Selling Advice

Every home sale shares a common process, from putting the house on the market to settlement day.

When you’re preparing your house for sale, remember the importance of first impressions. The market isn’t the only factor that influences whether you get your asking price. Appearance and overall condition play a major role. Today, the home that stands out among similarly-priced houses is the home that sells.

Why?
Because it makes a good first impression that lasts right to the settlement table.

My Pledge to You
To explain each step of the process including local real estate procedures, typical closing costs, purchase agreements and act as a guide to help you make most informed decisions. Use our knowledge and expertise to promote the most valuable sale on your behalf. Communicate with you in a timely and efficient manner. Consult with you to determine your needs, expectations and priorities. Maintain your confidentiality; holding your best interests in the highest regard throughout the transaction process.

Negotiate the Offer

1. Represent you in on-going negotiations with prospective buyers and their real estate representatives.
2. Request that all offers be made in writing and present all offers to the seller.
3. You, as the Seller, will accept it as written, make counter offers on unacceptable aspects, or reject the offer.

Obtain a Pre-Approval
The potential buyer’s lender will then provide them with a pre-approval letter stating how much mortgage they qualify for. With a pre-approval letter, a seller can discover any qualification issues of the buyer early in the sale process.

Obtaining Legal Representation and the Contract

• Upon acceptance of an offer by you from the buyer, prepare a written Memo of Agreement that is forwarded to the attorneys to begin the preparation of the Contracts.  Any verbal agreements should be written into the contract.
• Several Contract Provisions you may want to include:
  • Deposit at Contract Signing - The amount of earnest money should be clearly stated, plus the amount of money the buyer will be paying at settlement and their sources of financing. A common purchase deposit in many areas is 10% of the purchase price, deposited in escrow.
  • Financing Contingency - Be specific about the total loan amount, the date a second or third mortgage is due, and the exact financing terms. Many contracts have an “alternative financing clause” that allows buyers to accept different financing, as long as it does not affect the seller’s net proceeds.
  • Inspection Contingency – The contract may be contingent on a building inspection report. The buyer usually pays for the inspection.  Termite, Radon and Septic and Oil Tank (if below ground) tests are included.  The results of these inspections may require payment by the seller to correct any failures and repair any resulting damages.
  • Well Water – Westchester, NY law requires the seller to pay well water tests.
  • Personal Property - Specify in writing if items not physically attached to the house are to be included in the sale. These items can include light fixtures, drapery rods, appliances, firewood, and even swimming pool chemicals.
  • Repair Work – Standard contracts of sale require sellers to confirm plumbing, heating, mechanical, and electrical systems are in working order at the time of settlement. You should conduct a pre-settlement walk-through inspection several days before or no later than the day of settlement.
  • Title Attorney or Insurance Company – As the seller, you have the right to select the attorney who will conduct your settlement. Also, be sure to clear the title company with your lender, whose interests are also involved.
• Offer to provide you with information regarding other professionals (e.g. attorneys, accountants, inspectors, contractors) that may assist you during and after your move.
• Schedule and attend the Inspection
• Final Mortgage Approval/Commitment
• Closing: coordinate & monitor all closing activities as permitted by law or local practice.

Relocation Needs
Assist you with arrangements for a variety of relocation services, and provide a Referral Form, which offers you the services of a Prudential Affiliate in your area should you require assistance in buying a new property.