Buying & Selling - Market Value - Marketing Program - Offer - Closing

Buying and selling a home are different processes, each requiring specific attention and service. Selling a home requires a certain level of skills and professional resources. In order to effectively market a home, it needs to be shown to the widest possible audience. To meet this challenge, we have developed a marketing approach that uses the most current technology available to inform potential buyers locally, regionally, nationally, and internationally. This enormous scope provides your home with the maximum level of exposure.

List Your Property

Selling a home can be as challenging as buying one. A number of questions may arise:
· How quickly will my home sell?
· Will people like how it looks?
· Will someone pay what I believe it's worth?
· What do I do if my home does not sell?

A homeownership services firm who meets your needs by providing expert advice, high professional standards, and convenience can help ensure that the process is a successful, rewarding experience.
A homeownership services company can provide tremendous value:

· Reputation for honesty, integrity and fairness
· Professional standards and support for agents
· Comprehensive marketing programs, including Internet presence
· Online technologies to enhance homeselling
· Complete range of homeownership services
· Commitment to customer satisfaction

A real estate professional can provide valuable assistance:
· Expert guidance through a complex process
· Insight about homes and communities
· Vigilance for market dynamics
· Advice on critical issues*
· Support through emotional decisions
· Legwork to help complete the transaction

Here are a few steps you can take to help identify the right real estate professional for you:
· Research: Gather and review information anonymously to find good candidates and firms
· Screen Agents Confidentially: Complete a Help Selecting an Agent form online (we will work with you to identify an agent that meets your needs - no agent will be informed or contact you unless you request it)
· Interview Agents: Talk with several candidates to assess their capabilities and working style
· Speak with Managers and References: Talk to the office manager and references to confirm your findings
· Review the Firm: Understand what value the firm delivers in support of the individual agent
· Define Expectations: Be sure that the agent understands what you expect, and is eager to deliver

Once you've found the right firm and real estate professional to represent you, they can help you determine the value of your home and prepare it for sale.

Legal Assistance: During the sale transaction and closing process, legal assistance can prove invaluable*

Home Inspections: You may consider having a home inspection before marketing your home, to minimize surprises

The process of determining the market value of a home is quite complex. Recent sales activity and information about similar properties currently on the market are just a few of the primary components. Real estate professionals use a Comparative Market Analysis (CMA) approach to assess a home's value: a well-executed CMA provides a sound basis for a home value discussion. Ultimately, you must decide the price to ask for your home, factoring in such issues as timeframe, mortgage pay off, and, possibly, purchase price of a new home. Regular feedback from the listing agent will provide information about revisiting the pricing strategy, if the asking price does not generate the desired offers.

A CMA Will Include Comparable Property Information:
· Sales closed within the last 3-6 months
· Properties currently under agreement
· Active listings
· Withdrawn and expired listings

And A Range Of Values Based Upon:
· Neighborhood
· Age of property
· Conditions of property
· Features of property

With A Marketing Plan:
Tailored to your property
Detailing the specific services provided

A homeownership professional specializing in the local market is best qualified to give you an accurate assessment of your home's current market value, and to help balance market realities with your dreams, allowing you to establish the most effective marketing program, including an asking price that generates active buyer interest. Prolonged periods on the market often result in less buyer interest and lower prices.

If your home is well-marketed in an active real estate marketplace, many people should see it. With your listing on the Internet, this number can increase significantly. Over 70% of homebuyers begin their home search online; a primary goal is to speed the search process by eliminating houses that did not meet their criteria.

