|Selling A Home
Selling your home is a big decision. You probably spent more than a couple years there, and your family will have created many memories and neighborhood friends. Maybe you expected to stay put but circumstances have changed, or maybe you always knew you'd move sooner or later. Either way, it's always a little unsettling to pack-up, pull up roots, allow potential buyers to scrutinize your home, and manage all the details of the transaction while still providing for your family financially and emotionally.
Mandip's Listing Process
- Prepare a Comparative Market Analysis of your home.
- Determine the best list price for your home. Unlike a lot of agents, I have attended a course from NAR-CAR for BPOR. This ensures your home is evaluated with the right parameters and with my experience of doing evaluations for lenders, you are given the right value. I use the concept of "Slightly less than-Slightly more than marketing concept, when required. Ask me!
- Prepare a Seller's Net Sheet so you know what your bottom line is.
- Coordinate all inspections and walk you through the filling of the disclosures package. And make it readily available for the agents and their buyers.
- Planning and preparation of your home for sale:
- I work with you and recommend professional advice on how to make your home look its best and accentuate its' positive features, which will get you more foot traffic and the highest price possible, in comparison to the other houses on the market.
- I offer quality staging when required and the "de-personalize/clutter approach to getting your house in tip-top shape.
- I will also get the curb appeal taken care of, not limited to just Landscaping
My Aggressive Marketing Process
- A Postcard to promote your home to 500 neighbors in your area.
This will include all pertinent information regarding your homes features. Neighbors often tell their friends about a new house on the market in their area.
- An online Virtual Tour
- Create a high quality colored flyer mentioning all the positives of your home, I keep the content very centric to all potential buyers. These will be placed in the house and on the front signage.
- List your home on the Multiple Listing Service-Exposing it to all agents and buyers.
- Your home will be listed on such sites as: Trulia-Zillow-Redfin-Yahoo Real Estate-Craigslist-Google-Homefinder-Realtor.com-Point2homes-Hotpads.com-Movoto-Activerain-Cyberhomes.
- I prepare a specific informational binder that has all the Inspections-Reports-Disclosures for easy perusal when potential buyers are at your home.
- Brokers Open House - Hold a Brokers Tour/Open House during the week to assure optimum exposure with agents who have clients for this area.
- Open Houses - I hold them myself and I sell your home, not prospecting for new clients! The first weekend is very important.
Communication is paramount in all my interactions
- I give you my personal commitment of honest, direct communication regarding all matters related to the selling of your home .
- My communication is based on immediate feedback in real time (from buyers/agents) and at least twice a week via email for any new updates.
- I have a service guarantee to make sure all calls and e-mails are answered within 1-2 hours of receiving them. One reason for agents being frustrated (me included) is other agents do not respond on time, some do not even respond and their voicemails are filled, so you cannot even leave a message!!
Selling your home
- I make sure your Open House starts on time and will not close until every buyer present there, views your home.
- I make sure every visitor who wishes to sign the guest book; will be contacted by the end of the day.
- I make sure that your Open House is a preview to your lifestyle, that leaves great first impressions on every visitor: the presentation of the home, lights, opening the curtains for natural light to come in, marketing materials, sufficient flyers, disclosures and reports are available for everyone.
- I personally go through the offers received and do a very thorough check on the potential buyer you will pick. Not limited to-Check for pre-approval of their loan from a direct lender/major bank, deposit proof-bank statements, motivation to buy, contingency periods.
- I make sure I negotiate to your advantage and keep your risks to the minimum and position strong in these negotiations. This comes with my years of not just business but personal living experiences.
Closing/Coordinating Your Transaction
- With my vast experience and educational background, I make sure all aspects of the closing and legalities of the transaction are not compromised.
- I open escrow at the start of the transaction and order all pertinent documents.
- I always attend the signing of the closing with you at escrow.
- I will give you a CD at the close of escrow, for ready reference, to all that has transpired in the selling of your home. Save it!
As a Broker-Realtor, you will always have direct access to me, as opposed to some, who have a team and one never hears from the person who signed the contract with you! This journey we will undertake has my personal guarantee to ensure a smooth, well informed and hassle free process!!
