ARE YOU PREPARED?
- Do you know your competition? We appreciate the unique nature of every property we become involved with, but inevitably most buyers “compare and contrast” other properties on the market. Our intimate market knowledge enables us to educate the buyers’ broker as to why your home is valued as such.
- In this time of super competition even the finest homes need to look their best. We can help with this by suggesting simple changes which will “stage” your home so that it presents itself at its best for every showing. If at all possible, make your home as accessible as possible to potential showings.
- We shall also advise you on any mechanical or aesthetic fixes we see as potential “red flags”.
- However much time we spend at a property, the people who know it best are you, the owner. We request that you provide us with as much information as possible about the home and the property. Not everything is obvious! You may have double the amount of insulation in the walls than is required by code, we need to know this! It enables us to provide the buyer with the kind of details they need to make a buying decision. It also enables us to provide collateral marketing materials over an above our competition.
- Muster together all relevant documentation. Do you have a conservation easement? Right of way? A grazing agreement with your neighbor? We need to have full knowledge “up front” in order to answer the inevitable questions posed by the buyer.
- Do have an attorney familiar with the area? It is better to have interviewed and selected one earlier on in the process than later. Deals can fall apart very quickly if there are delays in any stage of the legal process.
- Are you familiar with the closing costs involved in the sale of a property? When it comes time to negotiate a deal, negotiate with “full knowledge’!
- Whenever possible, we like to be at the subject property prior to and for the showing. We need to ensure appropriate illumination, all access doors are open, and that the home is looking its best. For the most part the buyer’s agent will conduct the showing, if they have accepted our invitation to preview the property at a prior date.
- We are on-hand to answer any questions that may arise from the showing.
- For land and estate showings, we will provide a four wheel drive “off road” vehicle to ensure we are able to show the prospect all aspect of the properties terrain.
- We shall provide you with as much detailed feed back from the showing as possible within a reasonable time. However, please understand that sometimes, despite our best efforts to elicit such information, it is not always shared with us.
THE OFFER. THE NEGOTIATION.
- We accept oral and written offers. We analyze the terms and conditions of the offer with you, as well as the ability of the party to complete the transaction.
- More often than not, the offer is countered by us on your behalf after a detailed discussion. There may be more than one round of back and forth. This can sometimes happen over a few hours or indeed, many weeks. Be prepared for either and all eventualities.
- On occasion, we may have multiple bids to consider. It is absolutely imperative that we define our strategy in to obtain the highest and best result for you. This may not necessarily mean the highest price, but the best price in conjunction with the terms and conditions. What premium (if any) do you put on a cash offer? A long or short closing? There are many variable which can come “into play”.
- The negotiation ends when both parties have come to a “meeting of the minds” over price, terms and conditions. We prepare the “deal sheet” for the attorneys.
- Your selected attorney will then prepare the contract of sale.
- We often recommend that the buyer completes as much of the due diligence process as possible prior to contract. This includes, but is not limited to, the engineering, property condition and any environmental inspections ordered by the buyer. Our aim, on your behalf, is to enter into as “clean” a contract with as few contingencies as possible since a contingency presents the buyer with an opportunity to back out or renegotiate the agreement.
- We are on hand at every stage of this process to answer questions and head off any alarming statements made by inspectors. Inspections usually take from four hours to as much as three days, depending on the size and nature of the property and the level of investigation require by the buyer.
- If any issues arise we and the attorneys will exert all our efforts to resolve them to the satisfaction of all parties.
- Your attorney forwards the contact to the buyer’s attorney. If and or when it is returned with a signature and the consideration, (traditionally 10% of the agreed purchase price), it is presented for your signature.
- At this stage you will have a contract of sale with the deposit usually residing in your attorney’s escrow account until the closing when it is used as a buyers’ credit at the closing table.
- The date and location of the closing are determined by the attorney’s, who take into account the needs of all parties involved, which in addition to the attorneys and principals may include the lender’s representative, the title company representative and the representative of any other party involved such as a conservation organization.
- Prior to the closing, we shall organize a walk through of the property with the buyer or their representative. Some buyer’s are more thorough that others so the inspection may take a few minutes or a few hours. Everything that is represented in the contract as included in the sale should be there for inspection.
- We shall also ensure that any fuel/propane tanks are filled and invoices are sent to the attorney and that the buyer has bee given ample opportunity to set up the relevant accounts necessary for the smooth transition of services.
- Your lawyer will have discussed with you the details of the transaction including the closing costs involved in this transaction.