New York Selling Process
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 and training
in such fields as real estate marketing, financing, negotiation, networking
and closing - the very skills and expertise availaable from your professional
Coldwell Banker Sales Associate.
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 also a good time to ask why you really want to
sell. Outlined below are the 10 succinct steps to the selling process in New
York.
STEP 1: THE DECISION TO SELL - SELECT A COLDWELL BANKER
SALES ASSOCIATE
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 your Coldwell Banker Sales Associate.
To assist you in finding a Coldwell Banker Sales Associate with truly remarkable
skills and one who will assist you in the sale and marketing, negotiating,
and merchandising of your home, refer to Finding an Office
and Sales Associate on this web CD-ROM.
STEP 2: SET THE PRICE -CREATE A MARKETING PLAN - COMPLETE
SELLER'S PROPERTY CONDTION 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. Your
local Coldwell Banker Sales Associate will assist you in creating a clear
market analysis of your home, so you will be able to develop a realistic,
competitive pricing strategy.
Implementing the Expect More Full Service Home Marketing
System will be crucial to getting the most amount of money, in the
shortest period of time with the least inconvenience to you. Coldwell Banker
differentiates our company from the competition with our exclusive "Customized
Full Service Marketing Proposal". Seller's Property Condition Disclosure is
required by law for some types of housing in New York. 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 and any
additions or remodeling of the property. Your Coldwell Banker Sales Associate
will provide the Property Condition Disclosure for you to complete if required.
STEP 3: FIND THE RIGHT BUYER
Not just one, but thousands of Sales Associates
in New York (and in North America) are working to sell your home! Through
tremendous exposure, marketing and networking, we will create the demand for
that right buyer to find, fall in love with and purchase your home. Be assured
that any buyer brought to your home will be, at the very least, pre-qualified
to purchase your home.
STEP 4: SHOWING THE PROPERTY
A house that "sparkles" on the surface will sell faster than its shabby neighbor,
even though both may be structurally well maintained. From experience, Coldwell
Banker Sales Associates 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 because if what
they can see is maintained, what they cannot see has probably also been maintained.
In readying 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.
Please take a moment to review The Home Enhancement Guide
located in our Real Estate Library under Preparing
Your House for Sale. Ask your Coldwell Banker Sales Associate for a
copy of Dress Your House For Success.
STEP 5: PRESENTATION AND NEGOTIATION OF OFFERS
In a typical situation in Rockland County, the buyers will complete and sign
an offer prepared by their Sales Associate on either a binder agreement (sometimes
called "Agreement of Sale" or "Offer to Purchase") or on the Standard Rockland
County Contract. The offer will then be presented to your Coldwell Banker
Sales Associate who will review and discuss the offer with you. No down payment/earnest
money is ever presented with an offer.
At times in an extremely competitive market a multiple offer situation arises.
Typically multiple offers can be presented to you all at once, and then a
blanket counter offer can be made to all parties. At that time your Sales
Associate will review strategy, price terms, conditions, closing date, inclusions/exclusions
and other pertinent issues of the offer. At this time it would be extremely
important to review the Coldwell Banker Mortgage, or other pre-approval qualifications,
of the buyers to ascertain their affordability of the home.
Once a meeting of the minds has occurred between all parties, official preparation
of a contract of sale occurs through the buyer's hired attorney.
STEP 6: ACCEPTANCE OF OFFER - ATTORNEY REVIEW
Once a meeting of the minds has occurred between the buyers and sellers, your
respective attorneys are given copies of the binder or contract. If a binder
was used by the Buyer's Agent, then contracts will be prepared by your attorney.
If you have not already done so, provide your Coldwell Banker Sales Associate
and your attorney with a copy of your existing deed, owner's policy of title
insurance, survey and certificate(s) of occupancy. Whether prepared by the
buyer's Sales Associate or your attorney, the fully executed contract is an
agreement between the seller and the buyer. Generally, in Rockland County,
attorney review of the contract for residential property is five business
days. For condominiums and co-ops, there is an eight-day attorney review period.
Please see your attorney for details during this process.
STEP 7: HOME INSPECTIONS
Home inspections should be expected according to the terms of the contract.
They are typically ordered by the buyer and conducted within five days of
acceptance of the binder/contract. Any issues resulting from the home inspection
that need to be resolved should be discussed with your Coldwell Banker Sales
Associate and/or your attorney.
STEP 8: BUYER'S DOWN PAYMENT AND MORTGAGE COMMITMENT
- TITLE REPORT REVIEW
During or upon completion of the attorney review period, the buyer's attorney
will forward the buyer's down payment to your attorney to deposit into his/her
attorney escrow account. Your Coldwell Banker Sales Associate and/or your
attorney will assist in following up on contingencies, if any, which you as
a seller may have to meet as well as the status of any buyer's contingencies,
including their final written mortgage commitment which takes approximately
30 to 45 days to obtain. A title search and report will be ordered by the
buyer's attorney with a copy provided to your attorney. Your attorney will
ask you for your existing mortgage information and will order payoff statements
of your mortgages(s) and any other liens on the property. Ask your attorney
to review these items with you.
STEP 9: THE WALK THROUGH - THE CLOSING
In New York the buyers, with their Buyer's Agent, will perform a "walk through"
of the home to ascertain that it has been left in "broom-clean 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 attorney's office of the buyer's lender.
The Sales Associates are usually present for both buyer and seller. Bring
all keys and garage door openers to the closing. Typical costs due at closing
are attorney's fees, mortgage liens, mortgage satisfaction recording fee,
realty transfer tax (rate fixed by sales price of property), adjustments,
either a credit or charge for tax, water, sewer, oil in tank, etc., and real
estate commission. This is not a definitive list. Please see your attorney
for specific details on closing costs.
STEP 10: THE MOVE - CONCIERGE™ SERVICES
Our Concierge™ Service is designed to assist the buyer and seller in
every way imaginable. Before, during and after the sale you will have a Concierge™
Service representative available to you all through the process. For additional
information review our Concierge™ Service
and Moving Tips.