Exterior
· Keep lawn trimmed and garden areas neat. Remove clutter and toys
· Remove leaves, snow and ice from walkways and steps
· Clean the front door. Repaint or stain if necessary
· Check fences for loose posts, slats, and pickets

Interior
· Replace dim light bulbs. Make sure fixtures are clean
· Keep windows clean and coverings open
· Have carpets cleaned
· Brighten interiors with a fresh coat of neutral paint
· Organize closets, attic, basement, and garage
· Keep walking areas clear

Kitchens and Bathrooms
· Thoroughly clean sinks, oven, stovetop, refrigerator, and floors
· Remove all unnecessary articles and appliances from countertops
· Remove all pictures and magnets from refrigerator
· Keep all cabinets and closets neat and well organized
· Make necessary repairs to appliances. Repair leaky faucets
· Polish bathtubs, toilets, showers, sinks and mirrors
· Check/repair caulking around bathtubs, showers, sinks and tile

Your homeownership specialist can help you prepare to market your home. Competition and advances in technology have driven innovation in the way homes are marketed. Increasing globalization and growing personal mobility require marketing a home through multiple channels, including online services that did not exist just a few years ago.

Marketing Support
An effective marketing program takes a comprehensive approach. It considers the ways consumers learn about available homes, and incorporates valuable, innovative elements.

Quality Online Exposure
Your property can be included in a database of all available properties, called the Multiple Listing Service (MLS). All MLS data reaches consumers around the world, thanks to the Internet. The effectiveness of online marketing is a function of how much exposure a property receives and how well it appears. You can realize substantial exposure for your property online: make sure it is quality exposure.

Maximize Your Home's Appeal
To market your home successfully, it should be prepared to show all of its potential. Your listing agent can help you emphasize the positive aspects of your home and maximize its appeal.

Coldwell Banker Residential Brokerage's Marketing Program puts all of these factors to work selling your home, including:
· The Coldwell Banker Residential Brokerage Brand
· NewEnglandMoves.com
· HomeMoviesSM
· PhotoGallerySM
· MyPageSM
· REALTOR.com®
· Open Houses
· Direct Mail
· The Coldwell Banker Residential Brokerage Network
· Local Advertising
· Yard Signs

The Coldwell Banker Residential Brokerage Brand
By making the community aware of Coldwell Banker Residential Brokerage, we attract more buyers, ultimately providing greater exposure for your home. We have invested seriously in building our brand name through television, radio, and print media. It will bring an intrinsic and singular value to your property, distinguishing it from other homes on the market.

NewEnglandMoves.com
NewEnglandMoves.com receives over 200,000 visitor sessions per month, making it the leading full-service real estate firm Web site in New England. We continue to expand and improve our Internet presence, including a commitment to provide the most effective online exposure for your property.

HomeMoviesSM
HomeMoviesSM ensure that listings stand out online. A HomeMovieSM will be made for your property and hosted on NewEnglandMoves.com. Unlike the typical virtual tours that have become widely available, these are full-motion videos. They include complete interior and exterior views, allowing the audience to see a genuine sneak preview from their own desktop, at their convenience. HomeMoviesSM are best viewed with broadband Internet access. View a sample HomeMovieSM.

PhotoGallerySM
Certain scenes from the HomeMoviesSM video footage will be selected for use in a still PhotoGallerySM of your home, hosted on NewEnglandMoves.com. The gallery contains 9 images of your home. The PhotoGallerySM provides an excellent complement to HomeMoviesSM, especially for Internet users who have connections with slower speeds than broadband. View a sample PhotoGallerySM.

MyPageSM
MyPageSM allows consumers to customize their experience on NewEnglandMoves.com, including the ability to save and email property listings and receive email notifications about the following:
· New listings that match custom criteria
· Open Houses that match custom criteria
· Price and status changes on saved properties
· Listings on 3 favorite streets

REALTOR.com®
All Coldwell Banker Residential Brokerage listings are displayed on REALTOR.com®, the largest national listings database, which feeds a number of Web sites.

Open Houses
Your Coldwell Banker Residential Brokerage agent may arrange an Open House to show your property to the public, normally over the course of a weekend. The date and time for an Open House are typically published on our Web site during the week prior to the event. A link for Maps and Directions is also included. Hosting an Open House can be a productive method for making people aware that your home is available.

Direct Mail
We have an extensive direct mail program designed to inform the public of our listings. For each home, Coldwell Banker Residential Brokerage sends notices throughout the community. Neighbors become aware that your home is available; they, or someone they know, may become interested (This is just one example of several different types of direct mail programs we utilize).

