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TIPS OTN SELLING YOUR HOME The exterior is the most important. A homebuyer’s first impression is based on his or her view of the house from the outside. The appearance of the exterior will determine the buyers decision if they are going to view the inside of the home.
The landscaping should be at least average for the neighborhood. Brighten your landscaping with seasonal flowers. Buy mature colorful
flowers and plant them. They will add liveliness and color, creating a
favorable first impression. Repair, paint, or stain fences as needed. The House The big decision is whether to paint or not to paint. When you look at your house from across the street, does it look faded? If so, a paint job may be in order. It is often a very good investment and really spruces up the appearance of a house, adding dollars to offers from potential homebuyers. Repair and paint rotted wood such as fascias and any wood trimming on the house. Clean, paint, repair, or realign gutters. Fix broken windows and screens, and make sure windows are clean. Pressure clean the exterior of the house, the roof, driveways and sidewalks. Check the roof and repair loose shingles or flashing. Paint, stain, or clean the front door if needed and make sure the lock is working properly. Replace house numbers and welcome mat as needed. Make sure the entry
light and doorbell work.
In the home: Remove all unused items to reduce clutter. Example: shoes in entrance, toys, umbrellas, video games and so forth. Arrange clothes and shoes neatly in closets. Leave kitchen countertops as clean as possible. Organize interior cabinets. Check walls for smudges, chipped paint, and torn or loose wallpaper. Make repairs if walls have hole punctures from doorknobs and paint surfaces in neutral colors. Clean the baseboards where dirt/dust may have accumulated. Check all the ceilings for water stains. Old leaks sometimes leave stains, even after you have repaired the leak. If you do have a leak, you will have to get it repaired unless your selling price reflects repairs needed. *Note- Painting can be one of the best investment when selling a home. It is not a very expensive operation and most people do it themselves. Choose colors based on what would appeal to the most possible number of buyers. You should choose a neutral color or an off-white color because white helps your rooms appear spacious and clean. Tighten loose doorknobs, switch plates, cabinet doors and handles. Make sure the doors open and close properly, without creaking. If they do, a spray of WD40 on the hinges usually makes the noise go away. Be sure the doorknobs are clean and polished to look sharp. Check or fix all windows to open and close properly. A spray of WD40 often helps windows and doors to open easier. Make sure there are no cracked or broken windowpanes. If there are, replace them before you begin showing your home. Fix leaky faucets; check to see if you have good water pressure, and remove water stains. Your sink fixtures should look shinny. If this cannot be accomplished by cleaning, buy new ones if needed. They are fairly easy to install. Repair or clean caulking on tubs and sinks. Clean window treatments and carpets. Also, clean tile grout if applicable and repair or replace broken floor tiles. If the carpet is definitely an outdated style or color, you probably should replace it with something inexpensive in a neutral color. Clean and organize the garage, attic, and other storage areas in order to look larger. Arrange furniture to give an impression of largeness in each room.
First Impressions: Turn on all the lights, including the outside entrance lights. Open all window drapes that have a pleasant exterior view. Turn on the Air conditioning to a cool or heated temperature in order to show buyers the system works. Play soft music to relax the buyers while viewing your home. Spray a neutral and fresh home fragrance scent throughout all rooms. Turn off the television. Put pets outside or have them watched at a friend’s house, especially during an open house. Children should be outside of bedrooms, preferably quietly in the living room or at a friend’s house. *Be friendly to the prospective buyers, try not to be over eager or act in a desperate manner. Allow the buyers to walk through your house and give them space to view details of the home, such as closets, bathroom cabinets, refrigerator and so forth. You can also point out special features, upgrades, and improvements done to the home. Once the buyer has viewed the home, answer all their questions and then ask them if they would be interested in purchasing the house. (* Make notes on items they point out that need to be repaired or in better condition.) Try not to negotiate until you have a written contract, then you know they are serious. (Remember: Most buyers will ALWAYS want more, so don’t promise anything until you have a contract!) Remember that questions are buying signs. If they aren’t interested
enough to ask questions, they probably aren’t interested enough
to buy. Answer the questions truthfully. You are setting the stage for
future negotiations, so be calm and friendly. Contract Information Accept the offer and terms with no changes and sign the offer. Make a counteroffer to the buyer by making changes in price or terms and initial the changes. Many counteroffers may take place before the final agreement is signed. Reject the offer without a counteroffer. Once you’ve accepted and signed an offer, you may still accept a backup offer. Make sure the buyer’s with the backup offer is aware that the house is currently under contract. Offer to Purchase The offer tells you the price the buyer is willing to pay and under what conditions. This offer is the most important document of the sale. Once you and the buyer sign the offer, it becomes the Contract for Sale and Purchase. Read the fine print in your contract to understand the provisions of who pays for what and what you have to leave with the property, such as; appliances, fixtures, window treatments, and in some cases furniture. Carefully review the offer to purchase submitted by the buyer. This entails: Price Sales Price Price Determining the right sales price is the key factor on selling your home. You can determine the price by paying for a professional appraisal. The appraiser will determine the value of your home by comparing sales in your neighborhood. Some of the comparisons are location, square footage, improvements, view, and the condition of the home. Deposit/Escrow A deposit should be held as a good faith to purchase the home. The deposit should be held with a third party (an escrow agent), such as an attorney or the title agent doing the title work. This deposit can be obtained after the seller and buyer enter into a contract. The deposit amount is negotiable, depending on the purchase price. Usually the amount is 2%-5%. Keep in mind that most buyers won’t feel comfortable giving a seller the deposit directly. At closing, the buyer will receive a credit for the amount held in escrow towards the buyers closing cost An escrow account is an account that the deposit is held in, without interest paid and no one can access the money until closing or both parties sign a Release of Deposit. Financing The contract has a financing clause with terms that allows the buyer to receive escrow deposit refund if the buyer doesn’t obtain financing. Terms consist of time for buyer to obtain a loan commitment, which ensures the buyer will receive the loan, and certain days for buyer to make application. It also specifies interest rate and points paid on the loan. The seller can negotiate these terms and place deadlines for such terms to be met. It is at the seller’s best interest not to take the property off the market until the financing terms are complete. When you finalize the sales contract make sure you obtain the buyers finance company and broker phone numbers. This will enable you to research the buyer’s capability to obtain financing for your negotiated price. You can also follow-up to see if the buyer is supplying the proper documents needed to obtain financing.
