Real Estate Information for Home Sellers
TYPICAL STEPS TO REAL ESTATE TRANSACTIONS IN MASSACHUSETTS
EXPIRED: THE HOUSE THAT DIDN'T SELL
SENIORS: DECIDING WHEN TO SELL
PREPARING YOUR HOME FOR SALE
THE "EXCLUSION" (WHAT GOES/WHAT STAYS)
TYPICAL STEPS TO REAL ESTATE TRANSACTIONS IN MASSACHUSETTS
In Massachusetts, a real estate contract must be in writing in order to be valid.In many states there is only one contract signed prior to closing. However, in Massachusetts there are two: the Offer to Purchase followed by the Purchase and Sales Agreement.
The steps and typical timetable are as follows:
- Submit Offer to Purchase, accompanied by a binder (usually $1000 or more)
- Arrange for your professional home inspections. These inspections are generally conducted within 5 working days from the date a seller has accepted your offer.
- Select your real estate attorney
- Apply for your mortgage
- Approximately 10 to 14 days after the initial agreement is signed, the Purchase and Sales agreement that has been prepared by the attorneys is executed. It is usually accompanied by a deposit of 5% - 10% of the purchase price.
- Mortgage commitment is received
- Closing
EXPIRED: THE HOUSE THAT DIDN'T SELL
This is an excellent market for many sellers. So why no sale for others? There are three basic reasons why properties don't sell:- Insufficient marketing. Is the property listed in the Multiple Listing Service? Is it packaged accurately? Are you making the property extremely accessible for showings?
- Condition. The buying public has never been so reluctant to purchase fixer-uppers unless they're a great buy. Poor condition either means investing some money into improving the market objections to the property or sufficiently discounting the asking price. Buyers expect more than a 1:1 return for doing the work themselves. Note: properties needing a great deal of work are almost never purchased by transferred executives. They demand "move-in condition".
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Wrong Price. It is simply the single largest reason why properties don't sell. We've often repeated that overpricing almost always results in a sale price below fair market value - painful months after market introduction. Once a property becomes stale and the buyers ask "how long has this house been on the market?", the chance of the seller yielding fair market value grows increasingly smaller.
Sound depressing? It shouldn't - it's all remediable and not too late.
SENIORS: DECIDING WHEN TO SELL
One of the most difficult decisions to make is that which means leaving the home where you've raised your family, entertained your friends, decorated with your own personal style, created your garden, and established neighborhood relationships. While many are content to remain in their homes throughout their retirement years, sometimes the appeal of streamlining and living a simpler life motivates us to sell. Some of the things to consider when determining the best strategy for you are:- Is the upkeep of your home becoming too challenging?
- Painting, reroofing, general maintenance, etc., are costly and it is often difficult to find qualified people to do the work.
- Is the size of the house manageable?
- Taxes, utilities, maintenance on space you no longer use or need can be wasteful of your resources.
- Too many stairs!
- Cashing in on the substantial equity you've probably built can provide a good deal of security.
- Friends have moved; neighbors have changed. Sometimes remaining in your home after your neighbors have changed (e.g., your area has a new influx of young families) gives you less opportunity for socialization than before.
Moving is a complex and difficult decision to make. If you would like a complimentary market analysis of the value of your property so that you can make a more informed decision from a financial perspective, please call Pinnacle at 781-237-5000.
PREPARING YOUR HOME FOR SALE
A thorough cleaning is the single most inexpensive and important thing you can do. Scrub the fingerprints from your woodwork, disinfect and bleach any mildewed surface (be a zealot with bathrooms), clean the basement, box the miscellaneous, straighten all of the closets.Even the most woebegotten house around gets a major -we mean major - facelift from having the windows washed. Sparkling windows effect a fabulous change.
Remove the 'junque' from the countertops. Put away all of those appliances which you use twice a year. Not enough storage? Buy some freestanding shelving and use the vertical space. Remove any old, worn, stained or smoky carpets. Replace dim, low wattage light bulbs with 75+ watt bulbs. After all, it's now cleaner; it might as well be brighter and therefore more cheerful. We've never had buyers say, "How 'bout showing us something dark and dreary?"
These things, folks, will cost you little or nothing and it means INSTANT equity.
Actually most of our clients who do these simple things wonder why they didn't do them for themselves earlier. Maybe you won't want to move!
For a complimentary real estate consultation, please email info@pinnaclehouses.com or call us at 781-237-5000
Remove the 'junque' from the countertops. Put away all of those appliances which you use twice a year. Not enough storage? Buy some freestanding shelving and use the vertical space. Remove any old, worn, stained or smoky carpets. Replace dim, low wattage light bulbs with 75+ watt bulbs. After all, it's now cleaner; it might as well be brighter and therefore more cheerful. We've never had buyers say, "How 'bout showing us something dark and dreary?"
These things, folks, will cost you little or nothing and it means INSTANT equity.
Actually most of our clients who do these simple things wonder why they didn't do them for themselves earlier. Maybe you won't want to move!
For a complimentary real estate consultation, please email info@pinnaclehouses.com or call us at 781-237-5000
THE "EXCLUSION" (WHAT GOES/WHAT STAYS
Generally, any item which is attached (nailed, screwed, or cemented in) to your property is considered a 'fixture' and is to remain with the property unless your Realtor has notified all prospective purchasers in advance. In other words, after the offer to purchase is signed, there is no "oh, by the way, we'll be taking the dining room chandelier with us."Fixtures include light fixtures, medicine cabinets, fencing, built-in fireplace screens, wall-to-wall carpeting, towel rods, shutters and curtain rods and top treatments screwed into the walls. Attorneys tell us that the last is the single biggest issue of contention nationwide. This can cause great trouble at the buyer's final walk through and at the closing table. If you are planning to take your draperies play it safe; be specific and declare window treatments as an exclusion in advance. Let no ambiguity remain.
As for appliances, any built-in appliance remains with the property (dishwasher, disposal, built-in refrigerators, water conditioners, etc.) as well as the stove and oven. Freestanding refrigerators, washers and dryers, however, are considered personal property and will be removed from the premises unless otherwise stipulated or agreed upon in negotiations.
On a final note, a long list of exclusions can turn buyers off (particularly if you are asking a premium for your property). From a marketing perspective, if you're planning on a number of exclusions you'd be better off removing and storing those items and replacing them with others prior to offering the property for sale.
For a complimentary real estate consultation, please email info@pinnaclehouses.com or call us at 781-237-5000.
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