March 2, 2012

Selling your Colchester house in 2012

If you haven't bought or sold a house before or it was long time ago, there are a lot more to it than it used to be. I hope you find this guide usefull. This blog does not cover every possible situation that can come up, but is just ment to cover the basics. If you are considering buying or selling a house, get a realtor to help. 1.At our first meeting/interview we will discuss how your house compares to the current market. Be ready to listen with an open mind and I will explain in detail how I arrived at this price.2.Please let me know how much you still owe on the house including 2nd mortgages and equity lines of credit.3.I will ask you about your motivation for selling. This information will be kept confidential. As your agent I can do a better job of satisfying your needs if I understand your goals. 4.Make sure your house is in the best shape your can make it. In this market there is so much competition that your house needs to outshine the competition to get a bid. Your house will have to impress a potential buyer on the internet before they will schedule a showing. I will offer suggestions and tips to present your house in the best light. 5. Because of the internet, there are much fewer showings now than in years past. Today’s buyers are able to go online and view hundreds of homes in a single day. Therefore the showings you have are a better quality showing. 6. Be patient, it will take time to sell your house. We are in a very difficult market and it is taking much longer than it was a few years ago. 7. When there is a showing, listen to the feedback with an open mind. The other agent is trying to help you and the information can help you sell your house. 8. Let me know how you want to communicate,phone, text, email. I want to make this as painless as possible. Please let me know if you have any questions, concerns or ideas. 9. In a buyer’s market, it is not uncommon to get a low ball offer. Buyers are looking at hundreds of properties including many distressed sales. They are trying to get the best possible deal and sometimes they are trying to feel you out. You don’t have to accept the offer. Try not to get offended and we can talk about how to respond. 10. If the offer is within the ballpark we may go back and forth with counter offers. Be prepared for the buyer asking you to pay for some of their closing costs as part of the offer. Know ahead of time what your absolute bottom line figure is. 11. In this market, it is crucial that you don’t lose a potential buyer over a small amount of money. There aren’t many buyers out there and it may take months to get another and the market price for your house may be lower by that time. 12. When both parties agree to a price, the work is not over. The buyers will usually want to have the home inspected. They will pay for an inspector to come to the house and look at everything. They want to make sure the plumbing, electrical, roof and structure are operating and are in safe condition. After the inspection, it is common for the buyers to present a list of items they want you to fix before the closing. This is something that you and the buyer will have to negotiate. 13. Even though the buyers were pre-approved for a loan, it is not certain that they will get the loan. Now that they have a contract, the bank will do a more in depth inspection of their financial records and appraise your house before approving the loan. The lender will want to send out an appraiser to inspect the house. In most cases the house must appraise for the sales price. If it doesn’t, the buyers will have to make up the difference or the sale price will have to come down to the appraised price or the contract is null and void. The appraiser may also require that certain repairs must be made before the closing. 14. During this time, the buyer will have a termite inspection done and test the well and septic if applicable. The buyer will pay for the inspections, but the seller will have to pay for the septic tank to be drained if necessary for the inspection. 15. When all this is done, you wait for the closing. During this time it is your responsibility to maintain your house in its present condition. 16. By closing day, the house should be empty and broom clean. The buyers will probably do a final walk-through of the house before the closing to make sure the repairs were completed and the house is in the same condition it was when they bought it. If you would like a printed copy of this blog or have any questions, my email address is stevehoward@prudentialct.com

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