Home Seller's Guide
Wendy Lusik - (843) 368-2140 wendyhhsc@gmail.com
Common Real Estate Terms to Know
•Appraisal: A document of opinion of the property value at a specific point in time.
•As-is: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.
•Backup offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer.
•Buyer’s agent: The agent who shows the buyer’s property, negotiates the contract, or offer, and works with the buyer to close the transaction.
•Closing costs: The fees paid at the closing of a real estate transaction.
•Closing: The end of a transaction where documents are signed, and funds are dispersed.
•Comparative Market Analysis: A study done by real estate sales agents and brokers using active, pending, and sold comparable properties to estimate a price for a property.
•Days on Market (DOM): The # of days a home has been listed on the market.
•Earnest money deposit: Money given to the seller at the time an offer is made as a sign of the buyer’s good faith.
•Home inspection: A home inspector examines your home for integrity (HVAC system, electrical, plumbing, attic, flooring, foundation, etc.
•Pre-approval: A higher level of buyer/borrower prequalification is required by a mortgage lender. Some pre-approvals have certain conditions the borrower must meet.
•Seller disclosure: Information about the property like major renovations, water damage, pest, etc
WHEN YOU ARE CONSIDERING
SELLING
Add Curb Appeal
Design development
Trim bushes and branches so they don’t block
Look at your home objectively from the street. Check
windows or architectural details.
the condition of the landscaping, paint, roof, shutters,
Set a pot of bright flowers (or a small evergreen in
front door, knocker, windows, and house number.
winter) on your porch or front walkway.
Observe how your window treatments look from the
Install new, matching locks and knobs on your
outside. Something special—such as big flowerpots
front door.
or an antique bench—can help your property stand
Repair any cracks or holes in the driveway, and
out after a long day of house hunting.
clean oil spots with a degreaser and a steel brush. Edge the grass around walkways and trees. Stow your garden tools and hoses out of sight, and clear kids’ toys from the lawn.
Update window treatments.
Buy a new mailbox.
Buyers want light and views, not dated,
Upgrade your outdoor lighting.
heavy drapes. To diffuse light and add
Purchase a new doormat for outside your front
privacy, consider energy-efficient shades
door.
and blinds.
Clean your windows, inside and out. Polish or replace your house numbers. Mow your lawn. Also, turning on the sprinklers for 30 minutes before the showing will make the whole yard sparkle. Place a seasonal wreath on your door.
The Lowcountry is unique. Each community has its own character. Each neighborhood appeals to a different buyer. To obtain the highest possible sales price for your home, the marketing must reach the right buyers with the right message. I have the network and experience to do this. Every piece of information on your property, brochure, the Multiple Listing Service, online, or a well-placed advertisement, must show your home in the best possible light. During all phases of a listing from the initial paperwork and promotion through the very last details of the closing, I will personally attend to all of the details. I have proven marketing strategies that we can implement to get your listing in front of as many ideal home buyers as possible. I’ve also cultivated a strong network of consumers and business partner experts that we can leverage to find a buyer quickly. In addition to my robust network, we will also market your listing where home buyers are
RE/MAX ISLAND REALTY
known to find the home they purchased.
Offline Strategies To get the most buyers, we’ll show your home to as many people as possible by leveraging print and offline marketing tools: 1. Printed Promotions: •Yard signs •Flyers •Brochures •Postcards •Door hangers
2. Offline Promotions: •Word of mouth •Staging •Curb Appeal •Open Houses •Showings
APPEARANCES DO MATTER Appearances are so critical that it would be unwise to ignore this when selling your home. The look and feel of your home will generate a more significant emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell, and any one of these elements can easily turn a buyer off of a well-priced home. EVEN IF IT SEEMS INSIGNIFICANT, FIX IT AND CLEAN IT. Scrub, scour and tidy up. Get rid of clutter and repair squeaks. Repair that broken light switch or the tiny crack in the bathroom mirror because these can be deal-killers and you’ll never know what will cause alarm in a buyer. Remember, you’re not just competing with other resale homes, but brand-new ones as well. STAGING TIPS Do: •Hang Mirrors: Hang a mirror in your entryway for a more spacious look. •Reduce Furniture: Minimizing the amount of furniture makes your home look more open and spacious. •Use Neutral Colors: Neutral colors show best in all homes and doesn’t turn off buyers. •Leverage Technology: Tech updates are a huge selling point, so showcase them. Don’t: •Mask Odors: Use only natural deodorizers and avoid floral scents. •Overcrowd: Keep your room’s purpose clear and well defined.
WHY
1
Most Recommended
2
RE/MAX Collection
3
Brand Awareness
4
Marketing
FAQ
WHAT TO KNOW
Q. DO WE HAVE TO LEAVE WHEN THE HOUSE IS BEING SHOWN? A. It is best to be away when the house is being shown. However, sometimes it is impossible. If you are at home, go wherever the prospective buyer is not. If they are in the den, go to the kitchen. Your presence inhibits them from making comments, looking in closets, etc. Remember that we want them to feel like it is already their home. Q. WHAT SHOULD I DO IF AN UNEXPECTED REALTOR REQUESTS TO SHOW THE HOUSE? A. Don’t let them in. First, ask for a business card. It is your house, and it is your right to ask that they set up an appointment through the office. Since you are serious about selling your house, try to accommodate their request. If you need a few minutes to straighten up, ask that they return in 15 or 20 minutes.
