Before you become overwhelmed at the task of selling your home, we need to discuss a few steps that will help bring you the objective of making this process easier on you. Contact me long before you are ready so I can recommend a beneficial plan of action for you.
1. Determine Why And When You Would Like To Sell. Motivation plays a critical factor in determining what course of action you need to take. Spring is typically a faster paced season to sell and winter tends to be a little slower. Regardless, there are always people looking to buy and seasons are only one factor to consider. Give me a call - I will be able to recommend what's best for you and your specific market area.
2. Prepare Your Finances. Is your mortgage portable without any penalties? Can the buyer assume your mortgage? Can you discharge your mortgage without any penalties? Does capital gains tax apply to you? Talk with your mortgage broker and perhaps your accountant to see what applies.
3. Prepare Your Home For Viewing. Get your mop, vacuum, tool belt & paint brush and let's get your home to look just like that show home. It's the little things you can do to attract an offer. Get rid of the clutter, clean everything, remove all the fridge magnets and photos off the fridge, repair as much as you can within reason, add some beautifying touches like new door handles on cupboards and perhaps even paint. Why not use my construction and home flip experience and ask me for my recommendations! (This step should be addressed before we market your property)
4. Set Your Price. You want to attract buyers; the right asking price will not only attract buyers but bring offers. I know the factors affecting your market area. For example: Your neighborhood may be under development with larger families and houses, there may be a large company opening up bringing jobs and a demand for housing in general, interest rates may be affecting peoples willingness to take out mortgages. I provide you with a Comparative Market Analysis (CMA) to the homes recently sold, active and expired in your area and will suggest a recommended price. Remember, it's your home and you can set your price but I strongly urge you to apply my recommendations.
5. Let's List Your Home. After we set a price, it's time to go over the listing agreement and list your home. A listing agreement authorizes my brokerage and I to market and sell your home. The agreement serves 3 purposes. a) It defines our relationship and every detail and limits of your Realtors authority. b) It provides detailed information on the home which can be posted on the boards Multiple Listing Service. c) It forms a basis for drafting offers on your home, formal offers start with the Listing Agreement.
6. Marketing Your Home. This is my expertise and one of the areas I can benefit you most. I strongly believe that marketing your home goes far beyond the industry standard of merely posting on MLS and waiting for showings, Rather I, tailor my marketing plan to generate offers, not just showings.
7. Offers! Let's Look At Offers. I will walk you through the process, you will see every offer. There may be some conditions you may want to change; I will advise you on each and every detail of the offer(s) and recommend what to change and what should be left alone. This is one of the most important tasks and reasons you have hired me - to consult you. Don't be offended if your offer is well below the asking price. Instead, evaluate it for what it's worth and take the recommended action. Successful negotiation is an art and because it's a highly emotional time and I'm here to guide you through with success!
8. Close The Deal! Excellent, you should only have 1 more meeting with your lawyer/notary within days before the Completion process. A) I will contact your lawyer and mortgage lender and send them the paperwork. B) Immediately begin satisfying any conditions that require your actions to complete C) Notify the lawyer and lending institution if the buyer is assuming your mortgage D) Contact utilities, telephone and cable companies about transfer or removal of service E) Call insurance agent and arrange cancellation or transfer of your homeowners insurance F) Notify your Strata's property manager if you are moving in or out. G) Call a moving company H) Send out change of address cards including Ministry of Transportation for your BC Driver's License etc. I) Notify me immediately if there are any changes to your property or situation.
Congratulations!! We have sold your house! I am pleased to have helped you :-)
Costs of Selling
|Lawyer/Notary fees: typically $600 - $1100
|Clearing title (discharging mortgages, liens etc.) call your notary
|Real Estate Fees: typically 7% on 1st $100K + 2.5% on the balance + GST
|Final Adjustment payment (property tax adjustment, utility bill adjustment etc.)
|Mortgage prepayment penalty (if applicable)
|Capital Gains Tax (if applicable)