Listing: The first stages

Taking on a listing is an exciting new journey to embark upon for both the Realtor and the seller. For the seller, it can understandably be a high-tension time— which is why I've put together this guide of what to expect when you list with me!

Communication

Communication is key when building trust with your agent, that’s why over 80% of my clients are referrals or return clients, because I aim for excellent communication with my clients, always. 

• Weekly Status Updates
• Your communications are personally responded to within 24 hours
• What are your questions, needs, concerns, finances, your LIFE!
• We will decide in advance a method of communication that works for you, whether once a week, one a day, by phone, email or text; that’s how we’ll do it!

Staging

It is a proven fact time and time again, that staging is a big part of getting your home SOLD! It’s all about DEEP cleaning and decluttering your home. I work with a professional to make sure your home is presented to potential buyers in the best possible light. Homes sell because of correct pricing and great presentation. I know what it takes to make the terrific first impression that will get your home sold. 

Pricing

Pricing your property competitively will generate the most activity from agents and buyers. A property generates the most interest when it first hits the market. The number of showings is greatest during this time if it is priced at a realistic market value. Starting too high and dropping the price later misses the excitement and fails to generate strong activity. Many homes that start high end up selling below market value. Pricing your home correctly to go on the market is a very important step.

  

Make it or Break it? The Repair Addendum

If you’re a home buyer or seller and you’ve made it this far, Congratulations! You’re so close to finishing the deal and there’s just one last thing to negotiate: the repair addendum. This potentially contentious part of negotiations is where buyers can walk away or sellers can decide that making repairs isn’t worth the hassle and put their home back on the market. It can be either an intentional or unintentional unraveling point of the process and maintaining professionalism is key.

Once the inspection is finished, the buyers have a complete picture of the condition of the property. However, “the inspection report is not a repair list for the seller, nor is it a stick to beat the seller with on price.” Unless there are safety issues, structural damage or infestation problems revealed, the inspection is merely a guide for the buyers on what to expect in the future. 

A typical repair addendum only includes what the seller is responsible for fixing as required by law. Reasonable requests include items that are “significant enough to impact your use of the house negatively,” such as major roof problems, structural deficiencies, immediate plumbing or HVAC items. Unreasonable requests should be advised against by your Realtor. Examples of an unreasonable request that a seller is unlikely to honor are known conditions like peeling paint or deteriorated driveways, old components that are perfectly functional like appliances, furnaces or the water heater. Anything cosmetic, not affecting the safety and value of the home, don’t qualify as good negotiating points to lower the price of the property.  

After the inspection, in Virginia, you have 7 days to negotiate the terms.

Options:

A. The seller can make the request repairs which have to be completed by licensed contractors and with the entailing paperwork.

B. The seller can offer a credit toward closing to cover repair costs. Note that this credit cannot exceed closing costs. This is often a happy conclusion for both parties, however, the buyers are not obligated to accept a credit.

C. If the closing costs exceed the repair costs, it may be suitable for the seller to lower the sale price, however, the seller may decide not to do this. 

If nothing is decided upon after those 7 days, you then have 2 additional days to decide what to do. At 5 pm on the second day, if nothing is decided, then the contract automatically terminates and both parties go their separate ways.

While often the repair addendum is the stickiest part of the homebuying process, if both parties negotiate reasonably and professionally through their agents, there’s no reason it should be the downfall of a prosperous deal for both parties.