The New Jersey Selling Process
THE 10 STEPS OF SELLING A HOME IN NEW JERSEY WITH RE/MAX
While almost 100,000 existing homes are sold each week nationally, the process is not as easy for sellers as it was 6 years ago. Surviving in today's real estate world requires experience and training in such fields as real estate marketing, financing, negotiating, networking and closing - the very skills and expertise that are available from your professional RE/MAX LIFETIME REALTORS Sales Associate.
The home selling process typically starts before a property is made available for sale. It is necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired, and thrown out.
Outlined below are the 10 steps to the selling process in New Jersey.
STEP 1: THE DECISION TO SELL - SELECT A REALTOR: REMAX AGENT ARE THE BEST IN THEIR CLASS #1 REAL ESTATE FRANCHISE IN NJ AND THE WORLD.
Selling a home is an important matter and there should be a good reason to sell; such as a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it is important to discuss your needs and wants in private with your RE/MAX LIFETIME REALTORS, AGENT.
When choosing and agent, make sure the agent is knowledgeable, has a LISTING PLAN, and is excited about getting it listed and marketed. Remember to discuss how often they will do open houses and make sure the first one is marketed properly on the internet.
STEP 2: SET THE PRICE - CREATE A MARKETING PLAN - REVIEW SELLER'S DISCLOSURE
RE/MAX-NJ.COM HAS MORE VIEWS THAN ANY OTHER REAL ESTATE FRANCHISE IN THE USA.
PRICE YOUR HOME CORRECTLY AND IT WILL SELL!!
If your home is priced correctly you can always get what your asking, if its not, it will sit on the market and "bake". Home that sit on the market will always get reduced offers. Pricing your home is the most important part of listing your home. GET EDUCATED, on the MARKET. OUR RE/MAX AGENTS will put the MLS in front of you and show you comparable sales to educate you on what your home true value is! Make sure you dont get an AGENT who is, trying to get the sign in front of your house, for advertising. Over pricing your house with the idea, of "We can always LOWER THE PRICE" means you will always be chasing the market. This is the biggest problem, in this market, when a house doesnt sell in the first 60 days the offers will get lower and lower. If a home is priced right it will be sold in 14 days.
Dont list with a specific agent, because, the agent told you the price you wanted to hear! THIS IS A NO! NO!
Educate yourself on true market value! Also, some good knowledge for you, as a seller, you cannot sell your home for more than Appraised value on a FHA loan, Conventions Loan you legally can, but no, qualified buyer ready to put 20% down would pay more than appraised value, regardless. The difference with FHA and Conventional is the appraisal value sticks to the property for 6 months. Meaning, if you cancel the deal becuase the appraisal came in to low, then your home cannot not accept another FHA BUYER putting down 3.5%. for more than that price regardless, for 6 months. If you think your home is worth more than what the agent is telling you an appraisal can do done.
There are many factors that affect the price of a home: location, condition, and amenities of a home, supply and demand, and the local marketplace. Your local RE/MAX LIFETIME REALTORS, Sales Associate will assist you in creating a clear market analysis on your home, so you will be able to develop a realistic, competitive pricing strategy on your home.
Written seller's disclosure has become a major part of a home sale transaction in New Jersey. The Seller's Disclosure Statement is a form on which the sellers describe, to the best of their knowledge, physical aspects of the property. This includes numerous categories such as land condition, structural condition, plumbing, roofing, electrical, additions or remodeling of the property. RE/MAX LIFETIME REALTORS, has found through experience that a written disclosure is the best way to clearly communicate information. It will reduce uncertainty and misunderstandings, thus giving buyers confidence and peace of mind when negotiating on a property. This is not required, but it gives the full history on the house, coming from the sellers.(This document can be refused, but usually isnt, unless the person selling thehouse was not the direct owner and doesnt know the info.)
STEP 3: FIND THE RIGHT BUYER
Not just one, but also thousands of agents in New Jersey (and in North America) are working to sell your home! Through tremendous exposure, marketing and networking, we will create the demand for that right buyer to find, fall in love with and purchase your home. Be assured that any buyer brought to your home will be pre-qualified to purchase your home.
