The Ultimate Guide on Selling your home
There are many important factors that have an effect on the sale of your home such as the preparation, price, and even what your goals are. With that said, selling your property is an incredibly exciting time! It can sometimes be overwhelming and stressful, especially if you are selling a property for the very first time.
As a Realtor, I would offer my expertise and knowledge about current market trends, the best time to list your property, and even price. One of the more frequent questions Realtors receive is: “Should I renovate my house to get the best offer?”, and the answer to that is…. it depends. You can find more information on if you should renovate your house HERE.
8 Steps To Selling Your Home
Step 1: Listing Appointment
Meet with your Realtor. I recommend setting up a meeting at the home that you are prepared to list so that it gives the Realtor a chance to see the unique features of your home as well as go over the necessary paperwork. This is the best time to ask questions and discuss your needs and expectations to ensure that you are comfortable with everything. This is also the time to discuss any specific instructions regarding any tenants, pets, and convenient times for showings.
Step 2: Staging Appointment & Cleaning
Depending on the market and your needs, sometimes staging isn’t necessary. If your property would best be served with staging, then I would send over some recommendations for staging companies that would discuss fees, supplying furniture and other home décor. It is however, important that the property is clean whether you and some friends and family do it, or you have professionals come and clean up the place. Having the property in top shape is a great way to show potential buyers that the home they are buying is well taken care of.
Step 3: Pictures
Once you have staged the property and had it cleaned, it is time to take photos, as well as video footage. In some cases a virtual tour or even drone footage for the exterior of your property and area. This content will help showcase your home on the MLS, websites, and other social media platforms.
Step 4: List on MLS
When these steps are completed, your property will be put up on the Multiple Listing Service (MLS), my website, Facebook, and other social media platforms.
Step 5: Showings & Open House
Now that your home is available for potential buyers, your Realtor will start to get calls for private showings. I would recommend speaking with your Realtor about available times so that showings and open houses work with your schedule. Keeping a list of all the agents from showings and open houses for follow up and feedback is important to generate as much sale potential as possible.
Step 6: Review and Accept Offer
As soon as I get an offer (or notified an offer is coming), you will be notified. It is mandatory to show all offers presented on the property and it is my job to go over the offers with you to carefully review and help you decide which offer is best for you. This depends on: price, subjects/conditions, and important dates. Once you are comfortable with your decision, I would submit your response to an accepted offer or counter offer to the buyer’s agents. My job is to get you the best outcome that I can for you. Most offers will come with subjects/conditions such as: financing, home inspection, insurance, approving PDS and Title Search. These subjects are to be removed by a specific date (usually within 7-10 days from time of the offer). If there is no favourable outcome for the offers, I will continue to show the property to other potential buyers until you are happy with an offer.
Step 7: Firm Offer
Once the subjects/conditions are removed, there will be no need to show the property. The buyer will have paid the deposit and it is time to choose a lawyer or notary to act on your behalf for the sale. If you do not have one, then I will send you a list of recommendations you can choose from. I then send the necessary documents to your lawyer or notary and they will arrange an appointment time for you to come in and sign the paperwork.
Important Dates:
Completion Date - On the contract of Purchase & Sale, it specifies a date that the Property Title is transferred and registered to the buyer and sale funds are transferred (usually 1-2 days before Adjustment/Possession dates)
Adjustment Date - This date is used for the adjustment from buyer to seller for prorated property taxes, rent, strata fees, utilities etc. (same date or day before Possession date)
Possession Date - This is the date in which the buyer is entitled to possession of the property. It is important to note the time specified on the contract, which is usually around noon but can vary depending on the situation.
Step 8: Congratulations!
Moving can be stressful so be sure to start sooner than later. This includes cleaning, packing, getting rid of unwanted items, and anything you need to do, even before selling your home! Book movers early (if you need recommendations, let me know), and be sure to change your address!
You can get a checklist for address changes from HERE to help with your move!
Important facts to know when selling a house
When is the best time to sell a house?
It depends. The real estate market goes through a cycle and general trends play a role in determining how long it will take to sell your home, and at what price. Most people would recommend listing a home in the spring, where demand is higher and buyers are looking to move in before summer. They would also say that fall and winter are slower months in the real estate market.
Timing is everything. Sometimes the market will show a larger ratio of buyers to sellers, in which you can use this as an advantage in a competitive buyers market. If this is not the case, then the best thing to do in the slower fall and winter months is to look at possible renovations and updates to get your house ready to sell.
Check with your Lender
If you still owe on the mortgage on your home, you should check in with your lender to get the details on any penalties that you may incur for ending the mortgage early. This is known as a Mortgage discharge fee, which occurs when a mortgage is paid in full, either through selling a home or paying it off early. Fees can vary depending on the lender, and can range from no charge up to $20,000+. So check with your lender to avoid unexpected fees.
Other fees that apply through the transaction of the property
Legal fees - This is a cost of having a real estate lawyer prepare a “home sale disbursement package”. This outlines the financial details such as strata fees, title, difference of property taxes upon sale, and other services needed with your back to transfer the mortgage. The cost for this vary within British Columbia
Staging costs - Staging fees can vary, so be sure to speak to your realtor or whatever company you choose to assist with this service beforehand to get an idea.
Realtor commission fees - A realtor guides you through every step of the process of marketing, listing, open houses, negotiations and much more. In exchange, realtors are paid through commission based on the sale of the property. As the seller, that would include paying the commission for your realtor AND the buyer’s realtor as well. Read more on WHY SHOULD YOU HIRE A REALTOR.
Paperwork When Selling Your Home
Your Realtor may present you with a number of documents related to selling your home. These documents may include:
Disclosure of Representation - Real estate professionals have a regulatory requirement to present you with this consumer information before providing services to you. It is important to outline the type of business relationship you have.
Privacy Notice and Consent - Realtors, brokerages, and the real estate board need to collect, use and disclose some of your personal information. This form provides you with information about, and obtains your consent to, such information handling practices.
The Multiple Listing Contract - This formalizes the relationship between you and your Realtor, and authorizes them to market your property and represent you in the sale of your home.
The Property Disclosure Statement (non-strata) - This is a document that itemizes all relevant information about the property for sale. It is important to disclose any issues with the property including information of any latent defects (issues that cannot be seen through reasonable inspection, even by a property inspector).
The Strata Property Disclosure Statement (strata) - This is a document for properties classified as a condo or townhouse. Included in this form is: parking, storage allocations, special assessments, pet restrictions, age restrictions, and any known problems with the building.
FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) - This a government agency that facilitates the detection, prevention, and deterrence of money laundering and financing of terrorist activity. You would provide a copy of your photo ID, as well as your information about your occupation.
CONTACT ME NOW! Whether you are an investor, looking at selling your property, or just inquiring about selling your property, I guarantee you will be happy with my services.
