Define your need to sell
- Define your goals for next couple of years to understand financial responsibilities
- Weigh the pros and cons of selling your house, sometimes it is wiser to continue with you home.
- Figure out if you can afford to sell, move and buy a new home, as there are many expenses, taxes, fees may applies
- Calculate your home equity, and check your affordability.
- Research the local housing market, your desire neighbourhood.
- Consider remodelling/renovation the home to fit your needs.
Calculate selling expenses
- List the repairs and projects you'll have to do to get your home in selling condition and estimate the costs of hiring supplies and contractors. Sometimes basic renovation is required like fixing floor or tiles, new paint, or new appliances to attract buyers.
- To get top dollar, consider remodelling projects and green upgrades that increase your home value, do proactive inspection of your property to figure out any issues.
- Expect to pay about 7 to 10 percent of the home's sale price inclosing costs, including real estate agent commissions generally 4 to5%, transfer taxes and prorated property taxes. If you have usedhome as income generation purpose (Rental income) you might have to pay Capital gain tax.
- Check with your current mortgage provider, you may have to pay mortgage pay off penalties.
Plan selling strategy with Realtor
- Discuss with Relator and determine how fast you need to sell your house and how much money you want to get from the sale.
- List your home on MLS. Get professional virtual tour andphotographs to attract more buyers.
- Determine your home's strengths and unique features and promote them in all advertising.
- I will provide Comparative Market Analysis (CMA) report and will try my best to suggest fair market value based on my research and studying similar properties.
- I will discuss open house schedule, for sale signage and requiredmarketing materials with you in order to have quick sale.
Prepare and stage the home
- Have a yard sale. Sell, donate or trash everything you don't need.
- Make necessary repairs.
- Make improvements to increase your curb appeal, i.e. the home'sexternal attractiveness when viewed from the street.
- Hire a professional home stager or research staging tips.
- Declutter, depersonalize and decorate every room and outdoor areasso buyers can imagine themselves living in the home.
- Paint interior rooms neutral colours.
- Replace outdated lighting fixtures and window treatments.
Set up showings and open houses
- Keep the home in show-ready condition at all times.
- Take appointments or set up a lockbox so agents can show the home when you're not available.
- Provide access for all prospect showings, my office staff will be in touch with you for each and every showings.
Review purchase offers
- For each offer, note the proposed offer price, pre approval letter, contingencies, earnest money amount, proposed closing date and offer expiry date.
- Have a process in place if you expect to get multiple offers.
- Keep emotions in check when receiving lowball offers.
- Approach each offer as an opportunity to negotiate.
- If the buyer's offer is contingent on selling a home, counter with a Removal of Sale Contingency.
- If you won't budge on price, offer financial incentives that don’t require cash out of your pocket, such as paying for part or all of thebuyer's closing costs, repairs found during the property inspections or points.
- Offer to include furniture, appliances, window treatments or lighting fixtures.
- Don't forget to set a closing date and move-in date.
Get through Property Lawyer
- Create a formal plan for handling home repairs, including when they should be made and who pays for them.
- Clean and prepare the home for the appraisal and home inspections.
- Choose a Property lawyer who will order a title search, request payoff information for your mortgage and other liens on the home,prepare and record documents, hold and disburse funds and prepare closing statements.
- Prepare for the final walk-through inspection.
- Sign the closing documents and move out of your home.
- Keep copies of your documents for reporting the sale on federal and state tax forms.