STEP 4: PREPARE FOR THE SHOWINGS
A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained. From experience, RE/MAX LIFETIME REALTORS Sales Associates also know that a "well-polished" house is more appealing to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well cared for home because if what they can see is maintained, what they cannot see has probably also been maintained. In preparing your house for sale, consider how much you should spend to enhance the exterior of the home for curb appeal and the interior for appearance.
STEP 5: THE PRESENTATION AND NEGOTIATION OF OFFERS
When the time arrives for a buyer to make an offer on your home, the typical protocol in New Jersey is for your agent to meet with you before the Buyer's Agent arrives at your home or at your local RE/MAX Sales Office. At times, in an extremely competitive market, a multiple offer situation can arise. Typically, multiple offers can be presented to you all at once, and then a blanket counter offer can be made. At that time your agent will review strategy, price terms, conditions, closing date, inclusions/exclusions and other pertinent issues pertaining to the offer. Pre-approval, of the buyers must be carefully reviewed to ascertain their affordability of the home. Once a meeting of the minds has occurred between all parties, official signing of the contract occurs.
STEP 6: THE CONTRACT
In New Jersey it is typical to provide a $1,000 or more earnest money deposit with an offer. Copies of the contract are created by the Buyer's Agent for all parties to sign. Original copies are typically available for the buyer, the buyer's attorney, the seller and seller's attorney, and both real estate sales associates. Although, in these current times of email and fax more often now these types of documention are becoming legal standards.
STEP 7: ATTORNEY REVIEW AND ACCEPTANCE
Attorney review is considered three-five business days in New Jersey.
During attorney review, as a seller you can still show the home and accept additional offers. When attorney review is concluded, and the property is officially under contract, you cannot.
STEP 8: HOME INSPECTIONS - 2ND DEPOSIT - FOLLOW-UP MORTGAGE APPROVAL - CONTINGENCIES
Home inspections and second deposit should be expected according to the terms of the contract. Home inspections are typically ordered within 10-14 business days. Any issues arising as a result of the home inspection should be discussed with your attorney. Your RE/MAX Sales Associate will assist in following up on all contingencies being met. Survey, title search and title insurance records should be given to your attorney to start the process of changing the title. Ask your attorney to review these items with you. A written mortgage commitment for the buyers takes approximately 30 to 45 days.
After buyer obtains a COMMITMENT, its then the sellers job to apply for the Certificate of Occupancy. This will be applied for at the building department. All open permits must be closed before C.O. is issued. Building code inspector will come and check for proper Smoke and Carbon Monoxide Detectors and Fire Extinguishers. Each town is different you can ask for the requirements when you apply for the C.O. inspection. Typically the inspector takes 5 days to come out.
At this point closing is usually evident within 1-2 weeks.
A closing date should be scheduled and moving trucks should be ordered
STEP 9: THE WALK-THROUGH - THE CLOSING
In New Jersey the buyers, with their Buyer's Agent, will perform a "walk through" of the home to ascertain that it has been left in "broom-swept condition" and that items were not left behind that should have been removed. Please refer to your contract of sale for specifics.
The closing typically occurs at the buyer's attorney's office.Remember to bring all extra keys and garage door openers. Typical costs due at closing are Attorney's fees, mortgage liens, mortgage cancellation fee, realty transfer fee (rate fixed by sales price of property), adjustments (either a credit or charge for tax, water, sewer, oil in tank, etc), Certificate of Occupancy and real estate commission. This is not a definitive list. Please see your attorney for specific details and Sellers Estimated Closing Costs within this website.
Step 10: YOU MADE IT! PROPERTY SOLD!
© 2001-2017 Reliance Network and RE/MAX of New Jersey.
All rights reserved. US Reg. Copyright TX-5-910-991, TX-5-910-992, TX-5-910-993, and TX-5-910-994.
Each RE/MAX® Office is Independently Owned and Operated. Equal Housing Opportunity.