The Coldwell Banker Residential Brokerage Network
Most homebuyers are introduced to your home by another agent. At Coldwell Banker Residential Brokerage, we have over 5,000 agents throughout New England who will work as a team to sell your property. In addition, professionals in our other services are excellent referral sources for attracting potential buyers.

Local Advertising
Statistics show that one third of all buyers move within the same town. Consequently, local advertising can be an important element of a marketing campaign; this may include placing an ad for your home in the Classified section of local newspapers.

Yard Signs
A sign will be professionally installed in a strategic location on your property, and we will install a lock box, if applicable.

An effective marketing program, well-implemented should generate offers. Successfully marketed homes should generate offers. Offers formalize the homebuying process by committing in writing to purchase a property, subject to certain terms and conditions. Agents representing potential buyers will submit offers through your listing agent. Generally, offers must be in writing, signed and dated by all buyers, and include the following:
· Offer Price: how much they are agreeing to pay
· Expiration Date: when the offer expires
· Closing Date: when they can take ownership, including elimination of all contingencies
· Deposit: the amount they will place into an escrow account to secure their offer (typically 10% - 20% of the offer price)
· Contingencies (if any): such as mortgage financing and inspections

This is only an overview; how an actual Offer to Purchase is submitted and progresses through a transaction varies from state-to-state, and often from town-to-town. In many locales, an agent will assist a buyer in completing and submitting a standard form Contract to Purchase, which may be negotiated and, if accepted, will become the complete agreement between the parties for the purchase and sale of the property. This Contract to Purchase is frequently referred to as the Buyer's Offer until such time as it is accepted by the seller, at which point it is referred to as the Purchase Contract, or Purchase and Sale Agreement. In other areas, it is common practice for a buyer to submit a simplified Offer to Purchase, or Binder, as a preliminary step in the process. This Offer or Binder is negotiated and agreed to by the parties; the parties are expected to enter into a more detailed Contract to Purchase, or Purchase and Sale Agreement, after the initial steps in the process are complete (note: depending upon the practices of the locality, these Offers or Binders may or may not be considered legally binding).
Your listing agent will present offers to you. All terms of the offer should be considered, including the asking price, contingencies, local market dynamics, and your goals. In a soft market, you may see few offers, or offers significantly below your asking price. If homes are selling quickly, you may receive multiple offers near - or exceeding - your asking price. As a seller you are under no obligation to accept any offer, even those at or above the asking price, although you must review all offers submitted.
The seller has the following options when considering offers:
· Accept the offer as proposed
· Counter-offer with a modified offer
· Reject the offer and return the deposit
If you decide to counter-offer, negotiations will continue until all terms are agreed upon (or, because the original offer was not accepted as submitted, either party may withdraw from the negotiations, at which time the deposit should be returned). Until the offer is accepted, the buyer may withdraw the offer and you may entertain other offers. Once the offer is accepted, the home inspection process begins, after which the parties proceed to execute the purchase contract (typically within 5-10 days), and begin the closing process. Additional negotiations may ensue if inspections uncover unanticipated issues and costs. As these inspection findings would constitute a change to the terms as agreed upon, you have the right to refuse or accept any change requests. [Note: verbal agreements regarding the sale of real estate are generally not enforceable, until agreed to in writing by all parties.]
Dual Agency occurs when a real estate firm represents both the Buyer and the Seller in the same transaction. In Dual Agency, the agent will continue to remain loyal to you and will protect your confidential information. However, because the agent also represents the other party in the transaction, in a Dual Agency situation, the law in some states may limit the degree to which your agent can zealously advocate for you in that particular circumstance. Even in Dual Agency, your agent can continue to assist you to the best of his or her ability to fulfill your wishes and desires in the transaction. Because the laws and rules governing Dual Agency vary from state-to-state, we encourage you to ask your real estate agent about Dual Agency, and consult with legal counsel as well, if you feel that is appropriate.
It is wise to become familiar with the offer and purchase contract practices in your market area, with legal assistance if appropriate. To learn more about the practices in your area, contact a Coldwell Banker Residential Brokerage Homeownership Professional.

