The Selling Process – What’s involved?

1.  You’ve Decide to Sell

So you've decided to sell your house.  Before anything else it's a good idea to sit down and clarify your motivations and expectations and think about a basic time frame for selling.  Some questions you may ask yourself are...

  • Why do you want to sell your house? 
  • Do you intend to simply find a larger home, or do you plan on moving to another neighbourhood?
  • Have you been transferred to another city or province?
  • How much do you think your home is worth? 

You might think your reasons are obvious, but it would help to consider the implications of each option on your family's lifestyle, opportunities and finances.  Being clear about your intentions for selling will make it easier for me to determine the most appropriate option for your real estate goals.

When Should You Sell?

You should establish a time frame for selling. If you need to sell quickly, you can speed up the process by expressing that interest to me so we can determine what will help your home sell quickly.  You may need to be more aggressive on price or you may need to do some home repairs.  If there's no pressing need to sell immediately, we can sit down and thoroughly review the current market conditions and find the most favourable time to sell.

What is The Market Like?  Is Now The Time to Sell?

When you work with me, you can be sure that you'll have Realtor knowledge, expertise and negotiating skills at work for you to arrive at the best market price and terms.  I will keep you up-to-date on what is happening in the marketplace including the market value of competing properties.  You'll know exactly how to price and when to sell your home.

2.  How Do You Select a Realtor?

Following are some factors to keep in mind when searching for a Listing REALTOR:

  • I have Experience and Expertise
    You want a “full-time” Realtor who is familiar with your area and with the type of property you intend to sell.  I employ a wide range of marketing and advertising strategies.  I am tech-savvy and know how to market your property, both in print and on the Internet.  I have experience in all different types of properties in many different areas and price ranges.
  • Availability and Commitment
    I am capable of prompt and decisive action during the course of selling your home.  We make a point to keep in touch with you constantly and can easily be contacted in case of emergencies or even for the simplest questions. 
  •  Rapport 
    I will take the time to listen to your goals and clarify your needs.  I make it a point to understand your situation and am genuinely concerned about the outcome.  As your Listing Realtor, I will be your guide and partner in this important transaction.

I'll help you determine what your home is worth.  Without a professional Realtor, most independent home sellers tend to overestimate the value of their home.  You can avoid this pitfall by having me work for you.  I use a detailed and complicated program to determine your home’s current market value. 

3.  Preparing to Sell

You can do a lot to increase the CURB APPEAL of your home and create a lasting impact on potential buyers.  I offer several FREE REPORTS that can help you in this area.

Keeping your LANDSCAPE pristine and adding creative touches to your yard such as colorful annuals will create an immediate impact on passers-by and potential buyers.

SIMPLE UPGRADES such as window repairs, polishing the doorknobs, and a fresh coat of paint in the most frequently used rooms instantly brighten up your home.

Keep your home UNCLUTTERED, SWEET-SMELLING and WELL LIT from top to bottom. Pay attention to details: put away the kitty litter, place a vase of fresh flowers in the hall, have your carpets cleaned. You must make sure that you remove any items that make your home feel crowded or full.  I will go through your home with you and point out things that may need to be done before the house is shown.

Now it's SHOWTIME.  Presenting your home to potential buyers is a job for professional REALTORS.  Buyers feel more comfortable discussing the property with the Realtor if you're not there.  Moreover, a Realtor will know what information will be most useful in showing your home to prospective buyers.

4.  Accepting An Offer

"The higher the price, the better the offer."   Don't let yourself be fooled by this popular misconception.  Price isn't always the determining factor in choosing among multiple offers, for several important reasons:  for one, the initial offer is never final, and secondly there are a number of terms and conditions, other than price, that may influence the final outcome.  You can trust that I will help you thoroughly evaluate every offer without compromising your marketing position.

I  negotiate offers very seriously.  It's my job to find a win-win agreement that's beneficial to all parties involved, though my true loyalty lies with you, the client.  Sometimes you will have to deal with multiple offers before choosing the one you feel is the most suitable for you - and as your Realtor, I will guarantee a thorough and objective assessment of these offers to help you make the right choice. 

Once an offer is received, I will work through every detail of the offer with you.  Sometimes there is quite a bit of back and forth negotiations before an agreement is finally reached.  I will review every aspect of the contract with you to make sure you understand every detail before you sign.  I will also calculate an estimate of your closing costs so you will know approximately what your NET PROCEEDS will be.  Furthermore, I have been trained in negotiating, to ensure that you get fair market value for your home and not sell it for less than it's worth.

