Information for Sellers

Making the Decision

There are a number of decisions to make when selling any home. Experience has taught me that every home sale is unique. Yet every sale, from putting the home on the market to closing day, shares a common process.

My marketing plan is designed to help you understand the selling process beforehand. This inside know-how will help you make smart decisions every step of the way, and set aside any worries you may have from the beginning.

Putting Your Home On the Market

The first step toward putting your home up for sale is to meet with The Home Shop, Inc. Associate at your home. What I call the "listing appointment" but before hand, it's important to understand "who's who" and how realtors may cooperate to sell your home.

Listing broker or listing agent. An individual real estate agent (realtor) whom the seller hires to represent the seller through a contract called the "listing agreement". The listing agent (realtor) is associated with the listing broker, which in my case is The Home Shop, Inc. The listing agent and the listing broker (or company) is working in the best interest of the sellers at all times.

Listing agent or selling agent. In a "cooperative" sale, one agent lists the home another agent provides a buyer. Today, most buyers use the services of a buyer's agent. The buyer's agent represents the best interest of the buyers most of the time. The buyer's agent receives the selling side of the commission.

Doing The Paper Work

The Home Shop, Inc. and its associates oversees a contract through to closing and helps to place the financing, process the loan, arrange various inspections, attends the inspections. At this stage, all contingencies will be satisfied and removed. The buyer will select an attorney, and the listing agent will notify both of the attorneys and banks of any separate agreements that were made by the seller and the buyer (as the result of the home inspection). A number of professionals come into the home selling process during this period, including a home inspector, termite inspector, appraiser, and attorneys. Generally a mortgage acceptance requires 30-45 days for conventional, 45-60 days for VA and FHA.

Loan Processing

Your agent will keep you informed about the buyer's loan approval progress. A property appraisal is ordered to confirm that the property is worth the amount of the purchase price. The Lender verifies the buyer's employment, income, deposits, credit rating and debts.

The buyer will have to have their loan in place by the day of financing commitment as stipulated in the contract. If the Lender requires more time to process the loan the buyer will request an extension for the financing commitment.

After The Loan Approval

Your agent will inform you as soon as the loan has been approved and now is the time that you can finalize your moving plans. Your attorney will be informed and the closing will be scheduled with a place and a time. Your attorney will give you the final figures before the closing.

Getting Ready For The Move

A number of items a seller might consider, now that the closing date is set, include:

• Eliminate items you won't be moving. (You may want to have a tag sale or have your children take back all their "stuff").
• Notify all the utilities that you will be moving and would like the services transferred or ended. Your ageent will send you a letter two weeks before the closing to remind you.
• Obtain transcripts of the children's school records.
• Have birth and baptismal records made of all family members.
• Change your address with the post office.
• Keep all the paperwork needed for the transaction in a "safe" place. Your agent will have copies.
• Make sure all the smoke detectors are in place and are in working order. Your agent will set up an appointment with the Fire Department

Unless otherwise provided in the contract the buyer gets possession of the home at closing. The seller should make plans to clean, remove trash and vacate the home before the closing or in any case not later than the closing. All appliances should be in good working order in time for the buyer's final walk-through inspection which is usually done just before the closing. Buyer gets possession of home at the closing when the keys are turned over to them.

A Little Homework

At the listing presentation your agent will go over our marketing plan with you and will take a tour of your home asking you questions about the home. You have probably enjoyed living in your home and have been pleased with its many unique features. Your agent will want to tell buyers about the special features of your home and neighborhood. Be ready to be specific about schools, day-care and other desirable community features, as well as home features not readily apparent. Remember, prospective buyers will be "comparison shopping" and keenly aware of subtle differences in homes for sale in the area.

Pricing Your Home

After your agent views your homes she will compare it to other homes that are comparable to yours. Same style, square footage, bedrooms, baths, amenities, and condition of the home. After conferring with your agent on marketing conditions, comparable nearby sales and listings, the home seller will set the listing price of the home. A common definition of market value is: "What a ready, willing and able buyer will pay, at a price a seller will accept." There is a rule of thumb that says: "A home priced more that 5% over market value discourages offers." Buyers who can afford the price can get "more home" for their money elsewhere. Buyers who cannot afford the price simply won't look. This is why we say: "A home priced right is half sold." A fair market value will be determined by comparing the property with similar properties, which experience in the industry has proven this "market analysis" approach is more accurate.

Property Profile Folder

To enable your agent to prepare a folder of information on your home, the home seller needs to provide information. Your agent will give you a form to fill out to pass the home information onto the buyer.

Listing Agreement

After the market analysis is complete and your agent has gone over her marketing plan, and the seller has made the decision to put their home on the market, the listing agreement is filled out indicating a specific period of time the agreement is in effect ("listing period") which is three months, the price of the home and the commission and any additional terms that the seller and your agent agrees upon.

Going On The Market

Today a home that stands out among similarly priced and a competitively financed home is the home that sells. Why? Because it makes a good first impression that lasts right to the closing table. You may not be able to improve the market value of your home (remodel kitchen, etc) but you can improve its market-ability. And usually this can be done with more elbow grease than hard cash. The key is to put yourself in the buyer's shoes. In fact, if you drop by some "Open Houses" (you may soon be a buyer yourself), you'll pick up some pointers. Then focus on making your home as appealing and uncluttered as the home you wish to buy.

