Selling your home can have a mixture of feelings. You may have been in this
home for many years with fond memories. You may be downsizing or
looking for bigger. What ever the reason, it can be just as stressful
as buying your first home.
No doubt your first thoughts will be what is
my home worth? It is only natural that you will want to get the best
possible price from your investment.
Below are some tips that you
might find useful in the home selling process. Please feel free to click
on one of the links below to read more.
- Why consider a Sole
- Advice for Sellers
- How to Negotiate with
- Surviving Escrow
Listing" means the owner has given an exclusive right to a sole
agent to market his/her property. Other agents with potential buyer have
to work with a sole agent in order to close the deal. Sole agent will
then share his commission with the co-broke agent who brings the buyer
A Sole Agent will put in
every effort, spending time & money into marketing the property
because he/she knows the effort will not go unrewarded.
- He/she has a commitment to the
seller, and is committed to getting the property sold within the
shortest possible time & at the highest possible market value.
- Price are in controlled, with no
undercutting of advertised price.
- Sole agent will often negotiate
with buyer for their best offer before putting up for seller's
- No conflict of interest.
- Always sold at fair market value,
or at the highest possible price that the market can support.
- Sole listing will be sold faster,
due to maximum market exposure created by the sole agent.
1. Only 1 agent marketing the
property will slow down the selling opportunities
Sole agent has an incentive to aggressively market the property, hence
result in faster sale.
2. Will not reach most buyers who
are represented by other agents
Buyers follow good listing, not agents, & a sole agent will make
sure he/she captures all potential buyers through various marketing
3. At least 3 months time will be
wasted if sole right to market has been granted to non-performing agent
- Fact: Most
reputable Real Estate Agencies will allow pre-mature termination of
exclusive contract if their agent is non-performing, seller just has to
write in with proof
- If property was sold to seller's
own relatives or friends, seller still needs to pay commission to sole
agent. (Actually the Agent should be paid, considering that he/she has
put in all his/her effort, time & money into marketing it, but often
seller can request some discount from him/her if it happens within the
first month of marketing).
your home: First impressions are so important. This starts before
the prospective buyer even enters the home. Make sure the garden and
front entrance is free of clutter. Trim hedges, tidy up flower beds and
cut the grass. Once inside the prospective buyer will want to see an
appealing interior. Pack away any excess items that you can do without
during the selling process. De-personalize the home but keep generic
decorating items that complement each room. Too much furniture? Remove
some and make the home look bigger. You may have outgrown the home and
this being the reason you are selling but a overfilled house can put
off prospective buyers. Address any maintenance issues as this will put
off prospective buyers or even hold up on the closing of the sale with
stipulations in the sales/purchase agreement.
it right: Many sellers over price their homes in the anticipation
that they will either sell it for that or be negotiated down to a lower
price. The fact is that over pricing will only discourage enquiries.
The most sensible route to take is to arrange for a Current Market
Analysis. This is done by comparing comparable properties to yours that
have actually sold. Remember that along the selling process the buyer
will arrange for an appraisal of the property which is a requirement
when applying for a mortgage. This is when you may find that your home
is overpriced and the lender will not approve the buyer?s loan for the
Buyer: Ask any prospective buyers if they are pre-qualified.
Whilst they may not give you their approved value you will know that
they are serious in their search to buy.
With Pre-Approval, the buyer actually has applied for a mortgage and
received a commitment in writing from a lender. It is acceptable for
you or your Agent to ask for a copy of this pre-approval. The mortgage
application process can be a lengthy one and a pre-approved buyer may
help in your decision to work with them on the purchase of your
with a Professional: Working with a Real Estate Agent can help
guide you through the selling process. Your Agent has your best
interest at hear and is an ideal go between you and the prospective
purchaser and is used to negotiating the best price on your behalf..
to Negotiate with Buyers
prepared: You or your Agent will be asked a lot of questions about
your property. Try to think of the questions you would ask if you were
buying or may have asked when you first bought the property. There may
be a lot of land adjacent to your property. Is it designated as
Woodlands. When was your house built, size of your tank and so on.
Have your answers ready.
impartial: This is where having an Agent acting on your behalf
comes in handy. When showing your home, it is important that you do not
give the impression that you are desperate to sell. This information
will give the prospective buyer an advantage over you when negotiating
the sale price.
a Timeline: Your prospective buyer may need to apply for a
mortgage, or an alien license if buying with a non-Bermudian spouse.
Establish an anticipated time period. You may have another prospective
buyer who can move ahead quicker, should that be what you are looking
for. You may be purchasing another property and have a closing date on
that one to allow for.
You've Opened Escrow,
From here on its pretty much down to your attorney with
preparing the Sales & Purchase agreement and so on. He will then
send it over to the Buyers attorney to read through. There may be
revisions required and when complete both parties sign and the Buyer
will put forward their deposit. It is usual for the Vendor?s attorney
to hold the deposit but this is negotiable.
The period that you are "in
escrow" is often 60 days, but may be longer or shorter. During this
time, each item specified in the contract must be completed
satisfactorily. By the time you have opened escrow, you have come to an
agreement with the vendor on the closing date and the contingencies.
Each contract is different, but most include the following:
the escrow period the Buyer may exercise their right to have an
inspection on the property. This is why it is important to have
addressed any maintenance issues as they will be brought up at this time
and may hold up the Sale closing.
Contact local utility companies
to schedule to have service turned off when you close escrow.
with your insurance provider the termination date of our home
insurance, ensuring that it is cover up to the date of closing. If
there is a delay in closing make sure this is extended to avoid and
lapse of the property not being insured.
A final walk-through inspection
may also be requested by the buyer. At this time, you should make sure
that the property is exactly as the contract says it should be. If you
have marketed the property with the kitchen appliances, then they must
be left for the new owners.
You've made it! Once the sale has closed,
you're the proud owner of a new home. Congratulations!