5.  We’ve agreed to a Deal!

Most likely, the offer you receive will contain Conditions and a CONDITION PERIOD.  Conditions are terms under which the Buyer is making the purchase. The Condition Period is a negotiated amount of time (generally 5-7 days) where the Buyer has the right to terminate the contract, if he/she is not able to remove the conditions. 

One of the more common conditions is a “SUBJECT TO FINANCING” condition.  This means the Buyer is making the purchase, subject to being approved for a mortgage, and is asking for a period of time, during which he will present the offer to his bank, to secure that mortgage.  Though the Buyer may have been preapproved for the full mortgage amount, and perhaps even more than the mortgage amount, the bank must still confirm that they will loan the Buyer the money for this particular property.  In some cases, before they can do that, the bank will request an APPRAISAL of the property, to ensure that the Buyer is not paying more than market value.  Expect an appraiser to review your property and verify that the sales price is appropriate.  

We suggest that you accept buyers who have a lender's pre-approval letter, which is a better guarantee of loan approval than a pre-qualification.  

The second most common Condition is a HOME INSPECTION.  The Buyer agrees to purchase your home, provided the results of a “home inspection” are to the Buyer’s satisfaction. 

You are required to allow the inspector of the buyer's choice access to the property to conduct the inspection.  The home inspection is done at the expense of the Buyer.  The Buyer and the Buyer’s REALTOR will attend these inspections.   The inspector will carefully check everything from the ground to the roof, including the garage and yard.  The inspector is required to point out any deficiencies found at the property but what repairs will be made, if any, are subject to negotiations between Buyer and Seller.  As your REALTOR, I will help you with those negotiations. 

Once all conditions have been removed and the sale is “firm”, you will meet with the lawyer of your choice to sign the necessary documents.  Your lawyer will ensure that the transaction has met all legal requirements and will collect the full purchase price from the Buyer.  Only when the full purchase price is securely in your lawyer’s trust account, will he authorize me to release the keys of your now “former” home to the new owners.

6.  Buying Your Next Home

Now that the transaction on your home is well on its way to a successful close, it's time to start preparing for your next home.

As your trusted REALTOR, I'm ready to help you start the search for your next dream home.  I will set you up with a SPECIAL HOME FINDER search on our MLS System.  This search will list all the requirements you're looking for in a home.  And when a home gets listed that meets those requirements, you will be sent an email containing all the details of that home.

7.  Giving up Possession

If you've come this far, then this means only one thing: “Congratulations, you've successfully sold your home!”   Now it's time to move all your worldly goods out of the home, and prepare it for the new Buyer.

Unless stated otherwise, the Purchase Agreement states that you must provide the Buyer with “VACANT OCCUPANCY”, on the date of possession.  That is all you must do.  

But, it is always a good idea to leave the home clean and tidy as well.  Clean up all garbage after your move, vacuum throughout and ensure the kitchen and bathrooms are clean.  This may seem like a lot of extra work, but it usually results in a much happier Buyer, with less complaints and legal issues after they’ve taken possession.

Also, don't forget to tie up these loose ends;

Cancel your home services and utilities.  We can provide a list of useful numbers for the termination of home services and utilities as of the date of the closing.

Be prepared for the unexpected.  I am ready to step in should an unforeseen glitch pop up, even at this late stage. Something at the house breaks down, the buyer's mortgage doesn't go through on time - no need to worry. We've encountered these problems before so we know how to handle these problems efficiently.

The sale of a home is a complicated transaction, that involves several parties.  It is my job to ensure all parties work together to guarantee a deal that is completed on time and to everyone’s satisfaction.

Once the Buyer’s money has reached the office of YOUR lawyer, I will be contacted and authorized to release the keys to the new Buyer.   This cannot be done until your lawyer has addressed all legalities with regards to the transaction and has received all the money required to cover the entire purchase price, from the Buyer.

Once this has been done, you can RELAX and enjoy the fact that still another real estate transaction has come to a successful close.  

If you’d like more information, please call me at (780) 974-0997 or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 

REMAX Real Estate (Edmonton)

#220, 6203 28 Avenue, Edmonton, AB. T6L 6K3
Phone: 790.462.5000 | Fax: 780.463.0188