Putting Your House On The
Market
The first step toward putting your house up for sale is to meet with us at your home for a "listing appointment."
A Little Homework
Before the listing appointment, we will prepare in the following ways: you can itemize what are the best and worst features of your house and we will prepare a comparative market analysis, showing the homes in the neighborhood which are competing for the buyers, those which have recently sold but haven’t gone to settlement and those recent sales which have settled and which contribute to a realistic sales price environment for your home.
There's No Place Like Home
At the listing appointment, we will inspect your house and yard to become familiar with its special features.
You have probably enjoyed living in your home and have been pleased with its many unique features. We will want to tell prospective buyers about the special features of your home and neighborhood. Be ready to be specific about schools, day-care, nearby Metro, 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 houses for sale in the area. Be sure to tell us why yours is special--from any home remodeling to afternoon winter sunshine.
Demand Sets Price
After conferring with us on market conditions, comparable nearby sales and listings, and available financing, you will set the listing or "asking" price for your house.
A common definition of market value is: "What a ready, willing and able buyer will pay, at a price a seller will accept." Metropolitan area buyers are sophisticated. They've already been shopping, and when they see your home they'll be comparing features and financing.
The rule of thumb is that a house priced over 5% of the market value discourages offers. We say, “A well priced house is half sold.”
A fair market value will be determined by comparing the property with similar properties which have recently sold and (in some cases) with similar properties currently on the market. Experience in the industry has proven this "market analysis" approach is more accurate than the "replacement cost" or "potential rental income" methods.
methods.
Sample NET SHEET
Based on this sales price, we will, together, go through a worksheet that estimates the "net cash" from the sale. This exercise subtracts anticipated charges paid by you from the sales price. A copy of the "net sheet" is left with you.
Financing Strategy
No sale can be completed without financing. That is why it is generally to the homeseller's advantage to appeal to the greatest number of homebuyers by accepting the greatest range of financing plans. We will explain the basic differences between VA (Veterans Administration), FHA (Federal Housing Administration) and conventional financing.
Property
Profile Folder -- Fact Sheet with disclosures and disclaimers
To enable us to prepare a folder of information on your property, you will need to provide a number of documents and information specific to the location and jurisdiction. Because the list is long, you can understand why it's best to collect the papers before the listing appointment. These materials may include:
Well and Septic Inspection
If property is on septic/well, current inspections by local health authorities are required while home is occupied. We will usually arrange after contract is ratified..
Assessments/Easements
We will ask you if any tax assessments or easements exist on the property that must be paid or included in purchase contract and passed with the land when sold.
Property Taxes/Condominium or Coop Fees
You provide record of property tax or condominium fee payments which buyer will reimburse a pro-rata share to homeseller or buyer’s expense (depending upon the jurisdiction).
Inspections
VA/FHA and most lenders of new mortgages require a termite inspection certificate that shows house is free of infestation. If you do not have a current certificate, then we will arrange inspection at homeseller's expense. Sometimes a home inspection and radon testing will be ordered. You should also provide all information as to the physical condition of the property, such as the presence of fire retardant plywood, through mandatory property condition disclosures, or disclaimers in settings where adequate information is lacking, such as in estates.
Utilities
If possible, you should provide record of past 12 months utility bills, including gas, electric, sewer, water, and trash where applicable. Most buyers will want to know history of utility costs.
Helpful Documents
If possible, you should provide us with deed, house location survey, condominium bylaws or home owners association documents, subdivision plat map, house floor plan, previous title search abstracts, legal description of property (subdivision, section and lot), home warranties on major systems, if still in effect, and copy of home owners insurance policy for endorsement in purchase contract. If you can’t find or retrieve these documents, please call or email us for help in reconstructing or replacing them.
What Conveys?
In anticipation of a buyer's offer, you must be ready to supply us with a specific list of the personal property that is included in the real estate property for sale. Examples of items to "convey" may include: draperies, drapery rods, remaining heating oil, firewood, washer, dryer, stove, fridge, dishwasher, microwave, swimming pool chemicals, awnings, storm doors and windows, venetian blinds, window air conditioner, etc. You should tag or remove items which do not convey.
Listing Agreement
When you are ready to put the house on the market, the listing agreement is filled out indicating a specific period of time the agreement is in effect ("listing period"), and signed by you. You have now hired your listing broker (Long and Foster Real Estate, Inc.) and your listing agent (Brian and Michelle Green).
Questions and Answers
What is a "Lockbox"?
A lockbox is a universal metal container for your house key that is hung on the front door and can only be opened by a special key carried by licensed sales agents. It provides access when the owner is away, thus assuring full exposure to prospective buyers.
Do certain geographical areas have unique
home selling requirements?
Yes. Home selling requirements vary from county to county. Investigate special taxes or other requirements applicable to the area in which you live.
Listing
Broker or Listing Agent
An individual real estate broker whom the seller hires to represent the seller through a contract called a "listing agreement". The listing agent is associated with the listing broker. The listing broker is directly paid the listing commission and then splits the commission with the listing agent. (Although the broker and agent may be two different individuals, the term "broker" is used throughout the Guide for simplicity.)
Selling Broker or Selling
Agent
In a "cooperative" sale, the house is listed by one broker and a buyer is provided by another broker. The selling broker receives the selling side of the commission. If the listing broker also produces the buyer, then the listing broker receives both listing and selling sides of the commission. A selling broker may have a signed buyer representation agreement with a buyer and, therefore, represent the buyer and not the seller. If the buyer's agent is a Long & Foster agent, Long & Foster becomes a disclosed dual agent with the consent of both buyer and seller.
