selling a home
DESCRIPTION
Process for selling a HomeTRANSCRIPT
www.integrityfirstrealtyinc.com
Selling Your Home
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Integrity First Realty, Inc.263 Brick Blvd, Suite 1Brick, New Jersey 08723Phone: (732) 262-0808
www.integrityfirstrealtyinc.com
Home Selling Process
Pre-assessment value listing signed mkt prepartion
Marketing flyers tour MLS-Internet
showings open houses follow-up
Mid-assessment traffic # showings offers
Offer earnest money negotiation contract
Inspections mechanical structural pest
Mortgage appraisal credit underwriting
Title review binder policy
Settlement transfers title possessionassemble papers
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Inspections
• Mechanical
• Structural
• Pest
• Pre-market for discovery– Eliminate obstacles that adversely affect buyers
– Compare and validate buyer’s inspection.
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Market Preparation
• Buyers can’t afford to make repairs or decorate
• Buyers over-estimate cost of repairs and decorating
• Agents remember the home the way it is when they first see it.
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Marketing Plan
• Comprehensive CMA
• REALTY EXECUTIVESyard sign
• Multiple Listing Service
• Internet exposure
• REALTY EXECUTIVESTour
• Color property brochures
• Open houses
• Alternative financing plans.
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Exposure to the Marketplace
• Existing buyers
• Multiple Listing
Service
• Internet
• Best agents
• Neighbors
• Centers of Influence.
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Negotiation
• Third party
effectiveness
• Increased
communication
• Avoid conflicts.
ne·go·ti·a·tion, noun - A process of
discussion intended to reach an agreement.
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Mutual Objectives
• Maximize Value
• Minimize market
time
• Eliminate/Avoid
difficulties.
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Seller
sets
Price
Buyer
determines
Value
Pricing Roles
Lender
validates
Value
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Factors That Affect Value
• Comparable sales
• Inventory of homes available
• Available mortgage money
• General economy
• Favorable terms
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Terms Can Increase Value
• Seller carries a 1st lien below market rate
• Seller carries a 2nd lien for buyer to avoid PMI
• Temporary buy-down
• Seller paid points
• Subsidize buyer’s costs
• Make specific improvement required by the buyer
• Include a decorating allowance.
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Factors That Don’t Affect Value
• What you paid for the home
• The cost to rebuild it today
• Your investment in the improvements
• Certain types of improvements.
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Obstacles to Proper Pricing
• Incompetent agents who will accept a listing at any price
• Neighbors who mislead the seller as to how much they got for their home
• Fear of making a mistake
• Loss of perspective because the seller is emotionally involved
• Need to realize a certain amount of cash out of the sale.
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Overpricing
• Reduces sales associates activity
• Reduces marketing response
• Loses interested buyers
• Attracts the wrong prospects
• Eliminates offers
• Helps sell the competition
• Extends the market time.
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Appraisal vs. CMA
YesNoConsiders current sales
YesYesConsiders past sales
YesYesLicensed
AgentAppraiserPerformed by
YesYesEstimate of value
CMAAppraisalDescription
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