PREPARING YOUR HOME
When placing your home on the market, there are a few things you should consider:
1. First & foremost - the presentation of your home
2. Establishing a fair market price for your home
3. Timing
4. Changes made to the home: Remodeling &/or Additions
5. Inspections: Home / Radon / Termite / Water
6. Choosing a Realtor
7. Selecting an Attorney that has real estate experience and who has time to work with you
Presentation of Your Home
While a home is on the market, it should always have its best face on at all times. Take an honest look around your home to see if there is anything that you can do, or want to do, to freshen it up. For those of us who would otherwise be at a loss, there are consultative services available to sellers whose homes need a boost - this is a proven method to help buyers see the potential in any home, and, it may help to shorten its market time. (Please bear in mind that there are certain things that a house makeover may not be able to overcome such as the location of the home or other mitigating factors - but that is where the creative Realtor steps to establish an appropriate price and market the home's positives.)
For additional guidance on how to make your home attractive to buyers, click at the following link for assistance www.show-sell.com/homeowners.shtm.
Establishing a Fair Market Price
Establishing a fair market price for your home is something a Realtor can do for you through a method called: Comparative Market Analysis (CMA). A CMA takes a look at current and past market conditions of "like" homes within your home's neighborhood or town and provides you with a basis to establish a competitive price. Since CMAs take considerable time to pull together, real estate agencies have been given permission by the State of Connecticut to charge a nominal fee for this service. Quite often, though, that fee is waived when you sign a listing agreement with that Realtor.
Timing
How soon do you want to sell / close on your home? Have you already started looking for a new home? Timing is critical in any real estate transaction and this is one instance where one action threads into the other. You almost have to do both concurrently, look for a new home and prepare your home to be sold. Once you find your new home, you'll have a better idea of how soon you can close on your old home. Having an approximate close date is more attractive to a buyer than having no date at all.
Changes Made to the Home: Remodeling &/or Additions
Did you remodel or add an addition? Do you have permits for this work? If a bank inspector notices this work, and notes it, the bank may request permits to ensure the work was done in accordance to local building codes since the home is ultimately the investment of the bank until the buyer pays off their mortgage.
Inspections: Home / Radon / Termite / Water
It's always better to be informed of your home's condition before the buyer conducts their inspections. This will enable you to either repair whatever is found, price the home accordingly &/or use it as a negotiating tool - the objective is not to be taken off guard.
CHOOSING A REALTOR
Fiduciary Duties
As a realtor, we are required to provide our clients with a relationship based upon trust because we owe you: Loyalty, Obedience to any lawful instructions, Diligence, Disclosure on material & non-material facts, Confidentiality - whatever you tell us stays with us always, Accountability in handling documentation, and Reasonable Skill & Care.
Seller / Listing Agency Agreements
There are 3 Buyer agency Agreements that one can enter into:
1. Exclusive Right to Sell Listing: The seller works exclusively with one real estate agency to market and sell their home. The real estate agency is compensated by the seller on the sale of their property regardless of who sold the home. If the seller finds a buyer without any assistance from the real estate agency, the seller still has to compensate the agency.
2. Exclusive -Agency Listing: The seller works exclusively with one real estate agency and compensates said agency as long as they are the procuring cause for the sale. However, under this agreement, the seller reserves the right to sell the property himself/herself without any obligation to the real estate agency.
3. Open Listing: The seller works with any number of real estate agencies and whichever agency sells their property will be compensated. DRAWBACK: Most multiple listing services do not permit open listings to be posted on their system.
When selecting a Realtor, make certain that they are able to tell you what their fiduciary duties are as well as explain the various agency agreements.
For more information on ways to prepare your home for sale &/or for a complimentary Market Analysis, email your request to: chaber@houlihanlawrence.com
- NUMBER1EXPERTS™ 
