Selling your home is a notable event and signifies a major change in the lives of the owners. Although it is undoubtedly exciting to be moving to the next phase of your life, it is also an emotional event, particularly if you have lived in the house for a long time or raised your family in the house that you are now preparing to sell. Part of my role in representing you is to:
- Prepare you for the process by educating you on current market conditions.
- Be sensitive to all of the emotions that are embedded in this process.
- Advise you on pricing your property so that it will sell in a reasonable amount of time.
- Support you while you are preparing for the sale.
- Anticipate and manage issues before they become a problem.
My priority is to meet your goals and work collaboratively with you to exceed your expectations. I work tirelessly behind the scenes to make this a smooth process, provide you with immediate feedback after showings, and advise you on how to respond to purchase offers. On an ongoing basis I will continue to share market data as the process unfolds so that you will be able to recognize a good offer when it appears. My clients are confident in the offers they accept because as an earned member of the Luxury Team at Keller Williams, I have executed a comprehensive marketing plan with a national and international reach that creates amazing exposure of the property to a huge pool of buyers. No other local brokerage can you provide you with this same type of exposure which includes The Wall Street Journal, Barons, and Mansion Global. As a single agent with a boutique real estate practice, I personally execute every aspect of the work associated with the sale of your home. You will work solely with me from list to close. I am personally invested in you and your goals and am committed to getting you the highest return on your real estate investment.
LET’S BREAK IT DOWN:
THE PROCESS OF SELLING YOUR LUXURY HOME
Prepare the Property
Clean and organize the entire house. Sell, donate or discard items that you no longer use or need. Review the “Getting Your House Ready to Sell Check List” that provides direction on how to get SHOW READY! PRO TIP: Completion of these tasks will make packing and moving much easier!
Make repairs, wash windows, and complete seasonal landscaping activities.
Complete the listing paperwork and all of the state and federal disclosures. PRO TIP: These are legally binding documents so it’s important to be 100% transparent when answering the questions posed in the documents.
Review relevant sales data for both the school district and the street to arrive at a listing price. PRO TIP: Believe the data! A property with a list price that is contextual to the market will sell much faster. However, properties that have been recently improved can command prices that are above median performance. It is important to understand the data, the competition, and current market conditions to avoid a lengthy sales cycle. PRO TIP: For properties that are dramatically over-improved with few comparable sales, I will present you with my recently trade-marked Aspirational Pricing Methodology for your consideration.
Identify the attorney that will be representing you for this transaction. Contact the Homeowner’s Association to let them know about the upcoming sale. PRO TIP: Letting neighbors and friends know you are selling your property is a great way to get leads on potential buyers!
Schedule a meeting where I can be fully oriented to the house to understand the unique features of the property, the improvements, and the infrastructure (HVAC, security system, etc.) PRO TIP: This is time well spent as the unique and special features are critical in supporting a price that is above market value.
Review the individualized marketing plan and record dates for the photoshoot and other events.
Create the showing criteria that articulate when the property will be available for prospective buyers to tour. PRO TIP: The more flexible you can be, the faster the house will sell. PRO TIP: Create a plan to manage your “fur family” during property showings.
Once the listing is live, keep the house “show ready” so that prospective buyers see the property looking it’s very best!
Review the Purchase Offer and either accept or counter. PRO TIP: Decide in advance where you might be willing to be flexible with price or terms. PRO TIP: Negotiation usually requires compromise on both sides of the table. PRO TIP: This is an emotional experience for most sellers. Be mindful of your emotions and manage them while evaluating an offer. Taking some time to “sleep on it” can be helpful when evaluating an offer.
A “meeting of the minds” is achieved when price and terms have been agreed upon. Contracts are signed by both parties and sent to their respective attorneys for approval. PRO TIP: The time frame for this task to be completed is contractually defined. PRO TIP: Your attorney will review the terms of the contract to validate that you agree with the provisions of the contract. An Attorney Approval Letter will be sent to all parties once this task is completed. PRO TIP: The meeting with your attorney is most often conducted over the phone. PRO TIP: The earnest money must be received from the buyer within two calendar days of offer acceptance and is deposited into the Listing Brokerage escrow account at Lyons National Bank.