Disclosure In the state of Florida, it is the seller’s responsibility and
duty to disclose all facts that materially affect the value or desirability
of the property. Facts include: Homeowners association dues, roof damage,
termite infestation, renovations done without permits, and the presence
of neighborhood nuisances or noises which a prospective buyer can’t
notice; such as a dog that barks every night next door, poor TV reception,
any death in the property within the last three years, zoning ordinances
or association restrictions. Closing Date Property Title
An abstract of title can also be ordered. This search is a history of title to the property and a certification by the abstractor that the history is current and accurate. Who chooses the escrow company varies with locality. Generally, the party responsible for paying for the title insurance chooses the escrow attorney or company. Some counties in the state of Florida, the buyer usually pays for the title searches, but in some counties it is negotiable. For example, in Palm Beach County, it is customary that the above searches are paid by the seller to prove to the buyer clear title to the property. Yet, it is a negotiable factor in the contract for purchase. The party that pays for title can pick the title/closing agent. Property Deed Be prepared to convey the property with a deed. This is a legal document that transfers the title of the property to a new owner. Most buyers will require a general warranty deed, in which the seller guarantees that no one will hold a claim against the title. Survey A survey is a property evaluation on size and depth. This is usually
requested by the buyer’s lender and paid by the buyer. Although it is customary for the seller to pay for doc stamps on the
deed, this expense is negotiable. To determine the cost follow the following
equation: Inspections Almost all purchase contracts include an inspection clause, a contingency
that allows a buyer to back out if numerous defects are found or negotiate
the repairs. Professionals will be hired and paid by the buyer to inspect the property to the buyer’s satisfaction. This can consist of inspecting for termites, roof leaks, air conditioning status, electrical problems, appliances, window function, attic insulation, seawall, boat dock, and many other items in the home. The contract does allow you to limit the repair amount for such inspection problems. The seller can offer the property As-Is with right to inspect within a certain amount of days. Giving the buyer the sole option to back out of the contract and deposit returned, if the inspections are not to the buyer’s satisfaction. The buyer should have 2-3 days after completion to indicate to the seller IN WRITING any problems discovered in the inspection or disclosures. The seller should then have 2-3 days to determine whether and how to fix the problems and respond back to the buyer IN WRITING.
Closing Procedure You’re almost there! At this point, you should be just a few days
from settlement (also called Closing) day. Confirm with everyone that
all the documentation is done. Make sure the buyer’s lender is ready
to fund the buyers loan. Confirm the date and time of settlement. You should review the final settlement statement to be sure all figures
are accurate. At the closing, the closing agent will close the property transaction,
the buyer’s loan and possibly your mortgage payoff. Finally, it is the moment you’ve waited for! You’ll be given a check that you can take right to the bank. Note: Make sure you notify the utility companies, and other services to advise them of your final billing date. The final billing date should be the closing date. Determining the right sales price Determining the right sales price is the key factor on selling your home.
You should always try to be the best deal in the neighborhood in order
to sell in a reasonable time frame. You should also find out information
on the current sales in your neighborhood. You can access this information
by going to your local county courthouse at the property appraisers office
or tax roll information. You can also try researching on the Internet
under your specific county using the search terms property appraisers
office or tax deed information. Supply and demand: • A property that is in wonderful condition with many upgrades that are generally acceptable to most buyers could be priced higher than a home that is in worse condition. • A home in poor condition that needs paint, carpet, or new roof should be priced lower than homes without these problems. Example: You and your neighbor three houses away have the same square
footage and similar location. The neighbor’s house is priced at
$150,000. Which is priced $5000 more than your house. Your house has outdated
flooring and an older roof than your neighbor’s house. Your neighbor’s
house has newer roof and the interior is completely renovated. Obviously,
a buyer will lean more towards your neighbor’s house than you r
house even though there is a slight difference in price due to the condition
of the homes.
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