THE 10 STEPS OF SELLING A HOME IN NEW JERSEY
While almost 100,000 existing homes are sold each week nationally, the process is not as easy for sellers as it was five or 10 years ago. Surviving in today's real estate world requires experience.
The home selling process typically starts several months before a property is made available for sale. It is necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired, and thrown out.
While part of the "getting ready" phase relates to repairs, painting and other home improvements, this is a good time to ask why you really want to sell. Outlined below are the 10 succinct steps to the selling process in New Jersey.
STEP 1: THE DECISION TO SELL - SELECT A QUALIFIED AGENT
Selling a home is an important matter and there should be a good reason to sell such as a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it is important to discuss your needs and wants in private with me.
STEP 2: SET THE PRICE - CREATE A MARKETING PLAN - REVIEW SELLER'S DISCLOSURE STATEMENT
There are many factors that affect the price of a home: location, condition, and amenities of a home, supply and demand, and the local marketplace. I will assist you in creating a clear market analysis on your home, so you will be able to develop a realistic, competitive pricing strategy on your home.
I differentiate myself from other sales associates with my Marketing Plan and my interest in providing exceptional service.
Written seller's disclosure has become a major part of a home sale transaction in New Jersey. The Seller's Disclosure Statement is a form on which the sellers describe, to the best of their knowledge, physical aspects of the property. This includes numerous categories such as land condition, structural condition, plumbing, roofing, electrical, additions or remodeling of the property. It will reduce uncertainty and misunderstandings, thus giving buyers confidence and peace of mind when negotiating on a property.
STEP 3: FIND THE RIGHT BUYER
Not just one, but also thousands of agents in New Jersey will work to sell your home through MLS! Through this tremendous exposure and a good marketing plan, I will create the demand for that right buyer to find, fall in love with and purchase your home.
STEP 4: PREPARE FOR THE SHOWINGS
A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained. From experience, we all know that a "well-polished" house is more appealing to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well cared for home. In preparing your house for sale, consider how much you should spend to enhance the exterior of the home for curb appeal and the interior for appearance.
STEP 5: THE PRESENTATION AND NEGOTIATION OF OFFERS
At times, in an extremely competitive market, a multiple offer situation can arise. Typically, multiple offers can be presented to you all at once, and then a blanket counter offer can be made. At that time, I will review strategy, price terms, conditions, closing date, inclusions/exclusions and other pertinent issues pertaining to the offer. Also at this time it would be extremely important to review the pre-approval of the buyers to ascertain their affordability of the home.
Once a meeting of the minds has occurred between all parties, official signing of the contract occurs.
STEP 6: THE CONTRACT
In New Jersey it is typical to provide a $1,000 or more earnest money deposit with an offer. Six original copies of the contract are created by the Buyer's Agent for all parties to sign. Original copies are typically available for the buyer, the buyer's attorney, the seller and seller's attorney, and both real estate sales associates.
STEP 7: ATTORNEY REVIEW AND ACCEPTANCE
Attorney review is considered three business days in New Jersey. Discuss with your attorney details regarding attorney review.
STEP 8: HOME INSPECTIONS - 2ND DEPOSIT - FOLLOW-UP MORTGAGE APPROVAL - CONTINGENCIES
Home inspections and second deposit should be expected according to the terms of the contract. Home inspections are typically ordered within 10 business days. Any issues arising as a result of the home inspection should be discussed with your attorney.
I will assist in following up on all contingencies being met. Survey, title search and title insurance will be ordered by your attorney. Ask your attorney to review these items with you. A written mortgage commitment for the buyers takes approximately 30 to 45 days.
STEP 9: THE WALK-THROUGH - THE CLOSING
In New Jersey the buyers, with their Buyer's Agent, will perform a "walk through" of the home to ascertain that it has been left in "broom-swept condition" and that items were not left behind that should have been removed. Please refer to your contract of sale for specifics.
The closing typically occurs at the buyer's attorney's office. Both agents should be present for both buyer and seller. Remember to bring all extra keys and garage door openers. Typical costs due at closing are Attorney's fees, mortgage liens, mortgage cancellation fee, realty transfer fee (rate fixed by sales price of property), adjustments (either a credit or charge for tax, water, sewer, oil in tank, etc), Certificate of Occupancy and real estate commission. This is not a definitive list. Please see your attorney for specific details and Sellers Estimated Closing Costs within this website.
STEP 10: THE MOVE
Moving can be overwhelming, so please visit my moving checklist for some tips.
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