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In today's market, many homeowners have considered
"going it alone" and selling their homes without the help
of a REALTOR to "save the commission." However, once they
realize how complex and intimidating a real estate transaction can
be, many people reconsider and enlist the services of a REALTOR.
There are more than 145 steps to complete a real estate transaction.
It requires an organized, step-by-step approach that many homeowners
just don't have the time, skill or experience to carry out.
I can provide a variety of services including help
in setting a listing price within current market guidelines. I can
develop a marketing plan, offer recommendations and advice to make
your home more attractive and "saleable," and act on your
behalf during negotiations to ensure your interests are protected.
Another advantage of working with me is the
far-reaching market exposure your home will receive through the
Multiple Listing Service (MLS). This co-operative marketing system
relays information about your home to a vast network of REALTORS and
therefore, potential homebuyers in your market. The greater the
exposure your home receives, the more likely you are to find a buyer
willing to pay your price.
Selling your home is not a simple procedure. It
involves large sums of money, stringent legal requirements and the
potential for costly mistakes. I am committed to spending the time
it takes to help you sell your home in the least amount of time and
for the best possible price.
I must disclose to you in writing, who exactly I
am representing in any real estate deal. I may represent a buyer or
a seller; I may also represent both buyer and seller in the same
transaction. Your listing REALTOR is, in law, your agent. I owe my
client the duties of utmost care, integrity, confidentiality and
loyalty.
The process of selling a home with me starts with
the Listing Agreement. It's a contract between you and the brokerage
company that I represent. It is a framework for subsequent forms and
negotiations. It's important the agreement accurately reflects your
property details and clearly spells out the rights and obligations
of all parties. Both you and I sign the listing agreement and each
receive a copy. The agreement binds both parties to its terms and
conditions.
Generally, in the agreement you would appoint my
brokerage company as your agent and give its representatives the
authority to find a purchaser. The duration of the agreement is
indicated, and the compensation is specified. The agreement also
sets out the listing price, and accurately describes the property
you are selling. That will include the lot size, building size,
building style and materials, floor areas, heating/cooling systems,
room sizes and descriptions.
This is when you must also decide what you are
taking with you and what you are leaving with the house. Generally,
unless stated otherwise, fixtures remain with the property, while
chattels -- things which are movable -- aren't included in the sale.
If necessary, what stays and what goes are listed under
"inclusions" or "exclusions."
Finally, the Listing Agreement also details the
financial conditions of the property, including the mortgage
balance, mortgage monthly payments and the mortgage due date. It
should also provide information about annual property taxes; and
references for any easements, rights of way, liens or charges
against the property.
I will inform you 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 center around 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.
Another advantage of listing with me is that only
a REALTOR is able to place your listing on the MLS or Multiple
Listing Service. When you decide your listings will be on the
Multiple Listing Service, the information about your property is
shared with all other REALTORS through the MLS system,
and all REALTORS have the opportunity to sell your property. This
type of cooperative effort will result in the listing agent offering
compensation to the selling agent. Your property gains more
exposure, because it reaches the majority of the real estate
professionals in your community.
There's another benefit of dealing with a REALTOR.
Through mls.ca , the national property
website, participating local real estate Boards can also advertise
listings to potential buyers across Canada and around the world.
Another major issue for anyone selling a property
is how much to ask for. Although you may have an idea of how much
your house is worth, it's important to have your home valued by a
professional on its own merits. 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 have the research and expertise to provide a
market assessment of what similar properties in your area have sold
for. They can also provide information on market history, such as
the number of properties sold in your community the previous month
or year.
I also have a number of marketing tools and
options to promote your property. First is the mls.ca web
site, which attracts more than a million unique visitors a month. It
shows the details of your home to local, regional or national buyers
looking for a property in your community.
I may also recommend an open house as a marketing
strategy. 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. If you have signed an MLS agreement, other REALTORS
may also be invited. Remember, each of these REALTORS may have a
prospective buyer. The second type of open house is a public open
house, where 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. I will act as host, answering any
questions.
You and I will pick the time and date for an open
house. In order to give me access to your home, you may wish to keep
a key at my office, or in a lockbox. It's also a good idea to ensure
that any valuables are put away in a safe location, then leave while
the open house is underway. If you do stay, be sure to keep out of
the way, and turn off any TVs or radios to let the agent and the
buyer talk in peace.
Needless to say, clean counts with open houses. A
general rule is that clean, uncluttered and well-lit spaces look
larger and more attractive. People will naturally want to buy a
house that is clean and well cared for.
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. First is location; second is condition; third is the
asking price. Naturally, you can't change your home's location, but
you can fix 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. It may be time to adjust the price of your
home.
We will review your selling strategy regularly: Is
your house being shown regularly? Are you receiving the feedback
from prospective buyers? Are you in touch with the marketplace? Is
your property competing well? If not, what else can we do?
Once a buyer is found, you'll be receiving an
offer that will detail how much, specify any conditions that may
apply or be attached by the buyer, say when the buyer would like to
take possession, and when 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 comes part-way to meeting the
offer's conditions. The counter offer is one more step along the way
to negotiating the final terms and conditions of the sale. The
offer, once signed by everyone, is a binding contract. Make sure you
understand and agree to all of the terms in the document. You may
want to have it reviewed by your lawyer before signing.
Before closing, especially if the buyer makes it a
condition of sale, you may be asked to provide a current survey, or
a "real property report," showing the location of the
house is on the property owned by you and that there are no
encroachments. You may also have to prove that you have 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, you may also be asked to provide a
certificate for a well or septic system, stating the system meets
local standards.
The buyer may also make the purchase conditional
on an inspection by a qualified engineer or inspector.
Then on or before closing day, lawyers
representing you and the buyer will set up a trust account for the
money coming from the sale and will pay off any mortgages you owe on
the property. After these are paid, you will receive any money you
have coming from the sale. You must deliver the property deed or
transfer documents, mortgage details and keys to your lawyer. Your
lawyer will register the mortgage discharge and transfer the deed at
closing,
Your lawyer should also ensure that you receive
compensation for prepaid expenses such as, property taxes,
electrical or gas bills, or if applicable, any heating oil left in
your tank. 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.
Here, your responsibilities under the listing
agreement end. You'll have paid me the agreed-upon compensation.
This can be done by your lawyer who can arrange the payment from the
proceeds of the sale.
The sale of property is a complex business
transaction. There are distinct advantages to having a REALTOR who
is well-educated, knowledgeable, and experienced. I can also access
an array of services, including the Multiple Listing Service, which
can provide you with instant, thorough and accurate property
information.
For further information on selling your
house please do not hesitate to contact me.
The comments contained on this site are for information
purposes only and do not constitute legal advice.
*NEW* Check out my new blog
at: www.randallwhiteside.blogspot.com
Randall Whiteside is a licensed associate/MLS Realtor
in the Province of Alberta for Re/Max Southwestern. Office Ph. 403-563-2000 Fax. 403-563-5631
8506 - 19th Avenue / Box 1059
Coleman, Alberta, Canada, T0K 0M0
This site was created, designed, and is maintained by
Randall.
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