Seller's Guide

After you have addressed any maintenance issues, the following tips will help you to present your property in its best light. Your agent would be happy to assist with recommendations for all your home preparations.

• Create curb appeal: First impressions are key. Often an emotional connection to your home is made the minute the buyer arrives. The lawn should be mowed, hedges trimmed and any walkways or sidewalks are cleared. The front door should be freshly painted. If there are more significant issues—for instance, chips in the home’s exterior paint or a missing brick from a stairway - be sure to address these.
• Declutter: When preparing the interior of your home for sale, remember that less is more. If there is too much clutter or unnecessary furniture, it can detract a buyer from seeing the house itself. Go through each room and remove any unnecessary items. Temporary storage is a great option if you aren’t sure what to do with certain items.
• Depersonalize: Buyers want to be able to envision themselves living in your home, but seeing too much of an owner’s memorabilia can make that hard. It does not mean you have to remove all personal items (like family photographs and collections) but it is a good idea to keep them to a minimum.
• Consider some repainting: Particularly in rooms that are not currently painted in a neutral color. You want to appeal to as wide a group of potential buyers as possible.
• Let the light in: Make sure to clean windows, clear window sills, and consider adding floor or table lamps to rooms that tend to be dark. The lighter and brighter home is, the more welcoming it will feel.
• Clean and eliminate odors: Be sure to give your home a thorough cleaning, particularly before showings. A clean, fresh-smelling home helps to assure the buyer that your home is well cared for.
• Hire a home inspector: If you have owned the home for a significant amount of time and are concerned about what a home inspection may discover, hire your own home inspector. Although not inexpensive, this would allow you to deal with any major issues ahead of time rather than have to provide a credit to a buyer that may or may not be fair. It is also a terrific marketing tool and goes a long way in giving buyers confidence in their purchasing decision.
• Pets: If you have pets, make sure you have a plan for their care during open houses and showings.

Pricing is one of the most important, and most difficult, decisions you have to make as a seller. Among other factors, pricing your property should reflect the location and condition of your home, current market conditions, and comparable recent sales. Your agent will provide you with a Competitive Market Analysis that offers an opinion of value.

With regard to pricing, it is important to keep in mind that:

• All properties generate the most interest within the real estate community within their first 2 to 3 weeks on the market.
• The number of showings is greatest during this initial phase only if the property is priced at a realistic market value.
• Starting too high and dropping the price later reduces the momentum that enthusiastic buyers and agents generate.
• It may even become necessary to adjust the price to compete with new, well-priced listings. The timing and extent of the adjustment are keys to the success of the sale.
• More often than not, buyers are setting the market price, not the sellers.

Realistic pricing generates the highest level of enthusiasm and interest among agents and buyers. The benefit is the sale of your property for the highest market price. The chart below shows how the right asking price can increase the demand for your property.

• Create curb appeal: First impressions are key. Often an emotional connection to your home is made the minute the buyer arrives. The lawn should be mowed, hedges trimmed and any walkways or sidewalks are cleared. The front door should be freshly painted. If there are more significant issues—for instance, chips in the home’s exterior paint or a missing brick from a stairway - be sure to address these.
• Putting Your House in the Listing Systems: When Brown Harris Stevens puts your house “live” on the multiple East End listing services, it introduces the property to over 40,000 real estate professionals throughout the area and state.
• Broker Open House: This is an efficient and effective way to allow local real estate agents to tour your property.
• Public Open House: This allows potential customers in the market to buy a home the chance to tour your property.
• Home Showings: Showings are a necessary part of the selling process. It is best to make arrangements for yourself, others living there, and/or pets to not be in the house during showings to allow the buyer the best chance to envision themselves living there.
• The Offer: All offers by a potential buyer will be conveyed to you by your agent. An offer will often lead to some negotiation between the buyer and seller. Your agent will guide you through this process and spearhead the negotiation.
• The Memorandum of Sale: Once the buyer and seller agree upon a price, a memorandum of sale, which outlines the transactions terms and conditions, will be drawn up and sent to the lawyers of both parties.
• Home Inspection: After a selling price is agreed upon and prior to signing a contract of sale, the buyer will order a home inspection as soon as possible. Among the items the inspector will assess are the roof, structure of the home, and the heating, air-conditioning, electrical and plumbing systems. After the inspection is complete, buyers have the chance to review the inspection and address concerns with the seller.
• Contract of Sale: Signed by both parties, and typically 10 percent of the purchase price is put down by the buyer and held in escrow by the seller’s attorney.
• Written Mortgage Commitment: The buyer may have a mortgage contingency to ensure they can get financing for the home. A mortgage contingency usually takes approximately 30 days to be resolved.
• The Bank Appraisal: The bank will send an appraiser to verify the value of the house if there is a mortgage.
• The Closing Date: Early on in the negotiations, a closing date will be agreed upon by the sellers and buyers. While the closing date can vary, it often takes place between 45 and 60 days after an accepted offer.
• The Walk Through: On the day of the closing, the buyers will walk through the house with their agent to make sure there have been no previously unforeseeable changes since the signing of the conract. The final walk through gives home buyers an opportunity to inspect a property before closing on the sale of a property. A house is expected to be “broom clean” at closing time, and your agent would be happy to advise you on this.

