Welcome to our Seller’s
Resource Center.
Here you can get an overview of the sales process
with our Seller’s Timeline, Relocation
tips and ideas, and a wealth of additional information
on selling your home in our Home Seller’s
Info-Kit.
Why you should use a Realtor®
to sell your home?
Selling a home quickly at its full value requires
the expertise and experience of a real estate
professional.
'For Sale by Owner' may be the four most tempting
words in the world to a homeowner who feels
the need to earn every penny from the sale of
his or her property, but rarely do such solo
ventures yield the results a professional can
help you achieve.
There are numerous advantages
to working with a licensed professional real
estate agent:
- REALTORS® have unique access to widespread
local market information and will rely upon
comparative market analysis data to establish
a fair market price for your property.
- A REALTOR® has professional sales
training and understands how to merchandise
your home. He or she can offer valuable
suggestions, hints and tips on preparing
your home so it looks its best when shown
to prospective buyers.
- REALTORS® also can maintain objectivity
in responding to buyer objections, and in
presenting offers and counter offers until
an agreement is reached.
- REALTORS® have the capacity and resources
to advertise and market your home to other
agents in addition to the general public,
which will help bring a far wider range
of qualified buyers to your front door.
They will handle inquiries and arrange showings
with your convenience in mind, devoting
as much time as it takes to market your
property until a buyer is found.
- A REALTOR® will negotiate a higher
selling price for your home than you could
earn working independently. The National
Association of REALTORS® has determined
that the typical home sells for 3 to 9 ½
percent more when it is sold through a real
estate agent. Sellers who aim to save themselves
the cost of a commission fail to realize
that most home buyers recognize the tactic
and use it to negotiate a lower selling
price.
- REALTORS® can assist you in understanding
and adhering to complicated legal and regulatory
requirements, thus limiting your exposure
to liability during the home selling process.
- he Commonwealth of Massachusetts has enacted
some of the strictest environmental laws
in the nation; and myriad legal stipulations
regarding zoning, fair housing, property
disclosure, consumer protection, and building
codes require sellers to be more careful
about their responsibilities than ever before.
Today's sellers need the professional assistance
and advice only a REALTOR® can provide.
- Consumers should note that there are
approximately 65,000 real estate licensees
in Massachusetts, but only about 17,000
of them are REALTOR® members. The REALTOR®
trademark is your guarantee that the real
estate professional you have chosen to work
with has surpassed the minimum state requirements
for holding a real estate license. REALTORS®
are committed to higher standards in education,
business practices, and to a binding code
of ethics administered by local and state
REALTOR® associations. Put the REALTOR®
experience to work for you to safeguard
the biggest investment you may ever make.
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Home
Seller's Information Kit
- Assessing the Market
People sell their homes because they have
been transferred to a new job, a new location,
or because they are trading up to accommodate
a growing family, or trading down when children
move out on their own. Whatever the reason,
there are at least a few facts worth remembering
if you are thinking about selling your home.
a. Familiarize yourself with the market
Sellers need to understand the current real
estate market, because housing is a commodity,
and the value of real estate properties
fluctuates according to many factors including
supply and demand, interest rates, and the
general economy. Your home is worth only
what a qualified buyer is willing to pay
for it at the time it is put up for sale.
A professional real estate agent can educate
you about what homes in your area are selling
for at the current time.
b. Learn what your property is worth
Sellers should consider a professionally
prepared comparative market analysis (CMA),
which allows them to see what similar properties,
in the same market, have sold for in the
recent past. Your REALTOR® will be able
to help you with this process and may provide
you with a CMA.
While it may seem logical to gauge your
home’s worth on the asking price of
similar homes, it is the closing price -
the price actually paid to the seller -
that ultimately determines relative worth
in the real estate market.
c. Make the decision
People who must relocate for a new job don't
have the luxury of asking, "Why should
I put my home on the market when I haven't
yet found the property I want to purchase?"
They know they must move and so they do.
In fact, it is very rare that a seller fails
to find a suitable new property once an
active and committed search is underway.
Selling one's current property is the most
common way to finance the purchase of a
new property. You won't know what you can
afford to buy if you don't know what price
you can expect to get for your current home.
Sellers who don't want to list their property
first risk finding the home of their dreams,
only to find that another buyer (with financing
and flexibility) has stepped in to make
the purchase ahead of them. If you are reluctant
to put your current property up for sale,
perhaps you have not yet decided you’re
ready to move.
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Investigate Your Options
First determine why, and then where you
want to move. In addition to familiarizing
yourself with the selling market in your
current location, sellers must educate themselves
about key factors in the areas they intend
to consider for relocation.
Schools, tax rates, property prices, commuting
distances, and availability of public transit
and/or health care facilities may all be
factors for the seller who also will be
a buyer. A qualified REALTOR® can be
of enormous assistance here.