The exterior. Start here with "curb appeal." The Basics: A trim lawn, well-proportioned scrubs and trimmed trees. Remove garden hoses, lawn tools, and toys from the yard. Check for flat-fitting roof shingles; broken tiles, straight lines on gutters, shutters, windows and siding: solid caulking around frames and seams. Fresh paint. Clear windows that give a glimpse of something nice inside. Clean, or even paint, the front door. Keep walks and steps free of lawn and debris. Extras: Seasonal door decoration, just make sure the entry of your home gives the appearance of a well kept home.

The front hall. Aura and atmosphere give a hint of what's deep inside. The Basics: Light (from window, skylight lamp or overhead fixture:, perhaps use stronger light bulbs. You want to give the impression of bright well lighted rooms. For an evening showing turn on every light in the home for glow and welcome feeling. Aromas (fresh and clean.) Here-and throughout the home-unmarred woodwork, spotless carpeting, fresh paint is often the best money ever spent (most appealing is a neutral tone, since strong color is so subjective). Remove unsightly or worn throw rugs.

The living room. Strive for lined-in cozy feeling. Add lamps. Open curtains. Furnishings (also throughout the home) should be well placed and in good repair.

The kitchen. Many buyers judge the house keeping by the oven and stove. The Basics: Appliances are spotless and everything works perfectly. Replace or repair anything that sticks, squeaks or drips. Space (counter, cooking, cabinet, eating) are kept open and uncluttered without countertop appliances. Floors and walls are inviting and serviceable.

The master bedroom. The second-most appealing room to a buyer (after the kitchen) is the master bedroom. The Basics: Uncluttered furnishings defined areas, (sleeping, dressing, sitting) by furniture arrangement. Show the true size of closets by removing or packing items that can be stored elsewhere (since you're moving away), like off-season clothes.

Bathrooms. Practicality combines with attractiveness. The Basics: Sink, toilet, bathtub, tile, even shower curtain are immaculate, no soap film or mildew. Fix leaky faucets-rust stains indicate faulty plumbing. Repair caulking and grouting. Minor flaws suggest neglect to the buyer. Lighting is soft, but bright.

The family room: An atmosphere of relaxation, activity and fun pervades. The Basics: Open space to accommodate an assortment of activities. Fireplace clean with fresh logs.

The garage. Convenience is the key here (the perfect garage holds only cars). The Basics: Uncluttered space. Sell giveaway or toss unnecessary articles. Clean an oily cement floor. Strong overhead light fixtures fluorescent or bulb). Orderly storage area, a tidy workbench.

The attic of other storage areas. Yes, it's for sale too. Tidy it up. Light it up. Again, pack anything you're going to move. Get rid of the rest. Be sure your energy-saving insulation is apparent and the air vent works.

In general, make your home look like it has been well-maintained and clean and fresh smelling during the showings.

Leave The Selling to your Realtor

While the home seller is actively getting the home ready to show, your agent is actively spreading the word that the property is available. Generally speaking, the listing is promoted to two groups: the real estate community and the buying public. Many home sellers are surprised to learn that approximately 56% of all buyers come from referrals between Realtors® and their vast network of contacts. Approximately 17% of buyers come from inquiries stimulated by "for sale" signs in yards. The remaining 27% of buyers come from a combination of the real estate company's reputation and image, open houses, and advertising and now from the internet. Obviously, the most productive source of buyers is working closely with other Realtors® and this is where your listing agent begins.

MLS Entries

Your agent enters a profile of your home in the multiple listing System computer. This profile includes everything from location and price to available financing and number of baths, from home style and heating system to special features and showing instructions. Now your home description is instantly available to the entire MLS membership. (MLS Is a membership service available exclusively to Realtors® to share the information about your home. It is one of the best marketing tools your agent can provide for you because you automatically have over 400 agents working for you in this area alone.

• Just Listed Post Cards
• Virtual Tours
• Detailed Floor Plans
• Monthly Update
• Just Sold Cards
• Brokers Open Houses
• Open Houses

Virtual tours on the internet and on The Home Shop, Inc. web site is one of the great tools that you will receive when you list your home with The Home Shop, Inc.. Imagine a family sitting in their home in San Francisco wanted to move to the Berkshires being able to look at your home from their home.

Questions and Answers

Should we redecorate?

The big problem in major redecorating arises because it is very difficult to anticipate the tastes of strangers. Best to stick to fresh paint in very neutral colors and present a sparkling clean home without the decorating expense.

Is it possible to over improve?

Yes. Your landscaping may be divine; you may have the only swimming pool in the neighborhood, but it may be difficult to sell a $250,000 home in an area of $180,000 homes. Consult Colleen to determine if added improvement means added marketability.

When It's "Show Time"

With all this activity, your agent will be bringing prospective buyers to see your home. Realtors® will make an appointment with your agent and she will give you as much advance notice as possible. That will give you time to tidy up, make beds, light dark areas. Make an effort to accept all appointments-you never know when your buyer will walk through the front door.

If You're Home

If you're home, greet the prospects at the door and politely excuse yourself and leave the selling to your agent. Buyers do not feel comfortable with Sellers there. They do not want to ask questions or make comments

• Too many people present during the showing of your home may make the potential buyer feel like an intruder, which makes it difficult for the buyer to be at ease.
• It is better to keep pets out of the home. Buyers may be afraid around unfamiliar animals.
• Chatting with a potential buyer may dilute the agents ability to resent your home's features in the best light. If asked a question, respond honestly, but diplomatically refer questions to your agent.
• The lived-in appearance makes it a home. There's no need to apologize for its appearance. Let the trained agent answer any objections.
• Trying to dispose of furniture and furnishings to then potential buyer has lost many a sale.
• Your agent is most qualified to bring negotiations to a favorable conclusion. Do not discuss price, terms, possession, or other factors with the potential buyer.