Selling or buying a home is the largest investment most of us ever become involved in. Yet people sometimes take less time over it than they do when choosing a suit of clothes.
That's because it's unfamiliar territory to many of us. We don't know what questions to ask. We may take things for granted, rely on others when we shouldn't, and sometimes we later wish we had known more about the process involved.
Selling a home is a major event. This four step article will help you understand the whole process much better.
How do you choose an realtor? There are many ways to find a real estate agent with a reputation for excellence.
Word-of-mouth is one good source. Ask friends, neighbours and fellow employees who have recently bought or sold a house to recommend their choice of an agent.
You might find an agent by looking through the newspaper, or you could contact several local real estate companies to inquire if they have an agent who specializes in selling homes similar to yours.
Make appointments with several agents to discuss their range of services, background knowledge and fees or commission rates.
After these interviews, choose the agent who seems best able to render the services and produce the results you are seeking.
And don't forget: When selecting a realtor to sell your Abbotsford or Mission property, be sure to select one with plenty of experience in that particular area of the Fraser Valley.
All Sellers naturally wish to obtain the best possible price for your home. On the other hand, you must be realistic and not put such a high price on their home that prospective purchasers will be discouraged from inspecting or making offers on the property.
Most agents price a home on the basis of "comparables" which are similar to properties that have recently sold. Then they adjust for distinct features of the house, considering condition, age, size, etc. and the level of competition in terms of other homes nearby.
The Listing Agreement legally defines your arrangement with the agent, setting out, at minimum:
Before you sign the Listing Agreement ensure that:
The agent will provide you with a copy of this agreement which you should keep for future reference.
Once an interested buyer has been found, a written offer to purchase your property will be prepared.
When you receive one or more offers to purchase your Abbotsford or Mission property, it is in your own best interest to give considerable time and attention to reviewing each offer carefully. Your listing agent will assist you to understand the terms and conditions contained in the offer, and will provide you with any advice you request, but ultimately the decision is yours.
You have 3 options:
Once you, the seller, sign a Contract of Purchase and Sale agreeing to its terms, and your acceptance has been conveyed to the buyer, it becomes a legally binding contract.
If you change anything at all in the original offer, you are considered to have rejected that offer and to be making a new offer from you to the buyer. This new offer is usually referred to as a "counter offer".
The risk in making a counter offer is that if the buyer has changed his or her mind and rejects the counter-offer, you do not have the option to return to the original offer and accept it.
But, the buyer may decide to make another counter-offer back to you and the process of counter-offers could continue until an agreement is reached.
You are under no obligation to accept any offer or to make a counter offer. If, however, you reject an offer which exactly meets all the terms you agreed to in the Listing Contract which you signed with your listing agent, you could be legally obligated to pay the commission.