Buying Tips                             Selling Tips

The Buying Process and Tips from Claire

1. Getting a Pre-approval letter

a. Try to use a lender that is recommended to you by friends or business associates.

b. Have the pre-approval letter in hand before you start to look as this enables you to be sure of what you can afford. You will also need this letter to be able to put in an offer.

2. Viewing homes for sale

a. Always take your Real Estate folder (the one that you were given with the listing sheets inside it) with you for showings. Keep all listing sheets as they will be useful for doing comparisons.

b. Write something you remember about the home to help you distinguish it from others in the future. Often these notes will turn out to be things you didn't like!

c. Have your check book with you on each appointment. It is usual to see between six and twelve homes before "the one" but you could be lucky straight away.

3. Submitting an Offer to Purchase

a. Ensure you have the deposit money available-generally $1000.

b. When negotiating the sale take full advantage of your Realtor's experience. Unlike your friends/family/co-workers (who mean well but…) your Realtor has access to volumes of data as well as first hand experience in countless situations like yours.

4. Conducting a Home Inspection

a. Again, get a referral if possible. If not then ask me!

b. This is for you to find the costly defects that could influence your decision to buy. Don't look at it as a chance to have a laundry list of minor faults and renegotiate the price. You are buying a used item so perfection is not realistic.

c. Not a good time to bring family for a look. You can schedule that for a later date. This is too important to not have your full attention.

5. Signing the Purchase and Sale

a. This is the offer in more detail including any home inspection requirements.

b. You will need further deposit money now. It is usually 5% of the purchase price minus the money you gave with the offer. As the P&S is signed about two weeks after the offer make sure that the funds are going to be available. Money market accounts etc. need a little time to liquidate.

c. Retain an attorney to look over this document and any others such as condominium rules and financial statements. It's a big investment so worth the extra cost to protect you.

6. Organizing your move

a. If possible allow a few days overlap in leaving one home for another. This is more likely if you are coming from a rental property. It allows you to do any decorating that you might want to do before the inconvenience of furniture and packing boxes.

7. The Closing

a. An odd expression that means you sign mountains of paper, hand over a very large check and take home your new keys. It's all yours!

Congratulations!                                                      TOP

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The Selling Process and Tips from Claire

1. Engage Realtor

a. Use a referred Realtor where possible. This is also applicable when leaving the area as we have contacts all over the country.

b. If interviewing several Realtors go for the person who listens to you and your requirements. Don't be seduced by a slick "show" as that person is least likely to deal with you personally. It will be left to assistants while they move on to the next
performance.

2. Pricing your home

a. What counts is: home condition and desirability; present competition; how busy the market is; your time frame.

b. What doesn't count: how much you paid; what your neighbor got last year; what your mother/colleagues tells you it's worth; what you need to get to meet your financial requirements.

3. Preparing your home for sale

a. Don't take criticism personally. Preparation is about setting a stage for a performance. It is not a judgment of your personal taste.

b. Use it as a chance to be ruthless with closets. Less is always better as it makes your home appear spacious. Use the back of the car for additional storage if necessary!

4. Installing a For Sale Sign in garden and lockbox on door

a. A lockbox enables Realtors to have convenient access. Try to avoid accompanied showings unless your home is truly unusual and has lots of hidden features.

5. Begin Showings

a. Be flexible and willing to accommodate short notice showings if at all possible.

b. Don't be there for the appointments as buyers feel more relaxed and receptive without you hovering to "help".

c. Whenever you leave the house, assume someone will show it in your absence. No dirty dishes or laundry left out.

d. Get feedback after each showing so you can react quickly to trends in comments.

6. Negotiating the offer

a. Be open to negotiation. A good offer may not be the highest price but have the most secure financing and short completion date etc.

b. Don't be put off by a low offer. Start the dialogue. Some people feel obliged to try and get a "deal" but will still end up where you need them to be in pricing.

c. The buyer will give a deposit (approx $1000) with their offer. This is called "good faith monies" and is held in an escrow account by your Realtor's office. It will go towards the final purchase price if the negotiations are successful.

7. Engaging an Attorney

a. It's a big transaction. Get expert help. We don't know what we don't know. You are paying to insure against those rare but costly complications. In my previous career as an RN, I saw hundreds of operations but that doesn't qualify me as a surgeon.

8. Conducting a Home Inspection

a. If you don't agree with a major finding when presented to you by the buyer's Realtor (with the relevant Home Inspection report pages) then get an independent opinion.

b. If not unrealistic then try to be accommodating. There may be several small items mentioned (such as leaky faucet, noisy bathroom fan) that could easily be rectified by you. It doesn't mean you are being taken advantage of, just seeing the big picture.

9. Signing the Purchase and Sale

a. This will include any findings from the inspection that are to be dealt with prior to closing.

b. The buyer will put down the remainder of their deposit. It is generally 5% of purchase price minus the initial $1000 good faith deposit that came with the offer. Again it will be put in the escrow account as before.

10. Organizing your move

a. Again, ask for a referral. Make sure all quotes are detailed so that if comparing companies you are dealing with the same criteria.

11. Informing utility companies

a. You generally have to inform your companies of your leaving before the buyers can engage them to take over the service.

b. Let the buyers know who you use (as long as you are satisfied with their service) in case they want to carry on the relationship.

c. If you use oil then get a delivery to fill the tank prior to leaving so that the buyers can pay you at closing. Take along the bill that the company left so the amount is clear.

12. Leaving the house "broom clean"

a. This is not a high level to achieve so to surpass it is a kind thing to do. No one wants to have to clean a home before they feel it is acceptable to unpack.

b. Leave all instruction books/maintenance manuals you may have for appliances etc. They will be no good to you and invaluable to the new owner.

c. Local take-out menus etc are a good thing to leave stuck on the fridge.

d. Don't forget to check the attic and any crawl space.

13. The Closing

a. Take your sets of keys (including mail box keys) with you when you go to sign the paperwork.

b. It's time to move on!

Congratulations!!!                                                                        TOP