Two Months Prior To Moving:

• Organize important documents: auto licensing and registration, all insurance policies, wills, tax returns, birth certificates, medical and dental records.
• Submit a change of address to employer for W-2 and tax forms.
• Contact and select a moving company (determine town parking/unloading regulations).

Six Weeks Prior To Moving

• Contact your insurance company to ensure that your belongings are covered during your move.
• Obtain or transfer insurance to the new property.
• Request that school transcripts be forwarded (if applicable).

One Month Prior To Moving

• Begin packing.
• Send change of address information to the post office.
• Call gas, electric, water, oil, cable TV, telephone, newspaper, and trash collection companies for service disconnect/ connect at your old and new addresses. Also ask for final readings.
• Register children in school (if applicable).

Three Weeks Prior To Moving

• Open accounts at a new bank (if applicable).
• Have a moving sale.
• Keep packing!

One Week Prior

• Finish packing (leave out only necessities for moving day).
• Prepare specific directions for movers; include a labeled sketch of the floor plan for your new home to ensure that your possessions are delivered to the appropriate room.

Moving Day

• Final check through closets, basement and garage to be sure nothing is left.
• Leave home as stated in contract (“broom clean” is the norm).
• Record all meter readings.
• Bring all sets of keys and a checkbook to closing.

Sellers and buyers are both responsible for certain closing costs in the transfer of property.

Buyer’s Responsibility

• Legal Fees
  • Can range from $3,500+ depending on cost of house and individual attorney's fee schedule. A survey cost can be $2,000+
• Bank Fees
• • Recording of deed and mortgage ($200)
  • Application fee ($50 credit report)
  • Pre-paid interest—covers interest on mortgage beginning from day of closing to end of month (varies)
  • Appraisal of property ($450 and up depending on Appraiser)
  • Possible miscellaneous fees (ask bank)
• Insurance Fees
• • Homeowners insurance ($2,000 and up)
  • Private Mortgage Insurance (PMI) (1/2% first year, 1/2% each year thereafter)
  • Title Insurance ($2,000 and up, depending on purchase price)
• Other Costs - Building and termite.
• • Fuel adjustment (oil in tank)
  • Community Preservation Tax: 2% of purchase price, above $250,000 for home; 2% of purchase price above $100,000 for land
  • Mansion Tax is 1% of the purchase price for homes over $1,000,000

Seller’s Responsibility

• Legal Fees

From $3,500 and up depending on cost of house and individual attorney’s fee schedule

• Real Estate Transfer Tax
  • Transfer Tax of $4.00 per every $1,000 of the purchase price
• Real Estate Commission; 6% or as agreed upon
• Bank Pre-Payment Penalty
  • Seldom applicable (read mortgage or ask lender)
• Liens against Property
• Repairs agreed upon as a result of building and termite inspections, etc.

Above pricing is estimated only—actual cost can vary due to area and service provided