The closing is an exciting time; all negotiations are resolved, and all contingencies have been met. Often, the days leading up to the closing date are active, as both parties work to put everything in place. An experienced agent can significantly improve your closing experience.
Closings usually occur thirty to ninety days after a signed Purchase & Sales Agreement. In the period leading up to closing, the sellers and their homeownership service providers are normally focused on preparing for the closing, which would include making the house available for inspections, preparing the deed, and moving. The homesellers should also begin planning to move their personal goods. All parties will be present or represented at the closing for final review and signing of papers. Closings are administered by a Closing Attorney or Settlement Agent. If the seller cannot be at the closing, alternative arrangements can be made, which typically involve signing papers in advance, and/or granting Power of Attorney to their representative. All closing expenses will be discussed in advance of the closing, with the closing attorney or settlement agent, as the final figures are prepared. The sellers will be asked to sign the deed and any other papers that the lender, and/or other interested parties, may require. If the buyer is financing the purchase through a lender, the lender's attorney will often be present, in order to review documentation and protect the lender's interests. At conclusion, the lender's attorney will record the new deed and mortgage, and discharge all previous obligations of the seller. Once the closing papers have been executed and the deed recorded, the buyers take legal ownership of their new home.

It is common for buyers to make an offer contingent upon one or more home inspections. These inspections are performed for, and paid by, the buyer. The seller must consent to the inspection, but is not required to correct, or provide compensation for, any problems identified. If the seller agrees to an inspection as part of accepting the offer, the seller must allow the inspection within the time specified in the offer. If the inspection findings are acceptable to the buyer, the closing process can begin. If the inspection uncovers problems, the buyer may be able to withdraw the offer, or may propose an alternative to resolve the issues. The seller may agree to all, a portion, or none, of any request made by the Buyer. Property inspections should be conducted by professional inspectors - someone trained in the field that has no outside interests in the property. The buyer should be present when inspections are performed, so that the inspector can describe the process and findings personally. It is a valuable time to learn how the house has aged, as well as the details of any issues. Also, as houses do age, you can learn many helpful tips on how to care for your home in the future.
The Inspector Should
· Look for any serious structural, mechanical, and/or other major defect in the property
· Examine all systems, including heat, air conditioning, electrical, and plumbing
· Examine the general construction quality and condition of the house
· Spend time checking the exterior of the house, including the roof, foundation, and chimneys
· Check the basement, including wiring, plumbing, heating, and air conditioning
· Check the attic for proper insulation and venting
· Check all interior rooms for proper venting, insulation, and electrical outlets
· Run all appliances and plumbing fixtures to verify working condition
· Check all bathrooms to see if moisture has affected the areas around the tub or shower
· Inspect for other items you may have requested, such as insects, termites, and other pests
Insects and pests are significant contributing factors to structural problems. If the infestation is new, a structural problem may not exist yet, or the home inspection may not detect it. Insect, termite, and pest inspections may, or may not, be included as part of the services offered by your home inspection firm. Buyers should verify that their home inspection service includes this: if not, contract separately for it.
Beginning in 1978, federal law mandated the removal of lead as an additive in residential paints, and prohibited the use of lead paint in the construction of homes built after that date. As a result, properties built after 1978 should be free from lead-based paint, although a risk assessment and/or inspection is still recommended. Properties built before 1978 may present exposure to lead from lead-based paint that may place young children at risk of poisoning. The federal law is particularly concerned with protecting children under six years of age and pregnant women. Some states' laws are even more stringent than the federal law, and directed at lead hazards other than those associated only with lead-based paint. Buyers should familiarize themselves with relevant laws in their states. A risk assessment or inspection for possible lead-based hazards is recommended prior to the purchase of any home.
· Well Water (quality and quantity)
· Radon
· Environmental Hazards
· Septic