Seller Essentials

Between understanding your market, pricing your home, marketing, negotiating a contract, and a host of other difficulties, home selling can seem like a difficult and complex task.  This is where a good real estate agent comes in.

A good real estate professional can make the home selling process easy and enjoyable.  The pages in this section will help you discover more about this process.

Closing Costs

Closing costs, or the fees associated with buying and selling real estate property, can be divided into three basic categories; lender fees, prepaid and settlement costs. 

Lender fees may include points, appraisal, credit reporting, underwriting, settlement and tax service fees.  Prepaid fees may include interim interest, real estate taxes and escrow, and insurance premiums and escrow.  Settlement fees may include title insurance, settlement or attorney fees, taxes, recordation and messenger fees.

As with many elements of a real estate transaction, closing costs are negotiable.  They can be paid by the buyer, the seller or any combination of these two parties.

Some of the more common types of closing costs are described below, although many other types of costs can come into play.  Closing costs are individual to a piece of property, and hence will differ according to region, property type, and numerous other factors.  As always, it is important to discuss closing costs with your agent and lender in order to be fully informed regarding your particular situation.

Commission fees may be paid to real estate agents representing the buyer and seller of a piece of property.  Property taxes must also be paid by the seller (usually), until the last day of ownership.  A new homeowner's insurance policy must also be purchased, usually by the buyer.  Any assessments or liens on the property in question should be taken care of prior to the close of escrow, and are usually paid for by the seller.

Escrow services and title insurance must also be settled.  Other fees may include, but are not limited to, property inspection fees, termite inspection, termite removal, document preparation fees, deed recording fees, loan assumption charges, home warranty and utility adjustments.

Closing costs for sellers usually comes down to commissions plus approximately 2% of the sales price of the property.  For buyers, closing costs usually amount to 3% of the sales price.

Choose Your Real Estate Agent

When making the decision to sell your home, it is important to take advantage of every tool available.  Nine out of ten consumers have stated that they would never try to sell their home themselves and 75% of the rest wind up using agents anyway.  Bearing this in mind, it is important to understand the qualities of a good agent.

A strong agent knows the market, can prepare your property for sale, market it and get it sold for top dollar.  They will educate you, providing you with enough information to make clear, informed decisions.  They will not make these decisions for you.  They will also tell you when they think adding other experts (lawyers, inspectors, etc.) to your team is advisable.

The best way to find a good representative is to ask a friend for a referral.  Ask if the agent is trustworthy, assertive, made the transaction as convenient as possible and did what they said they were going to do.

Don't be afraid to interview more than one agent.  Ask a lot of questions (how long have they been in the business, how many homes have they sold in the area, what is their specific marketing plan, etc.).

Good agents strive to make you the most amount of money in the shortest period of time with the least amount of hassle possible.

Real estate transactions can be complex and frustrating, but with the right agent on your side, your job becomes much easier.  Don't be afraid to ask your agent any questions that come to mind.  A good agent is only to happy to keep you informed, so that together you can work to get top dollar for your property.

 To choose the best Realtor for your situation please contact us.

The Selling Process

Rule # 1 Don't let the selling process scare you.

Rule # 2 Get representation - You need someone on your side

Rule # 3 Get educated. Ask lots of questions

Follow these steps with the help of your real estate agent:

Before the sale - Marketing

• Meet your agent at your home to preview your property
• Map out your game plan
• Discuss price and terms
• Discuss any required repairs
• Discuss fees and expenses (Estimated cost sheet)
• Discuss marketing strategies
• Discuss marketing materials and programs
• Go through all required documentation
• Discuss communication and the follow up systems you will be using
• Discuss how to handle clients that come through your property
• Once you are satisfied with all the details, list the property

Opening escrow - Closing the sale

• Negotiate the transaction
• Coordinate the home inspection
• Negotiate repairs
• Take care of disclosure issues (SPDS, termite, lead based paint, pool rules, etc.)
• Follow up on buyer qualification
• Follow up on any lender issues (appraisal, repairs or other conditions required)
• Make sure all repairs are completed
• Coordinate the closing process and get the transaction closed

The importance of communication is critical. This is a group effort. You and your agent must work together to coordinate all the details. Remember, we are in this together.