The Selling Guide – Initial Steps in Selling Your Home
Selling your home can be daunting and a time consuming task…
Read through these first steps in this Selling Guide to better understand the process.
Best Practices for Selling
- Make sure your home is clean and in top condition. Display fresh flowers to add warmth to the environment.
- Contact and find the right agent
- Allow your agent to schedule showings at the time of day when your property looks best.
- Remove any jittery pets and arrange to be elsewhere when your home is being shown.
- If selling a co-op or condominium, obtain rules and regulations from the managing agent.
- Obtain documents (offering plan, prospectus, three years’ financials, co-op/condo guidelines, etc.) from the managing agent and have them on hand before going to market.
- Find out if your building has a “flip tax” or working capital deposit and whether the buyer or seller is responsible for paying it.
- You will need to select an experienced real estate attorney to represent your interests
Bidding and Negotiating
This is how the bidding process typically works: - The bid or offer from a buyer is made orally or in writing through your real estate agent or co-broker, along with the presentation of the buyer’s qualifications.
- You may accept or counter the offer as part of a price negotiation.
- In the case of multiple bids, you and your agent will execute a strategy to obtain the best price and terms from the most qualified buyer. Frequently, the strategy will involve sealed bids or a deadline for highest and best offers from various bidders.
- You will work closely with your agent to identify the offer that best satisfies your needs.
- The conclusion of the process will result in agreement upon the price, terms and closing date.
- You and the buyer will need to engage capable and experienced real estate attorneys to prepare and review a contract of sale.
Going to Contract
Once you have accepted an offer, you will enter the contract stage. - While your attorney prepares the contract of sale, the buyer’s attorney will exercise “due diligence” by asking for certain key papers from you or your managing agent. These typically include:
- Statement of the building’s financial condition
- The building’s by-laws
- Proprietary lease or offering plan and amendments
- With the approval and agreement of the buyer’s attorney, the contract of sale is signed by the buyer. At the signing, the buyer typically presents a deposit of 10% of the sale price.
- The contract and deposit are forwarded to your attorney, who will obtain your signature.
- The buyer’s deposit is usually held in your attorney’s escrow account until the closing date. Normally, any interest earned follows the principal.
- While your attorney prepares the contract of sale, the buyer’s attorney will exercise “due diligence” by asking for certain key papers from you or your managing agent. These typically include:
And THEN there is closing and paying agent commission!
…that’s why we recommend contacting us before you go through the challenge of following Selling Guides¸ finding the right agent and paying all those extra fees. We specialize in making your real estate transactions smooth¸ quick and easy! We will buy your home in ANY condition¸ in Any situation and with CASH!
Call us NOW! 561-572-9722 and SELL YOUR HOME!