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Preparing Your Home for Sale
Sellers should try to take a fresh, impartial
look at their property prior to putting
it on the market. Enhance your home's curb
appeal. You have just one chance to make
a good first impression, so don't under-estimate
the importance of a fresh coat of paint,
a well-tended yard and entryway, and the
need to eliminate clutter.
Although sellers often concede that new
carpeting or wall paint is warranted, they
are sometimes too willing to let prospective
buyers worry about such improvements. In
reality, buyers tend to make mental deductions
from the sale price for each new "job"
they will have to take care of, and they
are inclined to inflate the cost of new
carpeting or other simple repairs. Your
listing agent will give you specific advice,
but here are several suggestions for you
to consider:
Special Report: 6 Dealy
Mistakes To Avoid When Pricing Your Home
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Listing
Agreements and Contracts
a. Exclusive listings and the listing agent
A seller chooses a real estate agent to
market and sell a property, the relationship
that forms is based on a mutual goal: the
sale of the property. While it is the seller's
exclusive right to set the asking price,
the listing agent will assist by educating
the buyer about similar properties and their
sale prices.
A seller and a REALTOR® usually choose
to arrange an exclusive right to sell listing.
Under an exclusive right to sell agreement,
the listing broker is given the right to
earn a fee for professional services if
the property is sold by anyone, including
to a buyer located solely through the efforts
of the owner.
A listing agent works with a seller in a
number of capacities, including determining
the asking price. It is the listing agent
who researches the sale prices of similar
homes in the area to to determine what a
seller might reasonably expect to garner
from the sale of a property.
A listing agent also helps make a home presentable
for sale, offering suggestions about how
to best show the property and what, if any,
improvements ought to be made.
The listing agent will inform the seller
about laws and regulations such as fair
housing requirements, septic regulations
and lead paint laws. Any forms or disclosure
documents required by law can be obtained
through the listing agent.
The listing agent may provide a seller with
a yard sign, and advertising - at no extra
cost. Often, the listing agent will conduct
an open house, and utilize the REALTOR®
multiple listing service and the Internet
in an effort to market your property to
qualified buyers.
The listing agent is the seller's advocate
during sale negotiations, presenting offers
to the seller and counseling the seller
about the qualifications of potential buyers.
The listing agent, in fact, is required
to present all offers to the seller.
It is the listing agent who keeps everyone
and everything on track and assists in coordinating
deadlines and closing dates, making sure
all documents are signed, sealed and delivered
on time.
b. Other agents and their role in selling
your property
In addition to exclusive listings by the
seller's agents, there also are buyer's
agents and dual agents, who represent both
buyers and sellers, though they are required
to make that disclosure.
The seller may authorize his or her listing
agent to cooperate with agents from other
firms to help sell the property. These are
cooperating agents, and the seller may obtain
broader exposure for a property by authorizing
a listing broker to compensate a cooperating
agent, or co-broke, who successfully procures
a buyer.
Any of these professionals can help buyers
determine how much they can afford to spend,
research properties available on the market
within their price range, and provide important
disclosures about the property being shown.
They can provide prospective buyers with
standard forms, including the purchase and
sale contract, and the offer. They can provide
information about schools, zoning and taxes,
as well as provide information to both buyer
and seller concerning services offered by
home inspectors, septic inspectors, lenders,
insurance companies and the like.
Additionally, any of these agents may provide
information on financing and legal representation,
and may accompany buyers to the home inspection.
However, only the buyer's agent can assist
in formal price negotiations on behalf of
prospective home buyers.
All real estate licensees must act fairly
with all parties, including those to whom
they are not contractually obliged.
For example, a seller's agent who is aware
of a material defect in the property must
disclose the fact to buyers, although he
or she is not required to conduct his/her
own search to determine such problems.
Likewise, a buyer's agent may disclose to
buyers (if he/she knows) how long a property
has been on the market, the willingness
of the seller to accept a price below the
asking price, or the seller's motivation
for selling (i.e. bankruptcy, divorce, etc.).
A disclosed dual agent can, in some cases,
work with both buyer and seller - even in
the same transaction. A disclosed dual agent
cannot offer undivided loyalty to the seller
or the buyer but must treat all parties
honestly and fairly.
c. Offer to Purchase
By law, real estate agents are required
to present all offers to a seller. When
answering questions about their property,
every seller has the duty to respond fully
and accurately to any request for information
about a property. This is true whether the
information is requested directly by a prospective
buyer, or by a real estate agent who, in
turn, may pass along the information to
a prospective buyer. Answers that are misleading
or are half-truths are improper and the
seller may be liable for them. If the seller
doesn't know the answer he or she should
not guess, but should qualify the answer
with this acknowledgement.
