities
Amenities
Annual property tax
Current financing (when assumable)
Listing company
What pages are generally included in the Purchase and Sales Agreement?
Agency Disclosure
Financing Addendum/Clause
Earnest Money Receipt
Inspection/Clause
Conditions/Disclosures Addendum
Contingency
Addendum Outlining Special Conditions
Lead-Base Paint Notification
Property Disclosure Form (completed by Sellers)
What is the difference between a REALTOR® & Real Estate Agent?
REALTOR® identifies real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not every real estate agent is a REALTOR®. A REALTOR® may be an appraiser, property manager or involved in some other aspect of the real estate business.
