The Process of Selling Your Home
Establishing the Value of Your Home
The first step in the home sale process is establishing the current market value and appropriate listing price for your home. The best way to determine this is to have Edward Mortimer and Sotheby's International Realty complete a complimentary Competitive Market Analysis. This analysis will establish a recommended asking price for the home and also provide a realistic selling price (among the various data points). The determination of both the market price and market value is based on this analysis which takes into account: 1. The overall appearance of the home/property. 2. How the home/property compares to similar homes/properties for sale and that have sold in the recent months. 3. The current supply and demand for homes in a similar category. 4. The current market trends and conditions.
Improvement Recommendations to Increase Market Value and Marketability
As part of the complimentary market evaluation, Edward Mortimer will also offer recommendations for improvements that will help to enhance the value of the home when it is listed for sale. Such enhancements can range from simple cleaning and painting to more elaborate renovations. In either case, the justification for any sort of work will be presented at the time of the market evaluation. Any seller should try to make the most of his or her equity investment. In addition to helping a seller potentially generate additional dollars for the home or property, these improvements can also make the home/property more appealing in the market-place, shortening the time it might take to make a sale.
Listing the Home for Sale and Marketing the Property
Listing a home or property at the right time of the year is just as critical as establishing the correct listing price and making home/property improvements. Even though in recent years the Greenwich real estate market place has become almost a 12-month-a-year market, the spring market is a great time to sell.
Edward Mortimer custom designs a very specific marketing plan for any property that he lists. A very complete week-by-week overview of the sales and marketing campaign is proposed in a marketing document that is delivered to the client during the marketing presentation for the listing.
Negotiations and Inspections
Once a buyer expresses interest in buying your home, an offer to purchase is made. Terms can vary with deposit and closing timing. Depending on the property type and buyer, a building inspection and other inspections and legal work may be presented as contingencies to the contract.
Accepted Offer and Contract
Once the seller and buyer have reached an agreement on the buy/sell terms and conditions, such agreement outlined on an Offer-to-Purchase document that is prepared by the buyers agent and exchanged with Edward Mortimer and the seller. This Offer-to-Purchase document gets delivered to the seller's attorney so that he or she can draft a sales contract. The buyer's real estate attorney communicates directly with the seller's attorney to work out the legal sales contract and once worked out the contract is delivered to the buyer's attorney for signature by the buyer. At signature the buyer also typically issues a deposit check. The buyer's attorney delivers both to the seller's attorney for review and signature with the seller.
Once the deal is complete and there are no outstanding contingencies, the property is ready to close. The day of the closing, the buyer completes a walk-through of the property to ensure everything included in the sale is inside the house or on the premises as it is expected to be. After the walk-through all parties proceed to the closing location. This may be the lender’s offices, the mortgage-holder’s offices or the offices of the attorney for either the buyer or the seller. At the closing the deed gets and money gets exchanged and the closing is complete.
Still have questions about selling a home in Greenwich?
Contact Edward Mortimer for tips on selling real estate in the area and to find out how he can help.