Handouts for Consumers: For Sellers
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Seller FAQ
What Services does Enchantment Realty provide?
1. Your home is listed in the local multiple listing service, your home gets exposure to all the local cooperating Associate Brokers and their buyers.
2. Your home is photographed for marketing in flyers, on the web and in several real estate publications.
3. Your home is featured on the Enchanment Realty internet relocation service used world wide!
4. Your home is toured by local REALTORS® and held open if you wish.
5. At your request we will complete a free Market Analysis of your home to guide you in pricing your home to sell.
6. At your request your home will be listed and featured on this website, the national Enchanment Realty website and realtor.com.
7. Your home can be rented out thorough our Property Management service if necessary.
What do I need to know?
Selling your home is not a simple procedure. It involves large sums of money, stringent legal requirements and the potential for costly mistakes. At Enchantment Realty we are committed to spending the time it takes to help you sell your home in the least amount of time and for the best possible price.
The process of selling your property starts with the Listing Agreement. It's a contract between you and the brokerage company that the broker represents. It is a framework for subsequent forms and negotiations. It's important the agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties. Both you and the listing broker sign the listing agreement and each receive a copy. The agreement binds both parties to its terms and conditions.
Pricing
How is the price set?
It's critical to price your home right in relationship to the current real estate market and to the conditions prevailing in your local marketplace. Since the real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood. A Comparative Market Analysis (CMA) provides the background data on which to base your list price decision. Be careful not to set the price to high. When your home is first listed, it is marketed to other Brokers in the area, who in turn, market it to buyers. If the price is a turn-off, you won't be able to capitalize on the initial flurry of activity that surrounds a new listing. The higher the asking price the fewer the Brokers who will preview the home. If the home is listed far above the market value they will stay away.
When to Sell
When is the best time to sell?
In addition to supply and demand, and other economic factors, the time of year you choose to sell can make a difference both in the amount of time it takes you to sell your home and in the ultimate selling price. Generally, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June. With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer. Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, season which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays.
Purchase Offer
An Offer!
When you have a home for sale, eventually a prospective buyer will "make an offer." As the seller, you basically have three options: you can accept the offer, reject the offer or give a counter offer. A counter offer usually will encourage a buyer to continue their negotiations. You may also receive multiple offers. You may prefer to take slightly less for your property from someone who is willing to pay cash, versus someone who needs to sell their current home first. Contingencies, move-in dates, and financing are all things to consider when weighing an offer. If things seem a bit overwhelming, rely on our experienced real estate professionals, who can go over the various points with you, and help you choose the best offer.
What are contingencies in a purchase?
There are two standard contingencies: a financing contingency, which makes the purchase conditional on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows the buyers to have professionals inspect the property to their satisfaction. A deposit could be forfeited by the buyers under certain circumstances, such as the buyers backing out for a reason not provided for in the contract. The purchase contract must include the sellers' responsibilities such as passing clear title, maintaining the property in its present condition until closing, and making any agreed upon repairs to the property.
Disclosure
What is a seller obligated to disclose?
Most states require some form of seller disclosure. The form of disclosure also varies: Some states require a seller to complete a questionnaire about their property's condition; in other states, disclosures can be made verbally. In some states, seller disclosures are voluntary. The only sellers excluded from disclosure laws are banks and mortgage companies with foreclosure properties. The seller and the sellers' broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him and which are not known to, or within reach of the diligent attention and observation of the buyer. A fact that is material to one buyer may not concern another. If you're wondering whether something should be disclosed, consult your real estate broker or a property attorney. Ask yourself if you'd want to have the information if you were the buyer. If the answer's yes, then disclose.
States are cracking down on sellers' obligation to disclose known material facts about properties for sale—especially conditions not readily apparent, such as a cracked foundation. A material fact is anything that could affect the sale price or influence a buyer's decision to purchase a home.
The major cause of post-sale disputes and lawsuits involve defects and disclosure. Most disputes can be avoided if proper disclosures are made.
In addition to state mandates, some local and federal laws require sellers to make specific disclosures. Federal law, for example, requires sellers of homes built before 1978 to disclose any known lead hazards.
The Closing
What happens next?
Once you've accepted an offer on your property there's a number of details that still need to be finished. There will probably be an inspection of your home by a professional who will determine the condition and integrity of your property for the buyer. The buyer's mortgage company may choose to send out an appraiser who will assure the lender of your properties worth. The title company will warranty that there are no liens or
existing encumbrances which would inhibit a transfer of title to the buyer. Either you or the buyer may chose to be represented by an attorney. First time sellers and buyers often feel more comfortable to have the paper work reviewed prior to signing. Rest assured that you can always rely on our real estate professionals to make sure the entire home selling process proceeds smoothly.
Additional Items for consideration
Personal Property: You will need to disclose what personal property, if any, goes with the house when you sell it. Personal property is anything that is not attached or fixed to the home, such as washers, dryers, refrigerators, and so on. There may be some item that is considered "real property" that you do not intend to include in the sale. Real property is anything that is attached to the home. For example, you may have a chandelier that has been in your family for generations and you take it from home to home when you move. Since the chandelier is attached to the house, it is considered "real property" and a reasonable buyer would normally expect it to go with the house. Most listing contracts have an area where you can specifically note to exclude anything you want to take with you.
Lockbox: A lockbox is a basically a padlock with a cavity inside where a key to your home can be placed. Only someone with an electronic key or the combination can get into the lockbox and access the key. Having a lockbox available at your house makes it easy for other brokers to get access to your house. Without the lockbox, brokers representing buyers would have to set appointments to meet you or your agent at the house so they could gain access and view the home. This would be inconvenient. Since almost every other house does have a lockbox available, if you do not allow one most brokers will simply not show your property. You will miss out on lots of potential buyers. The listing contract specifies whether you allow a lockbox or not. It is locked into place, usually on the front door and cannot be removed. Only other brokers can access the key that is located within the lockbox.
