Sellers Guide SellBuyOwner.ca
HOW TO SELL YOUR HOME PRIVATELY
Selling a home will probably be one of the most important decisions you will make in your life. Selling your home privately may bring feelings of both excitement and anxiety. Now that you have decided to take this step, being prepared can be rewarding both financially and personally. By choosing one of our SellBuyOwner.ca packages, you will receive tremendous exposure, thus increasing the chances of you selling privately. However, should you need assistance your REST will be an invaluable tool. Our mission is to help you get your property "SOLD".
DETERMINING THE VALUE OF YOUR HOME
One of the most important tasks in selling your home is setting a fair asking price. Taking time to evaluate the real estate market will help you achieve your goal of selling your home on your own and save you money. Pricing is more of an art than a science. How motivated are you to sell? Can you wait? Will the asking price cover the payout of your mortgage, legal fees and closing adjustments? Being realistic on the listing price and having your homework done will ultimately help you sell your home. Existing inventory and economic market conditions can all affect your value. A home is worth what someone is willing to pay at any particular time.
The location of your home is also very important. Your neighbourhood will generate first impressions to a perspective buyer. Taking note of neighbourhood schools, community services, public transportation, shopping malls and the overall conditions of your neighbourhood will help price your home effectively. Items such as built-ins, draperies or special appliances that you are including in the sale of your home can add value. If you have done major renovations, or have updated your kitchen or bathroom(s), this will add to the value of your home as well.
With our REST Assured Program, they are there to help you evaluate your home. They will help prepare a Market Evaluation of your home by considering the above mentioned. They will also look at comparable properties that are on the market, recently sold, and properties that are not sold. By comparing your home to others, taking note of the square footage, number of bathrooms and bedrooms, age, overall condition, lot size, style and extra features, your REST will help you determine a fair market price for your property to ensure your success. Through their research and knowledge of the market place, they are able to offer a valuable opinion on a market price for your home. As a part of your package, this service is available to you.
You can take it upon yourself to determine an asking price by comparing your home to others for sale in your area, but we recommend using your REST and taking advantage of all the information in their data base to determine a list price.
The way you present your home to prospective buyers can make the difference between success and failure. There are a lot of easy, inexpensive ways to make your home look its best; here are some easy to-do suggestions.
- The front of the house should be free from clutter and leaves. First impressions are lasting impressions. Have the lawn well maintained, scrubs trimmed and the front door freshly painted.
- The interior of your home should be free from clutter. Place things where they should be and clean the house well. Touch up any faded or scraped paint.
- Replace faulty bulbs, light fixtures and water faucets.
- During clean up, be sure to remove items from stairwells. Throw rugs and furnace grates should be secured to avoid potential accidents.
- Remove any furniture items that are unnecessary to create spacious rooms. Closets, attics, basements, cupboards and storage areas should also be free from clutter. Potential buyers need to view the space available. Remember, spacious rooms are much more desirable than cluttered rooms.
- In your bathroom(s) be sure to put new caulking around tiles and display your best towels. Replace shower curtains if necessary. Declutter by storing anything on counter tops that don’t need to be there.
- Create a bright and clean home by opening the blinds and drapes. Let the light in…Clean Windows
- When showing your home, day or night, turn on all the lights inside and out. Lighting creates a soft warm glow to your home and welcomes perspective buyers.
- Keep pets out of sight. It is best to remove dogs and cats from the home during viewings. (Litter Boxes & Kennels)
- Never have more than one perspective buyer view your home at a time. Avoid having guests when expecting perspective buyers to view your home.
- If the prospective buyer asks or comments on something you don't feel qualified to answer, suggest an expert's opinion.
- Do not distract potential buyers. Keep conversations friendly and limited. Turn stereos and televisions off during viewings.
- Never try to sell other items in your home when showing your property. Remember, potential buyers are interested in your home, not the items in it.
- If a door sticks in your home fix it before showing your home to potential buyers.
- All extension cords should be out of sight.
- Mini-blinds are inexpensive and a great solution to all kinds of window decorating problems. If the curtains are a little worn or faded, replace them with mini blinds. They will give a room a fresh modern look.
- Use accessories to dress up rooms in your home, but don’t over do it. Keep rooms simply decorated and minimalistic for a spacious look.
MARKETING YOUR HOME
Our Comprehensive Marketing Plan will allow you to gain fast exposure to buyers in the market to buy a home. We provide you with a Seller and Buyer Information Package which contains all legal documentation, professional referrals and market evaluation. Our marketing package is designed to help you sell your home through an easy to use step by step process. All this and the MBG through our REST. The MBG is subject to the terms and conditions outlined in your marketing package purchase.
Our SellBuyOwner.ca package offers you several tools to reach potential buyers. These tools include print advertising in the Buy and Sell Magazine with island wide distribution, world wide advertising on our websites SellBuyOwner.ca and NLBuySell.com web site. We also provide yard signs, open house advertisement and information handouts. As the Real Estate person for your own property, you must do all the things necessary to achieve a successful sale and advertising effectively is one of the keys to successfully selling your home. When promoting your listing think of the things that buyers would find beneficial in your home or location and use these features as selling points. Using our marketing tools and following the tips on selling your home will save you money.
Try it. You have everything to save and nothing to lose with our MBG Program.
