Getting Ready for the Sale

A Little Homework

Before the listing appointment, both the home seller and the listing broker are busy. While the home seller collects a list of documents requested by the broker, the listing broker studies recent neighborhood sales of homes comparable to yours, and also comparable homes currently for sale. All data is cross-referenced in our Real Estate computer system - to maximize your return on investment.

There's No Place Like Home

At the listing appointment, the listing broker will want to inspect the house and yard to become familiar with it's special features. You have probably enjoyed living in your home and have been pleased with its many unique features. Your listing broker will want to tell prospective buyers about the special features of your home and neighborhood. Be ready to specify about schools, day-care, nearby metro, and other desirable community features.

Virginia Real Estate Home for Sale ExampleDemand Sets Price

After conferring with the listing broker on market conditions, comparable nearby sales and listings, and available financing, the home seller will set the listing or "asking" price for the house. A common definition of market value is: "What a ready, willing and able buyer will pay, at a price a seller will accept. Our job is to Maximize your leverage on your home without overpricing it. There's a rule of thumb that says: "A house priced more than 5% over market value discourages offers" - Buyers who can afford the price can get "more house" for their money elsewhere. Buyers who cannot afford the price simply won't look.

Sample "Net Sheet"

Based on the sales price, the listing broker will go through a worksheet that estimates the "Net cash" from the sale. Simply, this exercise subtracts anticipated charges paid by the seller from the sales price. A copy of the "net sheet" is left with the seller.

Financing Strategy

No sale can be completed without financing. That is why it is generally to the home seller's advantage to appeal to the greatest number of home buyers by accepting the greatest range of financing plans. We can help explain the differences between the newest loan programs available.

What is a Point?

A point is one percent of the amount of the buyer's mortgage loan. For example, if a loan is $100,000, one point is $1000. Lenders charge points to increase the yield on their loans. On all loans, home buyer and home seller may share the charges by mutual agreement.

Property Profile Folder

To enable the listing broker to prepare a folder of information on the property, the home seller needs to provide a number of documents and information specific to the location and jurisdiction. Because the list is long, you can understand why it's best to collect the papers before the listing appointment. These materials may include:

  • Pay Off Notice
  • Well and Septic Inspections
  • Order Lender Appraisal
  • Assessments / Easements
  • Property Taxes / Condominium Fees
  • Inspections
  • Utilities
  • Helpful documents
  • What Conveys?

In anticipation of a buyer's offer, the home seller must be ready to supply the listing broker with a specific list of the personal property that is included in the real estate property for sale. Examples of items to "convey" may include: draperies, drapery rods, remaining heating oil, firewood, washer, dryer, refrigerator, stove, microwave, disposal, swimming pool chemicals, awnings, storm doors and windows, screens, venetian blinds, shutters, window air condtioners, etc.

Listing Agreement

When a home seller is ready to put the house on the market, a listing agreement is filled out and signed by the seller. You've now hired a listing broker and listing agent.