Multiple Listing Service: Your listing contract should specify whether or not the house will be listed with the local MLS. It is definitely in your interest to have the house listed. This is because your sales force is automatically multiplied by however many real estate professionals are members of the local MLS. If your house is not listed, then you only have one broker working for you instead of many.
Preparing the Home to Sell
The Exterior
Your home's exterior is the first thing a potential buyer sees when visiting your home. The following tips will create a strong first impression to potential home buyers. The curbside appeal of your home can be increased by focusing on a it's exterior.
Fence
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Replace missing slats, stakes and posts.
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Repair broken hinges and paint or stain the fence if necessary.
Yard
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Mow, trim and fertilize the lawn.
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Weed flower beds and replace dead plants and trees.
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Consider adding flowers to increase the curb appeal.
Driveway, Garage, Carport
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Clean up grease or oil spots on concrete surfaces.
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Make sure the garage door opens freely and the automatic door opener is working.
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Provide an unobstructed view of your home from the street by not parking cars, boats or other vehicles in the driveway.
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Hide the trash cans.
Front Entry
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Polish door handles and door knockers.
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Replace worn or broken items, such as an unsightly mailbox or rusty doorbell.
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Be sure porch lights are working and add welcoming features such as a new door mat and flowering plants.
Siding and Trim
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Consider painting the highlight features of your home, such as trim work, shutters, gutters, down spouts and railings.
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If necessary, add a fresh coat of exterior paint to the exterior siding.
Roof
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Remove debris such as tree branches and leaves.
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Straighten the TV antenna.
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Make any necessary repairs to worn shingles or cracked surfaces.
Patio, Deck
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Flowering plants and outdoor furniture add appeal.
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Remove any unnecessary items such as gardening equipment.
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Tidy any visible items, such as an outdoor grill or barbecue.
The Interior
Experience shows that creating a house warming feeling inside your home increases it's desirability. View your home with a critical eye. Get rid of the clutter, this will not only allow buyers to see your home for what it is, but will create the appearance of more space. Clean, complete minor repairs and add finishing touches such as fresh flowers or candles.
Doors and Windows
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Consider adding a fresh coat of paint to your front door.
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Polish brass fixtures and be sure door locks work properly.
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Oil hinges to both doors and windows.
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Keep stairways tidy and secure handrail.
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Repair or replace bent or damaged screens and window glass.
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Cut back outdoor plants that restrict natural light.
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Keep windows clean and tidy with draperies firmly affixed and in proper working order.
Floors and Carpets
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Repair or replace missing or damaged tile, hardwood, vinyl and baseboards.
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Steam-clean or shampoo carpets.
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Secure loose carpeting and replace damaged areas.
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Be conscious of odors caused by dampness, high-traffic areas or pets.
Closets and Storage Areas
Bedrooms and Living Areas
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Keep living areas clean and inviting.
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Edit possessions so that a potential buyer can see themselves in the space.
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Arrange furniture to allow a spacious atmosphere.
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Make beds, arrange couch cushions, dust shelves, vacuum carpets and touch-up walls with paint or spackling as necessary.
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Wallpaper should be clean and adhere smoothly to the walls.
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Finishing touches such as flowers or candles add to the home's house warming appeal.
Kitchens and Bathrooms
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Clear counters, drawers and cabinets of unnecessary items.
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Clean soap dishes, mirrors, faucets and appliances (inside and out).
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Store cleaning supplies and hang freshly washed towels.
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Be conscious of odors caused by dampness, hampers, garbage.
Counters and Cabinets
Garage or Workshop
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Items should be neatly stored in shelving or wall units.
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Allow appropriate space for the home buyer to visualize their vehicle or workbench.
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Consider moving excess or over-sized items to mini-storage.
Showing the Home
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Lighting: If someone is coming to preview the home turn on the inside and outside lights. A dark and dreary home is not inviting to buyers. A bright cheerful home makes your visitor feel welcome and creates a feeling of homeyness.
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Smells: Don't use scented air fresheners. Many people do not like them, are allergic to them, or may think you are covering up an unpleasant odor. Natural scents, like flowers, fresh fruits, or cooking smells are best. Bake some cookies, or put a small drop of vanilla on a hot stove. This will fill the air with a pleasant, but not overwhelming aroma.
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Cleaning: Make the beds, get rid of any dirty dishes or empty drinking glasses laying around, pick up newspapers and toys, dust, vacuum, mop, sweep the front, clean the bathrooms, etc. A clean house makes a lasting impression. A dirty house makes an even longer lasting impression. When homebuyers think back to the houses they have seen, they seldom remember the "dirty one" with fondness.
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Stay away: Buyers don't want to feel like they are intruding. If they walk in on you and your family they will feel rushed to get out of your way, or worse, they may not want to stay and see the house. If, for some reason, you cannot leave the house, try to stay out of the way.
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Pets: If you have pets, make sure your listing Realtor puts a notice in the MLS. You don't want any surprises during a showing. If possible, it's best to remove pets, or at least keep them out of sight when prospective buyers drop by. Try to remove any harsh pet odors as well. If a buyer has allergies it could present a huge obstacle.
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Take out the trash: Nobody likes to see garbage-especially someone else's. The kitchen garbage is most important since that is often one of the rooms buyers will spend the most time in.
We would be happy to answer any other questions you may have about selling your home to send an email click here!
Thank you and we look forward to working for you!
Seller Information...