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5 Things to do Before You Sell 10 Ways to Make Your Property More Salable 10 Ways to Make Your House Irresistible at an Open House 20 Low-cost Ways to Spruce up Your Home 7 Terms to Watch For in the Purchase Contract 16 Service Providers You Will Need to Have 6 Items to Have Ready for the New Owners Reprinted and edited from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
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Get estimates from a reliable repairperson on items that need to be replaced soon, such as a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect their costs. Have a termite inspection to prove to buyers that the property is not infested. Get a pre-sale home inspection so you’ll be able to make repairs before buyers become concerned and cancel a contract. Gather together warranties and guarantees on the AC, appliances, and other items that will remain with the house. Fill out a disclosure form provided by your realtor
associate. Take the time to be sure that you don’t forget problems,
however minor, that might create liability for you after the sale. 10 Ways to Make Your House More Salable Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage. Wash your windows and screens to let more light into the interior. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway. Patch holes in your driveway and reapply sealant, if applicable. Clean your gutters. Polish your front doorknob and door numbers. (Paint the front door if necessary.) Ways to Speed Up Your Sale Price it right. Set a price at the lower end of your property’s realistic price range. Get your house market-ready for at least two weeks before you begin showing it. Be flexible about showings. It’s often disruptive to have a house ready to show on the spur of the moment, but the more often someone can see your home, the sooner you’ll find a seller. Be ready for the offers. Decide in advance what price and terms you’ll find acceptable. Don’t refuse to drop the price. If your home
has been on the market for more than 30 days without an offer,
be prepared to lower your asking price. 10 Ways to Make Your Home Irresistible at an Open House Put fresh or silk flowers in principal rooms for a touch of color. Add a new shower curtain, fresh towels, and new guest soaps to every bath. Set out potpourri or fresh baked goods for a homey smell. Set the table with pretty dishes and candles. Buy a fresh doormat with a clever saying. Take one or two major pieces of furniture out of every room to create a sense of spaciousness. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space. Store non-seasonal clothing or extra clothing to make closets look more spacious. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork. Turn on the sprinklers for 30 minutes to make
the lawn sparkle. 20 Low-Cost Ways to Spruce Up Your Home Make your home more appealing for potential buyers with these quick and easy tips. Trim bushes so they don’t block windows and cut down on light. Buy a new doormat. Put a pot of bright flowers (or a small evergreen in winter) on your porch. Put new doorknobs on your doors. Put a fresh coating on your driveway. Edge the grass around walks and trees. Keep your garden tools out of site. Be sure kids put away their toys. Buy a new mailbox. Upgrade the outside lighting. Use warm, incandescent light bulbs for a homey feel. Polish or replace your house numbers. Clean your gutters. Put out potpourri or burn scented candles. Buy new pillows for the sofa. Buy a flowering plant and put it in a window you pass by frequently. Make a centerpiece for your table with fruit or artificial flowers. Replace heavy curtains with sheer ones that let in more light. Buy new towels. Put a seasonal wreath on your door. What Is Appraised Value? It’s an objective opinion of value, but it’s not an exact science so appraisals may differ. For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes. Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value. Appraised value doesn’t consider special considerations, like the need to sell rapidly. Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer. Used with permission from Kim Daugherty, Real Estate Checklists and Systems ( http://www.realestatechecklists.com).7 Terms to Watch for in a Purchase Contract The closing date. See if the date the buyer wants to take title is reasonable for you. Date of possession. See if the date the buyer wants to move in is reasonable for you. The earnest money. Look for the largest earnest-money deposit possible; since it can be forfeited if the buyer backs out (if it is a condition of your contract ), a large deposit is usually a good indication of a sincere buyer. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final. The contract expiration date. See how long you have to make a decision on the offer. 6 Forms You’ll Need to Sell Your Home 1. Property Disclosure Form. This form requires you to reveal all known defects to your property. There is a special form required in your state. The Board of Realtors has a specific form that meets all the legal requirements known as the "Seller's Disclosure" Form and it is required by law and must be submitted within 5 days of accepting a contract and can not be filled out more than 6 months prior to the submission.2. Purchasers Access to Premises Agreement. This agreement sets conditions for permitting the buyer to enter your home for activities such as measuring for draperies before you move.3. Purchase Contract. The agreement between you and the seller on terms and conditions of sale. Again, check with your state real estate department to see if there is a required form. he Honolulu Board of Realtors has a nationally and locally approved contract form that meets or exceeds all the legal requirements.4. Contract Contingency Clauses. In addition to the contract, you may need to add one or more attachments (called addendum or if added to the contract after acceptance called amendments) to the contract to address special contingencies—such as the buyer’s need to sell a home before purchasing yours, VA loan, as-is, etc.5. Pre- and Post-Occupancy Agreements. Unless you’re planning on moving out and the buyer moving in on the day of closing, you’ll need an agreement on the terms and costs of occupancy once the sale closes.6. Lead-Based Paint Disclosure Pamphlet. If your home was built before 1978, you must provide the pamphlet to all sellers. You also must have buyers sign a statement indicating they received the pamphlet.16 Service Providers You’ll Need When You Sell 1. Real estate attorney 2. Appraiser 3. Home inspector 4. Mortgage loan officer 5. Environmental specialist 6. Lead paint inspector 7. Tax adviser 8. Sanitary systems expert 9. Occupancy permit inspector 10. Zoning inspector 11. Survey company 12. Flood plain inspector 13. Termite inspector 14. Title company 15. Insurance consultant 16. Moving company Used with permission from Kim Daugherty, Real Estate Checklists and Systems ( http://www.realestatechecklists.com).
6 Items to Have on Hand for the New Owners 1. Owner’s manuals for items left in the house. 2. Warranties for any items left in the house. 3. A list of local service providers—the best dry cleaner, yard service, etc. 4. Garage door opener. 5. Extra sets of house keys. 6. Code to burglar alarm and phone number of monitoring service if not discontinued.
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