Have a pet? Q. WE HAVE A PET, WHAT SHOULD WE DO DURING A SHOWING? A. The pet, like all family members, should be out of the house for showings. Pets are a BIG distraction (either a positive or a negative one). Try your best to have them out of the house during a showing to allow the buyer to keep their focus on consideration to buy.
Feedback Q. DO I GET FEEDBACK AFTER A SHOWING? A. It is very important for us to know why buyers like or do not like your home. Responses are crucial because we use them to make adjustments in our marketing plan. We email a feedback request to the showing agent immediately and then follow up with a call.
TIMELINE List Home Offer (s) come in Negotiate Execute Contract
Closing
Offer
Executed contract
Closing
A serious buyer will make an
Once you decide on an offer
Your attorney will contact you
offer if they’re interested in
and the contract is fully
for the documents they need
your home. Before you
executed, the buyer will have
and schedule the closing. They
decide, you should consider
time for the home inspection
will inform you of items that
and any other due diligence
you need to be aware of, such
listed in the contract.
as; prorations of fees, mortgage
During this time, you will
payoff amount, legal fees,
decide who your attorney
South Carolina withholdings,
will be. I will send them the
etc.
contracts, confirm EMD with
The settlement statement will
counter when you get an
the buyer's attorney, and
be drafted a few days prior to
offer.
order the CL 100 report.
the proposed purchase price, their financial paperwork, contract contingencies, earnest money deposit, requested move-in date, offer expiration date. You can either accept, reject, or
closing for your review.
What is a CL-100 Report? Also known as a Wood Infestation Report (WIR), CL stands for “clear letter, ” indicating there are no current termite infestations in your home. What does the inspector look for? Visible evidence of active, or previous infestation of termites or other wood-destroying insects. Visible evidence of whether there has been prior termite treatment. If there is evidence of active wood-destroying fungi below the main floor. Any visibly damaged wooden members below the main first floor of the home including columns, sills, door jambs, exterior stairs, and porches.
OFFERS
REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. It’s possible you may be faced with multiple competing offers to purchase your property. Their are various negotiating strategies for you to consider. For example, you can accept the “best” offer; you can inform all potential purchasers that other offers are “on the table” and invite them to make their “best” offer; you can “counter” one offer while putting the other offers to the side awaiting a decision on your counter-offer; or you can “counter” one offer and reject the others.
In a seller's market, a competitive offer could include a large earnest-money deposit, a preapproval letter from a lender, extra time for the sellers to move out, or waived contingencies.
Items to review 1) What is the offer amount? 2) How much is the buyer willing to put in escrow? 3) Is the buyer paying cash or will they need a loan? If they need a loan, do they have a pre-approval letter? 4) How many contingencies does the contract have? 5) What is the closing date and is the buyer flexible on this date? 6) Is the buyer willing to provide you with a leaseback? 7) Is this contract contingent on an appraisal? 8) Does the buyer needs to sell their home before they can buy yours?
About the Appraisal Process Once you are under contract, the buyer’s lender will send out an appraiser to make sure the purchase price is in line with the property’s value.
Appraisals help guide mortgage terms. The appraised value of a home is an important
The appraised value is not a concrete number. Appraisals provide a professional opinion of value,
factor in the loan underwriting process. Although
but they aren’t an exact science. Appraisals may
lenders may use the sale price to determine the
differ quite a bit depending on when they’re done
amount of the mortgage they will offer, they
and who’s doing them. Changes in market
generally only do so when the property is sold for
conditions also can dramatically alter appraised
less than the appraisal amount. Also, the loan-to-
value.
value ratio is based on the appraised value and helps lenders figure out how much money may be
Appraisers use data from the recent past.
borrowed to purchase the property and under
Appraisals are often considered somewhat
what terms. If the LTV is high, the lender is more
backward-looking because they use sold data
likely to require the borrower to purchase private
from comparable properties (often nicknamed
mortgage insurance.
“comps”) to help come up with a reasonable price.
LOCAL ATTORNEYS
Names Hale & Hale, P.A. 843-837-3000 The Law Office of Paula M. Kilgore, LLC 843-757-2229 The Going Law Firm, LLC 843-682-2111
Note If you are not going to be attending your settlement, which is not unusual here, you will need to let the law firm know so that they can provide you with the limited Power of Attorney forms ahead of time. The attorney is customarily your Power of Attorney and he/she can execute the paperwork for you.
Why do I need an attorney? South Carolina considers the conducting of a real estate closing the practice of law, which only an attorney can do. South Carolina is one of several states that require a real estate attorney to be involved, but it's one of just
a
select
few
that
mandate
the
attorney
be
physically present at the closing. When you hire your lawyer, you'll work closely with them to set a closing date that allows all parties to be present.
What information will the attorney need? The seller will need to provide all necessary contact information, loan servicing and payoff information, home owners association information, including proof of paid fees, and new forwarding address.
What do you need to bring to closing? You will need two forms of current identification—typically this is a driver’s license and a social security card. You may also bring other forms of government-issued ID like a passport, military ID, voter’s registration, etc
www.TheLusikTeam.com
WENDY LUSIK (843) 368-2140 wendyhhsc@gmail.com 24 New Orleans Road, HHI SC 29928