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If you've decided to sell your home, chances are you're caught up in a host of emotions. You may be looking forward to moving up to your dream house or facing the uncertainty of a major move across the country. You may be reluctant to leave your memories behind or eager to start new adventures. Whatever turbulent feelings you're experiencing right now, there are plenty of practical matters that need your attention. Where do you start? I have prepared the following information to guide you along the way.
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A Step-by-Step Guide to Selling a Home
When selling your home, you and I have a common goal -- to sell your home for the best possible price in the shortest amount of time possible, with least amount of hassle. To do this it is critical that everyone know what is expected. The following information will let you know the steps necessary to get your house sold.
- Gathering Documents and Contact Information
- Setting a Price
- Preparing Your Home
- Listings Logistics
- Showing Your Home
- Providing Feedback and Updates
- Presenting Offers
- Inspections
- Closing
- Closing Costs
- Moving
Gathering Documents and Contact Information
The first thing I will ask you to do is complete a "Seller's Checklist". This will ensure that you have all of the necessary documents and that I have all the information needed to contact you and to market your home.
Go to Seller's Checklist
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Setting a Price
The next thing that must be done is to set a price for your property. A Comparative Market Analysis (CMA) will be done on your property by me, giving us a good place to start in pricing your home. For more information on these topics, please read "Determining the Value of Your Home" and "Fair Market Value". Together, we will discuss all of the factors that go into pricing your home and come up with a suiteable price.
Go to Determining the Value of Your Home and Fair Market Value
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Preparing Your Home
It is important that your home make a good first impression. You want potential buyers to remember your property. I will make suggestions on ways that you may improve the saleability of your home. Also, you may want to refer to the following information on preparing your home: "Advice To Sell Your Home Quickly" and "Preparing Your Home for Sale."
Go to Advice To Sell Your Home Quickly and Preparing Your Home for Sale
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Listings Logistics
- Maintaining Utilities
Utilities must remain on and in working order the entire time the property is on the market - all the way until closing. Naturally, if you are currently residing at the property, this is a given. However, if you are transferred or such and the home is vacant this is very important.
- Placing Signs
I will place a sign in your yard that will have my name, company, and phone numbers on it.
- Listing on MLS and Internet (MLS, my own and Sutton Group)
Information on your home will be entered into the Multiple Listing Service (MLS) and listed on the Internet. This information allows buyers and other Realtors to learn the basics of your property.
- Taking Photos
A photo of your home will be taken by a photographer from the Multiple Listing Service and by myself or my photographer for the Internet and print. Weather may be a factor in getting this done, so please be patient. If you have nice photos of your property please bring these to my attention.
- Producing a Feature Sheet
A full-colour feature sheet will be produced highlighting the specifics of your property. If there is information that you would like to see in the highlights, please let me know. These feature sheets will be placed on the kitchen or dining room table where prospective buyers will see them when they are touring your home. Flyers will also be produced and sent to select market areas.
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Showing Your Home
Showings are for your benefit, therefore, please make every effort that your home is available to show at all reasonable times. You might want to review the information included in "Preparing your Home for Showing." Please discuss any special considerations that need to be met for showings.
Go to Preparing your Home for Showing
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Providing Feedback and Updates
Feedback will be done on a weekly basis. Realtors who have shown your home will be called for their feedback and you will be notified of their comments. I will submit weekly progress reports to you until your property is sold. These reports will include information on Realtor feedback, call volume, neighbourhood activity, and any other information that might affect the sale of your home.
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Presenting Offers
This is what you've been waiting for. Sometimes, the first offer will be the perfect one. Sometimes you have to weed through a few before you get one that works. Regardless of the terms of the offer, I am obligated to present all offers to you. This will be done in a timely manner; as soon as possible after the offer is received. Generally, an offer will include a set amount of time in which you have to consider the offer. I will go over all of the terms and conditions of the offer, and you will decide what further action, if any, to take. For more information, please read "When the Offer is Made."
Go to When the Offer is Made
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Inspections
Usually, offers to purchase your home will include conditions that require physical inspection of your home. These vary by contract and type of financing. I will accompany the buyer's Realtor and the inspector to all inspections of your home.
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Closing
Closing is when the actual transfer of property takes place in the Land Title Office. A completion date is specified in the contract - also specified will be a possession date (the actual move-in date and an adjustment date (for utilities, etc.). "What Will Happen at Closing" will give you a general idea of what occurs at closing.
Go to What Will Happen at Closing
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Closing Costs
"Closing Costs" - these are expenses that are payable on the Completion Day of your transaction. They will appear in your "Seller's Statement of Adjustments" as prepared by your lawyer or notary as follows:
- Lawyer/Notary Fees
Includes legal fees and disbursements for:
- Reviewing all documents
- Clearing title and discharging any encumbrances such as your
- mortgage
- Please Note: There is g.s.t. and p.s.t. on legal fees.
- Real Estate Fees
As previously agreed upon in the listing contract. There is g.s.t on Real Estate Commission
- Payout Penalties
Check with your lender. Your mortgage company should be able to provide you with this info. Have your mortgage number ready.
- Property Tax and Utilities Adjustments
Based on the Adjustment Date, you may have to credit the Buyer with your portion of the property taxes and/or utilities if they have not been paid for the year. If paid you will receive a credit.
- Strata Titled Properties
Depending on the dates for completion and adjustment, there may be charges to you for your portion of the current month's maintenance if not paid by completion date.
E. & O. E.
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Moving
Moving is never easy. But when it comes time for the actual move, preparation and planning will go a long way toward making the transition a smooth one. "Before You Move" is a good checklist to get you headed in the right direction.
Go to Before You Move
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