Getting Your Property Sold
1. Let’s Meet!
Selling your home isn’t a simple procedure. It involves large sums of money, stringent legal requirements and the potential for costly mistakes. I will sell your home in the least amount of time and for the best possible price. Contact me, then we can meet to discuss my services. It’s important that you’re comfortable and confident with what I have to offer.
2. The Listing Agreement
A Listing Agreement is a contract between you and my brokage, RE/MAX Westcoast. It provides a framework for subsequent forms and negotiations. It’s important that the agreement accurately reflects your property details and clearly spells out the rights and obligations of all parties.
In the agreement you appoint my brokage as your agent and give me the authority to find a purchaser for your home. The Listing Agreement will outline:
- The duration of the agreement;
- Your REALTOR’s® compensation
- The listing price and an accurate description of the property;
Ask about disclosure, which is a seller’s obligation to disclose facts about properties for sale. The buyers will need to know material facts about the property; that is, anything that could materially affect the sale price or influence a buyer’s decision to buy it. A major cause of post-sale disputes and lawsuits relate to defects and disclosure, but most disputes can be avoided if proper disclosures are made. Intentionally withholding information about a property when selling it can have serious legal consequences.
3. Setting Your Price
How much should you ask for? Although you may have an idea of how much your house is worth, it’s important to have your home valued on its own merits by a professional. Be careful not to price your property too high or too low. If it’s too high, there’s no sale; too low and you lose on your investment.
I will provide information and expertise to assess at what prices similar properties in your area have sold, and may be able to help you in this regard. You will also be informed with information on market history, such as the number of properties sold in your community the previous month or year.
4. Listing and Marketing Your Property
I will place your property on Vancouver Real Estate Board’s MLS® System. Through this system, all other REALTORS® that are members of the board can find and view information about the listing and have the opportunity to sell it to a potenial buyer. Your property gains more exposure, because it reaches the majority of the real estate professionals in your community. Through REALTOR.ca, the national property website that gets more than a million unique visitors per month, the listing is advertised to buyers across Canada and around the world. I will also post your property on every website that enables a home seach option and of course, my own website for maximum exposure.
Open houses are recommended. There are two types. First is an agent’s open house, where sales representatives from the listing company will be invited to view your house. Each of these real estate agents may have a prospective buyer. The second type of is a public open house, where members of the public are invited to view your home. It’s an efficient way to show your property to many potential buyers at once. I will act as host, answering any questions potenial buyers or real estate agents may have.
5. Waiting For the Right Opportunity
Sometimes a home doesn’t sell right away. Avoid the urge to pull your home off the market. Be persistent! Generally, there are three reasons why a home may not sell as fast as others: location; condition; and asking price.
Obviously, you can’t change your home’s location. However, you can improve the condition of your home and you can, of course, adjust your price. Throughout the listing process, you need to be constantly comparing your asking price against those of similar properties in your area. Together, we will review your selling strategy regularly and answer the following questions:
- Is your house being shown regularly?
- Are you receiving positive feedback from prospective buyers?
- Are you in touch with the marketplace?
- Is your property competing well? If not, what else can you do?
6. Accepting an Offer
Once a buyer is found, you’ll receive an offer that will:
- Detail the buyer’s price
- Deatils of the deposit
- Specify any subjects and conditions that may apply or be attached
- State desired date of possession
- The date the offer expires
As an act of good faith, the buyer will make a deposit with the offer. You don’t have to accept the offer as is. You may wish to make a counter offer that meets the original offer partway. The counter offer is one more step along the way to negotiate the final terms and conditions of the sale.
The offer, once signed by everyone, is a binding contract. I can explain and simplify all of the terms in the document. Before signing, you may want your lawyer to review it. Your lawyer should also ensure that you receive compensation for prepaid expenses such as, property taxes, pro-rated your strata fees, etc. After any fees are deducted, you will receive the money from the sale.
Other Possible Requirements
Before closing, if the buyer insists upon any conditions of sale, you may be asked to provide a number of things.
- A current survey, or a “real property report,” showing that the house sits on the property that you own; that is, that there aren’t any encroachments onto other properties.
- Title to the property (the buyer’s lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions)
- Especially in rural areas, a certificate for a well or septic system, stating the system meets local standards
- Access to the property by a qualified engineer, home inspector, appraiser, or for furniture measurements