Seller’s Guide

STEP 1: WHAT TO DO BEFORE YOU SELL

Preparing your home for sale involves several crucial steps to ensure a smooth process and maximize your return. Here are some important actions to consider, prior to listing the home for sale:

First, let’s clarify your objectives for selling:

• Do you have a specific amount you need or want to get from this sale?
• Are you relocating, downsizing, upsizing, retiring, or navigating a
  significant life change like a divorce?
• Is this a distress sale?
• Do you already have a living arrangement, or do you need to purchase a
  new house?
• Do you need the proceeds from the sale of this house to buy another?
• Do you have a specific deadline for moving out?

Next, let’s understand the financial implications of a sale:

• Review your mortgage balance to estimate the equity you have in your
  home.
• Consider any outstanding loans or additional financial commitments tied
  to the property.
• Account for agent commissions, closing costs, and potential capital gains
  taxes.
• Do you have any obligation to share the proceeds from the sale with another party?

Your objectives and timeframe will shape your selling strategy, and enable us to craft a tailored strategy for selling your home effectively.

STEP 2: CHOOSE AN AGENT

Having the right real estate agent on your side is paramount in navigating effectively through the process of selling a real estate property in New Jersey. Select an agent experienced in selling properties similar to yours and with a solid track record.

STEP 3: PRICING THE HOUSE

Knowing how to price your home to motivate buyers is one of the most important components of the selling process. Setting a fair price from the start will attract the most interest from real estate agents and prospective buyers. Overpricing can reduce interest, while underpricing may result in receiving less than your home’s true value. I will conduct a thorough comparative market analysis, considering recent comparable sales (comps), market trends, and the condition of your property. This will ensure your home is competitively priced. Additionally, I will develop a personalized marketing strategy to showcase your listing effectively, attracting qualified buyers.

STEP 4: THE MARKETING STRATEGY

A creative marketing campaign, complemented by stunning photos and a compelling description of your home’s features, is crucial for making a powerful first impression. This initial impact can make or break a buyer’s perception of your property.

I employ a blend of traditional and digital marketing strategies to reach the broadest audience of qualified buyers as efficiently as possible. This includes extensive promotion on leading online portals such as Zillow and Trulia, as well as major social media platforms like TikTok, YouTube, Facebook, and Google. Additionally, your home will be listed on the top Multiple Listing Services (MLS) that cover Bergen County, Northern, and Central New Jersey.

Despite the effectiveness of online tools, in-person viewings remain vital. To ensure your home leaves a lasting impression, we will prepare it meticulously by decluttering to help buyers envision themselves living there, addressing minor repairs to guarantee it’s in prime condition, and enhancing curb appeal by tidying up the landscaping and exterior. Every detail contributes to making your home stand out and appeal to potential buyers.

STEP 5: EVALUATING OFFERS

Receiving offers is an exciting milestone, but it’s not the end of the journey. Each offer will be carefully evaluated to ensure the prospective buyer is pre-qualified by a mortgage lender or has sufficient cash reserves. Together, we will review each offer, assessing its price, contingencies, and proposed terms. You will then decide whether to accept or reject it. If an offer falls below your expectations, there is room to counter-offer or explore alternative methods to bridge the gap. I will communicate your decision to the submitting agent. In the case of multiple offers, we will strategize on the best approach to manage this scenario effectively.

STEP 6: ACCEPTING AN OFFER

Once all terms of an offer are agreed upon, you will sign the contract. I will promptly forward the executed contract to the buyer’s agent and to your attorney. If you don’t already have an attorney, I can provide you with names of reputable local real estate lawyers I have worked with over the years. Acting quickly ensures a smooth transition to the Attorney Review process.

STEP 7: ATTORNEY REVIEW PROCESS

The attorney review process typically spans three business days following the execution of the purchase agreement. During this critical phase, your attorney and the buyer’s attorney will review, modify, or add to the contract. This careful examination ensures clarity and prevents any misunderstandings or discrepancies before the agreement becomes legally binding.

Throughout the attorney review period you retain the right to continue showcasing the property to potential buyers and entertain additional offers. Additionally, during that time both you and the buyer have the option to cancel the contract for any reason.

Once all attorney-suggested changes (addendums) are mutually agreed upon, the offer becomes a binding contract. I will update the property’s status on the Multiple Listing Service (MLS) from “Available” to “Under Contract” and we will no longer showcase the house to potential buyers.

STEP 8: HOME INSPECTIONS

Homebuyers often incorporate an inspection contingency in their offers, enabling them to withdraw from the agreement if substantial issues are found. The standard inspection covers a comprehensive assessment of the entire house, evaluation of the roof’s condition, measurement of Radon gas levels, search for underground oil tanks, and detection of wood-destroying insects, as well as search at city hall for open construction permits. 

Following the inspections, the buyer’s attorney will present an ‘Inspection Letter’ listing items they request you to address before closing. We will carefully review this list together to determine the best course of action. You have the option to reject all requests, choose specific repairs, or offer credit to the buyer instead.

It’s crucial to address any issues promptly to ensure that both parties can proceed towards closing with confidence.

STEP 9: OBTAINING THE CCO

In New Jersey, sellers are required to obtain a Certificate of Occupancy (CCO) from the local municipality before transferring ownership of a real estate property. This certificate confirms compliance with all relevant regulations and is issued following inspections by both a municipal inspector and a fire prevention officer.

To initiate the process, I will apply for the CCO at the town’s Building Department and Fire Prevention office and will attend the inspections. If corrections are needed, they need to be done and reinspected. Upon successful approval, I will collect the CCO from the town authorities and provide a copy to your attorney to facilitate the smooth completion of the transaction.

STEP 10: PREPARING TO CLOSE

• As you near the conclusion of your home selling process, I’ll ensure all outstanding items such as open permits, repairs, and any unpaid liens have been addressed.
• If you haven’t already done so, you would need to arrange for movers to vacate the property before the closing date.
• No later than 3 days before closing your attorney will provide you with the final proceeds from the sale and a detailed breakdown of all closing costs, including the agreed-upon real estate commission, 
• Once the closing date is confirmed, you’ll have the choice to attend the closing in person or arrange to sign the necessary documents and provide the keys to your house beforehand.
• A few days before the closing I will accompany the buyers and their agent for a final walkthrough to ensure the house is ready to be transferred according to the terms agreed upon in the contract.

STEP 11: POST SALE CONSIDERATIONS

• Cancel utilities and transfer any remaining services out of your name.
• Update your address with relevant parties such as friends and family, utilities, post office, banks and credit cards, and forward mail as needed.
• Discuss tax implications with your accountant or tax advisor.
• Reflect on your experience and give a rave review to your agent.