Selling your home
This list of frequently asked questions is intended to give you a starting place and make you feel a little more comfortable on the adventure you'll be undertaking.
Is this the right time to sell my house?
There are several factors to consider when deciding whether to sell your home. There are times when you may need to sell, such as when your job location or lifestyle change, or you have serious money problems. You may have outgrown your current home or are now able to afford a better place and are ready to move up. When the economic forecast is good, you may want to sell and take advantage of the strong market. Additionally, if you have inherited a home, it wouldn't make sense to continue making payments if it will be empty.
What is the most important factor in deciding to sell?
Be certain! If you are not sure you want to sell, you won't but forth the required effort or negotiate in good faith. Beyond being a waste of time, in certain instances a buyer can force you to honor a signed contract even if you change your mind. Save yourself the trouble.
How do I determine the sales potential of my home?
The basic influencing factors include location, appearance of house and neighborhood, size, condition, view, percentage of owners to renters in your neighborhood (owners tend to have a pride in ownership), and crime rate.
What are the steps once I've decided to sell?
First, choose a REALTOR and ask for a comparative market analysis. This will help you determine a fair asking price--high enough so you get what your home is worth and realistic enough so you interest buyers. Secondly, look into the current mortgage interest rates. It will affect what potential buyers can afford, and what you can afford if you move up. Also, consider the time of year. The most popular time of year for families to move is in the summer, when children are out of school and the holidays are a long way off. Early spring is usually the best time to list and receive the maximum exposure. Fix up the overall appearance of your home, with an eye for the little, easy things like cobwebs in the corner. More on this below.
How can I best work with my REALTOR?
Ask about and understand what marketing steps he or she will take and when they will occur. Define your expectations of the transaction and communicate them.Disclose problems, keep your house in good condition and let the REALTOR take the lead with buyers. Keep your house clean, the yard neat, and be ready at any time. Let your REALTOR show the house, but if you are at home during a showing, look neat and stay inconspicuous. You probably have less experience, may make buyers uncomfortable, and may want to avoid hearing any negative comments buyers may have. Finally, you must allow inspections, fix anything necessary, and show up at the closing.
What should I do to get my home ready for showing?
Start by taking a look from the street. This is the first impression potential buyers will get. Remember what you liked when you first saw the house. Have you improved on it or let anything go? Next, walk slowly through the interior. Eliminate odors, especially pet and smoke. Clean the windows and pull back the drapes to maximize light, bright rooms.
We've found a great house at a good price. Should we buy?
You have three basic options. You can wait until you sell your current home. With this option you risk losing the new home to another buyer, but you may find one later you like even more. Secondly, you may add a contingency clause to your offer, stating that you must sell your current house before closing on the new one. Third, if you are having trouble selling your current house, you may consider renting it out or refinancing it for cash to help you buy. The problems associated with this third option include finding and managing tenants, trying to sell the house with tenants, and closing costs and higher mortgage payments with a refinance.
What are the important factors when considering an offer?
Consider all of the following: price, terms, clauses, personal property requested, and the amount and who holds the earnest money.
What can I do to help get potential buyers financed?
You may offer to pay points, which will reduce the rate and interest on the loan. If the buyers have adequate income but are a little short on cash, you may pay the non-recurring closing costs at the settlement. Another option, which should never be taken without fully understanding the risks, is to hold a second mortgage for buyers who cannot qualify for the full amount.
Are there any special considerations when selling a condo?
The most obvious difference is the maintenance fees. You may want to remind buyers that maintenance fees can often work out to less money than single-family home maintenance costs because condo fees are shared by all owners.
SEVEN SELLING MISTAKES YOU SHOULD NEVER MAKE!
Mistake #1 -- Pricing Your Property Too High
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Forgetting to "Showcase Your Home"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Mistake #4 -- Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Mistake #5 -- Trying to Sell to "Looky-Loos"
A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.
Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.
Mistake #6 -- Not Knowing Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws will affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
Mistake #7 -- Limiting the Marketing and Advertising of the Property
Your realtor should employ a wide variety of marketing techniques. Your realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.