If at any time during, or at the end of your marketing package, you decide to take advantage of our MBG, just talk to your REST coordinator, he/she will be happy to walk you through what's next to do.
HOSTING AN OPEN HOUSE
The Open House event is an informal method for perspective buyers to view your home. First impressions are extremely important. Please refer to the Presentation section of The Home Buyers/Sellers kit for information that will assist you in preparing your home for presentation. In addition to the Presentation Tips, below is a list of other helpful hints for hosting an Open House.
- Before hosting an Open House eliminate any unpleasant odors from your home. This may be achieved by opening windows and using mild deodorizers.
- Create a comfortable and relaxed environment by providing coffee, tea and/or pastries.
- Hosting an Open House requires both you and your house to look its best. Your personal appearance should be neat and clean.
- Have information packages to pass potential buyers is important. In you packages you could including: heat and lighting costs, survey of the property, well water test and septic layout (if applicable) and any warranties on appliances, or work done on the home.
- While holding an Open House several perspective buyers may view your home at the same time. Make yourself available to answer any questions perspective clients may have. Don't try to close a deal during an open house viewing.
- Always have a guest book available for all visitors to sign. Follow up calls should be made in a timely fashion.
- If at anytime you have a question, feel free to contact your REST, it is all a part of our service to you.
When you least expect it, someone will decide they want your home and make an offer. Now What?
AGREEMENT OF PURCHASE AND SALE
The Agreement of Purchase and Sale is a legally binding contract which is entered into between yourself and the people who are buying your property. A standard Agreement will set out all of the terms of the contract including the sale price and deposit amount, the closing date, and will probably include certain conditions for the benefit of the purchasers, such as financing and a building inspection. Before accepting, declining or counter offering, contact your lawyer so that he/she may review it with you to ensure that all of your legal rights are addressed, and any necessary provisions to protect you have been included. If you do not know whom to contact, ask us. A Real Estate Lawyer will draft and review your sales contract, project cost incurred at closing, hold the deposit and explain all closing costs.
These are fees which are payable to your lawyer for acting on your behalf in selling your home. Legal services include reviewing and/or drafting the Agreement of Purchase and Sale; preliminary discussions with you; reviewing the title search and letter of requisitions, vendors closing certificate; drafting the sale documents including the preparation of the statement of adjustments, Transfer/Deed of Land; corresponding with your mortgagee and arranging for the discharge of your mortgage(s), if applicable; meetings with you, and closing the transaction at the Land Titles Office.
Disbursements are "out-of-pocket expenses" such as couriers and photocopies, registration of a mortgage discharge and Land Titles Insurance. The current cost for a new survey is approximately $700.00 to $900.00 plus tax. You must provide a legal description of the property. Sometimes what you have in your possession will be satisfactory, but it is a good practice to consult with your lawyer on the survey and real property report to determine if it is sufficient to complete the transaction. Remember, that if you agree to provide something you don’t have, you are responsible to obtain and provide exactly what you have agreed to provide in the Agreement of Purchase & Sale.
Although you have agreed to sell your home for a certain purchase price, there will be adjustment(s) to this amount. The most common adjustments are for property taxes and fuel oil/propane. Your lawyer can review all of these costs with you. You should make arrangements to have a final meter reading on your power account. If you have oil or propane you should arrange to have the amounts left on closing determined, you can expect the new owner to pay you for this fuel on closing. You should contact your cable, phone and post office in order to transfer these accounts to your new home.
When you have an agreement in place (an accepted offer), it does not mean the sale will automatically go through. There are documents to be processed, home inspections, and contingencies. Before committing yourself to another property, wait to ensure that the sale of your present home will be completed. Delays may happen due to the amount of paper work involved in completing financing and legal matters. Buyers will request a walk through inspection 24-48 hours before the official closing of the sale to ensure everything is in good condition. If the buyer does not contact you about the inspection, set it up yourself. This protection is as important for you, the seller, as it is for the buyer. Make sure that everything you intend to keep is removed from the house. Anything you leave behind legally belongs to the new owner. On the last day of the closing remember to bring the keys. Most buyers change the locks after the sale is finalized, but the handing over of the keys is a nice symbolic gesture everyone enjoys.
See your Lawyer on these issues...
- Contract of Purchase and Sale
- Counter Offer
- Legal Fees
- Terms and conditions of sale (contingencies)
- Property/Water Tax Adjustments
- Title Search
- Title Insurance
- Disbursements and Expenses
- Sheriffs Certificate
- Warranty Deed
- Property Zoning
See your Banker on these issues...
- Mortgage Pre-Approval
- Down Payment
- Mortgage Payments
- Interest Rates
- Mortgage Insurance Fee (where applicable)
- Interest Adjustments
See your Appraiser on these issues...
- Pricing your home
- Appraised Value of your Home
See your Home Inspector on these issues...
- Overall condition of your home
- Ways to improve deficiencies
- Structural Condition
See your Insurance Broker on these issues...
- Replacement value of property to insure
- Content Insurance
- Cost of Insurance
- Payment Options
- Liability Insurance
- Home security systems (may bring cost of insurance)
See your Surveyor on these issues...
See your Energy Supplier on these issues...
- Average Cost of heating the home over 2-3 year average
- Inspections on Furnaces and heating equipment
- Alternative heating measures
- Efficiency options
- Heating Equipment Insurance