selling PROCEDURE
When you leave this city of sentiments to pursue an even brighter future, when you upgrade to a house due to an expanding family, when you decide it’s time to sell your investment property, JW is here to be an extra hand that helps you to maximize the value of you home when it is sold. JW Real Estate Services is a team of experienced and enthusiastic agents whose expertise is in the greater Boston market. When you make the decision to sell, we sell the property for you.
For further inquiries regarding real estate selling procedure or any other real estate business, please don’t hesitate to contact our agents. We hope to provide the best support in your home-buying process. Let JW guide you to your ideal property.
– scroll down to see the essential steps of the selling procedure –
The process starts with your decision to sell the property. Whether it is time to downsize, an upgrade to a larger house, or relocating for your new dream job, we are here to make the process smooth for you. In addition to your personal reasons, here are some market and financial factors that you’d like to consider: A. What would be the tax burden of selling at this time? B. How is the current market? What are some trends? Is this a buyer’s market or a seller’s market? Are there similar inventories on the market? C. How much is left on the mortgage on the property? Once you make up your mind, we will plan out the best selling strategy with you, taken into consideration both your personal needs and the market analysis.
Pricing is more than the number itself. While our goal is to help you maximize the value, it is important to use the market as a reference when deciding the price. What are the listings of properties in the same neighborhood and of similar conditions (age and renovation), similar size, and similar facilities? While such comparative analysis can be helpful in determining the listing price, we recognize that each property has its unique advantages. We will use similar inventories of the market as a reference and further calculate the best listing price according to your property’s condition.
Once you and your agent decide the listing price, some repairing, renovation, and upgrades might be necessary to optimize the selling condition. Once the project is ready, our agents will list your property on different websites (such as Trulia and Zillow) and databases. We will also use social media and other online platforms to target the right audience who are your potential buyers.
Repairing, Renovation, and Upgrades: Repairs will be necessary if there is any structural damage or deterioration. Certain renovations and upgrade may also help improving your market popularity, listing price, and chance of getting sold. Not all of the renovations are extensive and expensive. It could be as small as repainting the wall and waxing the hardwood floor. Your agent will advise you on the kind of renovations that could help in your property’s specific conditions.
Preparation for Showings: Both private showings and open house might take place during the listing period to promote your property. The goal of this process is to attract as many potential buyers as possible so that you have a larger pool to consider. It is crucial to make your property as clean and organized as possible. Some stagings and decorations might be necessary to present the property in its best look. Your agents will walk you through the details and make sure that your potential buyers leave with the best impression of the property.
After the showing and marketing period, you will start receiving offers. Offers are drafted by the potential buyers and their agents (or attorney) to indicate their intents. An offer might deviate from the listing price (higher or lower), depending on other factors in the market. You may accept or reject the offer or deliver a counteroffer. This is the bargain and exchange process. In addition to the price, an offer also includes these elements:
Contingencies: The Buyer may request certain contingencies such as repairs and property inspections. The Buyer may also add a mortgage clause if they choose to be financed through such means.
Down payment amount: This is a liquidated damage to ensure the rights of the seller in case of breach. It could range anywhere between 5% to 20% of the full price negotiated.
Closing date: The Buyer will state the closing date, which is the time that the full rights and ownership of the property will be transferred.
Note that once you accept the offer, a legally binding contract is formed. Along with the offer, you will receive an earnest deposit (typically $1,000) to indicate the seriousness of such offer. You must respond within the time frame given by the Buyer for the offer to be valid.
If agreed upon in the offer, the buyer will afford an inspection before the purchase and sales agreement to screen any defects and safety risks. You might need to complete some repairs before the closing while the buyer would also take on some obligations. The buyer might also review some documents of the property before the purchase and sales agreement.
The agreement typically takes place around a two-week-period after the offer acceptance. Your attorney will help you to draft the agreement terms to protect your rights and inform you of your obligations. Additional negotiations might take place during the drafting of this agreement. When agreed and signed by both parties, this agreement will be the final integrated contract.
Congratulations! You now have a successful closing and are ready to move on. Waive your property goodbye! The new owner will take good care of it. The closing usually takes place 45 to 60 days after the offer acceptance. If the buyer uses only cash as the finance means, it might speed up the process.
