Real Estate Selling Questions - North Vancouver / TriCities Properties
Selling a home can be complicated business. Because of the impact the sale of your home can have on your future quality of life, you owe it to yourself and to your family to maintain some control over the selling process. One way Nina helps you through this process is by educating you on the process. Arm yourself with knowledge. It will give you power!
How do I select the right REALTOR®?
Consider these points when selecting the real estate professional you will be working with;
- Select your REALTOR® based on their company’s reputation, the competence of the individual, and the services they provide.
- Never select your REALTOR® based on the price they evaluate your home. A REALTOR® has no control over the price the market will bear for your home. It would be wise to select your REALTOR® first, then discuss price. Don't encourage or allow agents to bid up the price to get your listing.
- True professionals will give you candid feedback and factual information so you can price your home at market value.
What is a listing agreement?
The listing contract is between you and the Brokerage. It is a framework for the agreement between both of you.
The listing agreement identifies your property. It spells out the rights and obligations of all parties. It also lists what is included and what is not included in the sale.
What is the fine print?
- You appoint the Brokerage to help you sell your home.
- The start and expiry date of the contract is indicated.
- The compensation is specified.
- The property is identified in detail.
- The list price is stated.
- The terms and conditions between you and the Brokerage are spelled out.
What types of listings are there?
- Open listings give the authority to sell the property to one or more Brokerages. With an open listing, you may also have the right to sell the house yourself.
- Exclusive listing gives one Brokerage the sole authority to sell the property.
- MLS® listing gives the Brokerage the authority to work with other Co-operating Brokerages through the local real estate board's MLS® System.
An MLS® listing gives your property maximum exposure. This type of co-operative effort may result in the listing Brokerage sharing the commission with the selling Brokerage.
What is the MLS® System?
The Multiple Listing System® is a member based listing service operated by local real estate boards.
How can the MLS® System help sell my home?
Within 48 hours, complete details of your home are distributed to all REALTORS® via modem technology. Through www.REALTOR.ca, the national MLS® Internet web site, participating REALTORS® can advertise (and search) listings locally and nationally. Your property gains more exposure because it reaches the majority of the real estate professionals in every community.
How do I set the asking price?
Although you may have an idea of how much your house is worth, it may not be based on market factors. Have a professional value your home on its own merits.
Be careful not to price your home too high or too low. If it's too high, you may lose the sale; if it's too low, you may lose on your investment.
I will help you decide on the best asking price for your property, to maximize your sale.
How does my REALTOR® market my home?
Public Open House
With a public open house, members of the public are invited to walk through your home and have a look. It's an efficient way to show your home to many potential buyers at once. Your REALTOR® acts as host, answering any questions.
You shouldn't be present during a public open house. If you must be present, keep a low profile. Put all valuables and private documents out of sight. Your REALTOR® will suggest lots of tips to make your open house a success. For example:
- Turn off the TV
- Put the dog out
- Make sure you clean all the rooms
- Open the drapes (light means bright)
- Avoid leaving any cooking odours
- Open the windows, if possible (fresh is best)
Agent's Open House
With an agent's open house, your REALTOR® invites the other REALTORS® from their office to view your house.
To give your REALTOR® access to your home to show individual buyers, you may wish to keep a key at the REALTOR'S® office or in a lockbox.
What other marketing tools are available?
"For Sale" Sign on Your Front Lawn
This is how many buyers find homes. Make sure your sign is in excellent condition and clean of grime.
Make sure that the type and frequency of advertising exposure for your home is outlined in the listing agreement.
Why would I renew my listing?
There are a number of reasons why a home doesn't sell right away.
You can't change that!
You may want to make some improvements to make your home more attractive. Your REALTOR® can make suggestions. There are a number of common and effective improvements you can make.
- Replacing the roof
- Replacing flooring
- Modernizing the bathroom or kitchen
You may want to adjust your price at some point in your listing. Throughout the listing process, constantly compare your asking price against that of similar homes in your area.
Review your selling strategy with your REALTOR® regularly
- Is your house being shown regularly?
- Are you receiving feedback from prospective buyers?
- Are you in touch with the marketplace?
- Is your property competing well? If not, what else can you do?
What do I need to know when I'm ready to accept an offer?
The Offer Outlines a Number of Positions
- How much the buyer is willing to pay
- When the buyer wants to take possession
- What conditions are attached to the offer
- When the offer expires
A buyer will submit an offer with their suggested purchase price and conditions that must be met to protect them and allow them to know exactly what they are purchasing.
You may wish to negotiate a compromise on the offer's conditions. The counter offer is one more step to negotiating the final terms and conditions of the sale.
An offer is a binding contract. Make sure you understand and agree to all of the terms in the document.
Before Conditions are removed, there are a number of other items that may have to be handled.
- You may be asked to provide a current site survey of your property. It shows the location of the house on the property and identifies if there are any easements, encroachments or right of ways on your property.
- You may be asked to provide a title search and relevant documents of the property. The buyer's lawyer will also conduct a title search to learn if there are any liens, easements, rights-of-way, or other restrictions.
- You may be asked to obtain an inspection report of your septic system.
- You may be asked to have your house inspected for construction and safety.
You should protect your investment by keeping all your insurance policies in force up to the day of closing.
What do I need to know when I'm ready to complete the deal?
Before Closing Day
- Your legal representative will set up a trust account to receive the proceeds from the sale. They will arrange for payment of any mortgage charges you owe on the property.
- After these mortgage charges are paid, you will receive any money you have coming from the sale.
- Your legal representative discharges and transfers the Title at the closing. Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.
- Your legal representative ensures you receive compensation for any unused portion of prepaid property taxes or utility bills.
After Closing Day
Your legal representative will arrange for the Brokerage's compensation from the proceeds of the sale of your home.