Information for Sellers
Choose the Right Real Estate Professional
As a licensed Re/Max associate, I will be with you every step of the way as you sell your present home and purchase your new one. From listing to closing you can count on me to keep your best interests in mind and to represent you honestly and ethically.
You will have a legal relationship with me. When we complete the listing agreement, you are giving me the legal authority to put your house on the market for a specified period of time.
What I will do for you:
- advertise your home on MLS (Multiple Listing Service)
- advertise your home on my website, the Re/Max website and the Recorder & Times
- prepare photos and feature sheets to showcase your home an it’s attributes
- arrange showings to prospective buyers
- arrange Open Houses to showcase your property
- provide you with feedback from other agents
Gather all of the documents you will need to sell your home.
- Mortgage documents. You may wish to meet with your lender to discuss transferring, discharging or paying out your mortgage. Also check for any interest or pre-payment penalties
- property survey
- property tax bills and most recent assessment
- utility bills
- maintenance history including receipts for repairs and upgrades
Determine Your Asking Price
Before you put your home up for sale, you must set the price. And before you set the price, you must know what it is worth – not what you paid for it or how much you have upgraded it. I can help you set a price by:
- helping you understand current market conditions; is it a buyer or seller market?
- providing you with recently comparable sold listings
- working with you to determine a realistic asking price. Normally the asking price is set a little higher than the actual value of the home, to allow some negotiating room. But..if the price is too high it may scare off perspective buyers
During this time, we will also consider whether or not to include additional items such as appliances, window coverings and electrical fixtures. These included items will also be factored into the asking price.
Make Your House More Appealing
Sure it’s your palace. But step back and look at your home with a critical eye. Small improvements (and maybe some large ones!) could make
- a big difference in the price you receive.
- inspect the roof and gutters
- are the outside doors painted and in good condition
- are the windows sealed and in good condition
- are the gardens and lawn well maintained and appealing
- are the walls free of holes and painted
- repair dripping taps
- check floors and rugs for cleanliness
- repair any electrical outlets that don’t work
- make sure the furnace and air conditioning work
- put extra emphasis on having your kitchen and bathroom(s) sparkling clean
Interested buyers will submit a written offer to me via their real estate agent. I will walk you through the offer to ensure that you understand it and all of the conditions. The offer will contain (among many things):
- the name of the purchaser
- the purchase price
- any conditions (such as survey, home inspection, inclusion of appliances) to be met prior to formal acceptance
- and irrevocable date (you have until this date to accept or sign back a counter offer)
You should have in mind how low you will go on the price, a target closing date as well as what conditions you are willing to accept.
Together we will go over every detail of the offer. If there is anything you don’t understand….just ask!
You may decide to accept the first offer, or go back with a counter offer. Once you are satisfied with the final offer, you will want to accept it. Once the offer is accepted by you, I will obtain a deposit from the purchaser’s real estate agent and when the deal is closed it will be applied to the commission owed.
Information for Buyers
How much can I afford?
The first questions you should ask is “How much can I afford?”. This will depend on a number of factors:
- The type of home you want. Do you want a condo, semi detached, bungalow, new or resale?
- Your income. Remember, it’s not just a mortgage payment that you have to take into account. There are also property taxes, hydro, heat and upkeep.
- Present market conditions. It is a buyers market, sellers or a little of both?
- Your down payment.
- When buying a home, there are 2 types of costs to keep in mind: one time and ongoing.
Typical one time expenses include:
- mortgage application and appraisal fee
- property inspection
- legal fees
- property survey
- land transfer fees
- home and property insurance
- moving expenses
Typical monthly expenses include:
- mortgage payments
- property and content insurance
- property taxes
A Re/Max Real Estate Professional
Choose the right real estate agent who is a professional and will help you find the type of home you’re looking for….at the right price! Re/Max associates are the industry’s top producers. I will help you get together the team that will make your home buying experience easier; including lawyers, appraisers, lenders, mortgage brokers, home inspectors and insurance brokers. And remember, there is no commission payable by the buyer to the real estate agent.
Financing Your Dream Home
Odds are you will need some sort of financing when purchasing your home. Before you actually start looking for a house, the best thing to do is obtain a “pre-approved mortgage”. That way, you’ll know exactly what you can afford before you start looking. You will also be protected against interest rate increases while looking for your dream house. Before you go shopping for a mortgage, consider your down payment. In general, most lenders require at least a 5% minimum down payment. A mortgage is made up of principal and interest. Principal is the amount borrowed and the interest is the fee you are charged for borrowing. There are many mortgage options available so shop around to get the best rates and terms. I can recommend a number of options.
Your financing has been approved and together we’ve found the perfect home. Now what? Together, we will make a written, formal offer to purchase. I will work with you to ensure that you get the best possible price, with conditions and a closing date that work for you. Remember, this is a legally binding contract outlining your preferences.
The offer can be firm or conditional. A firm offer means you are prepared to purchase the home without any conditions. If the price is acceptable, the house is yours.
A conditional offer means that you have placed one or more conditions on the offer. These can include things such as financing, home inspection or sale of your existing home. The home is not formally sold until these conditions have been met.
Whether firm or conditional, your offer will be presented to the seller as soon as possible. After the presentation, the seller can either, accept, reject or return it with a counter offer. The counter offer could change the price, closing date or conditions. I will be with you each step of the way through out the offer process until the deal is done.
Before your purchase closes, I will make sure that all (if any) of the conditions have been met by the seller.
A final inspection of the property will be arranged.
You will make a trip to the lawyer’s office a few days before closing for all the final papers to be signed.
On the day of closing the lawyers will arrange to transfer title of the property from the seller to the buyer and the transfer of the mortgage money. The buyers lawyers will then receive the keys for the property.
All that is left is for you to pick up the keys to your new home and start settling in!!