The Buyer and Buyer’s Agent will schedule and proceed with inspections that are coordinated with me. The time frame for completion of inspections is contractually defined. PRO TIP: I will attend all inspections to facilitate the process and act as a liaison between you and the Buyer. Seller’s do not attend these inspections.
Review the Inspection Release document and respond to requests for repairs as indicated. PRO TIP: Latent material defects (a problem that a layman would not be able to identify) such as an electrical or plumbing issue are frequently cited as an item requiring a repair. I will advise you on what is a reasonable and appropriate repair request and response. The Purchase & Sale Agreement is not binding until this contingency is released and the Buyer and Seller come to terms on repairs.
Complete all repairs as agreed upon. Scan and email all receipts of repairs to me as these need to be attached to provide evidence of contract performance. Once all repairs are complete I will prepare a document that will be forwarded to all parties. PRO TIP: Taking mobile phone pictures/videos of the repair and sending to me is a great way to demonstrate completion of the repair and creates good-will For example, demonstrating that a broken faucet is working properly via video is always appreciated by the Buyer.
Keep in mind that the closing date is a target and that you should be prepared to be flexible. Delays can occur as a result of title companies and financial institutions having a high volume of work that can slow down the process. However, the seller should be prepared to vacate the house on the contract date in the event that we meet the closing date. PRO TIP: I will be regularly communicating to you progress in meeting the closing tasks. PRO TIP: Don’t delay packing and making arrangements for vacating the house!
If the Buyer is pursuing a residential mortgage, their financial institution will send a professional to appraise the property to assure that the offer price is consistent with market conditions. The time frames associated with the Buyer getting a mortgage is contractually defined. Once the mortgage is approved a letter will be delivered to all parties and the mortgage contingency will be released. PRO TIP: The appointment is coordinated with me and I will attend the appraisal. PRO TIP: This Purchase & Sale Contract is not a binding agreement until the buyer’s receive a mortgage approval. I will continue to present to you all offers that are received until all of the contingencies are lifted. If the buyer’s are not approved for a mortgage, the contract is null and void and the earnest money deposit is returned.
If the Buyer has a Sale and Transfer of Title Contingency (the Buyer needs to sell their property before they are able to execute the purchase of a new property) the time that you are willing to provide them to do this is contractually defined. Once they sell their existing house, they will deliver a Sale and Transfer of Title Contingency Release. PRO TIP: This is not a binding offer until this contingency is released. During this time period, I will continue to present all other offers to you giving you the option to “bump” this buyer once appropriate notifications are executed. If the Buyer’s do not sell their home within the contractually agreed upon time frame, the Buyer and Seller can extend the time frame or terminate the contract and return the earnest money.
The Seller’s Attorney will order a property survey which will be delivered to the buyer at closing. Check with your attorney to determine when this will be scheduled. PRO TIP: The Seller doesn’t need to be home for the survey as it is completed from the exterior of the home.
Once all contingencies are lifted and the financial institution has issued the “Clear to Close” the attorneys’ will schedule the closing. PRO TIP: The Seller can sign the paperwork in advance and does not need to attend the actual closing.
The Seller’s should call the utility companies to discontinue service and arrange for final meter reads. PRO TIP: The Seller is responsible for all utilities (gas, electric, water) until 11:59PM on the day of closing. Remember to discontinue trash service, cable and internet, security system monitoring, ongoing landscaping services, and any other services that are on an automatic schedule.
Arrange to move! Be sure to leave any items that were agreed upon or purchased by the Buyer. The house should be left in “broom clean” condition. The Seller should leave extra, labeled keys to the house and the electric garage door remotes where they can be easily found. A set of keys should be dropped off to your attorney before the closing. PRO TIP: If possible, the Seller should be completely moved out by the time the final walk through is scheduled which is 24-48 hours before closing.