Once a seller receives an offer to purchase,
he or she may counter offer, by accepting
the offer with additional stipulations,
including but not limited to a renegotiation
in price. For example, the seller may accept
the offer to purchase price, but require
30 days to find suitable new housing. Buyers
and sellers should be careful when making
offers and counteroffers to ensure that
they understand all the terms and conditions
in the offer and any contingencies included
therein. Common contingencies in an offer
to purchase can include home inspection,
financing approval and lead paint inspection.
The seller's agent will assist in finalizing
the terms of the sale between buyer and
seller in the form of a written purchase
and sale agreement. This agreement once
signed is a binding contract to which the
seller and buyer will be obligated.
RE/MAX Destiny Agency Statement
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Legal
Obligations of the Seller
A. Smoke Detectors
Massachusetts state law also requires that
all residential structures be equipped with
smoke detectors, and it is the owner's obligation
to receive a compliance certificate from
the local fire department.
B. Fair Housing
The federal Fair Housing Act makes it illegal
to deny or restrict a choice of housing
to any person on the basis of race, color,
religion, sex, disability, familial status
(children), or national origin. Furthermore,
state law prohibits practices that deny
access to housing based on age, ancestry,
marital status, sexual orientation, status
as a veteran or member of a military service
or recipient of public or rental assistance.
C. Lead Paint
The Commonwealth's lead paint statute requires
lead abatement in residential dwellings
built before 1978 when a child under the
age of six resides on the property. Specifically,
the law stipulates that property owners
must remove or cover (encapsulate) dangerous
levels of lead on surfaces measuring five
feet from the floor or below. Property owners
are required to disclose to homebuyers and
tenants known information about the presence
of lead-based paint and the hazards of lead
paint prior to a sale or the execution of
a lease. Your REALTOR® is aware of all
of these state and federal rules and the
required disclosure documents that are mandated
by law. Be sure to read and complete these
documents carefully and ask questions if
you are unclear about your responsibilities.
D. Title 5
Massachusetts law requires that a property
that is serviced by a septic system, cesspool
or other private waste disposal system be
inspected within two years before the sale
or within six months after the sale (if
weather conditions prevent a pre-sale inspection).
Only licensed inspectors and soil evaluators
may conduct such inspections. While costs
can vary depending upon geographic area
and difficulty of an inspection, the average
cost is often between $300-$500. The Title
5 regulations do not specify who must pay
for the inspection. The buyer and seller
should discuss this matter and determine
who will pick the inspection and pay for
the test. Should the system fail an inspection,
the buyer and seller may negotiate who will
pay to repair or replace the system, or
if the agreement for sale contains a contingency
the buyer may choose to withdraw.
Excerpts taken from marealtor.com - ©Massachusetts
Association of Realtors
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Relocation
Services
- Sales and Marketing- We will help sell
your current home for the highest price
possible. We can assist you locally, anywhere
within the US, and to various locations
around the globe.
- Buyer Representation- Our highly trained
associates will fully represent your needs.
- Mortgage Assistance- Consultants that
listen and take your needs to heart are
available to help you decide the best program
for you.
- Rental Assistance- Temporary or permanent,
our associates will help you determine the
housing arrangement that will work best
for you.
- Referral Services- We’ll help you
with all of your moving needs from recommending
local moving professionals, to insurance,
legal assistance, and more---depending on
your situation.
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Making
the Move
Moving to a new city or state
involves making numerous decisions. Choosing
an area that is right for you may take time
that you don’t have. Various factors
come into play in selecting a town in which
to settle: schools, commute, community, atmosphere,
prices, etc. RE/MAX Destiny will help you
minimize the amount of time it will take your
family to make the final decision. Purchasing
a new home may be delayed if you have a home
you need to sell. Given the factors of the
market in your old community, this might take
longer than you anticipated. RE/MAX Destiny
can assist with marketing your current home,
and a RE/MAX Destiny sales associate will
try to assist you with securing temporary
living quarters.
Temporary rentals are usually
a minimum of three months for a furnished
unit. It is rare that apartment complexes
will offer a month to month for executive
temporary living accommodations. Single family
rentals are difficult to locate unless they
are in a resort community along the coast.
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Kids
Moving with children and
pets involves extra time and attention. Children
move better when well-informed and when feeling
that they are part of the decision-making
process. If at all possible, bring them along
during the preliminary house search, and take
them to see some of what the new community
has to offer. If you have already decided
on a new town or neighborhood, drive past
their new school and other places they are
likely to go, such as shopping areas, parks,
etc. If including them in a trip is impossible,
take photos home and show them to the kids
when you return. This will familiarize them
with the area and reduce the “new town”
mystique.
Young children will move
more easily if you are calm and positive about
the transition. Establishing a normal schedule
for the move and for immediately after will
assist them in acclimating to their new surroundings.
Older children and teens
have more difficulty moving, since they have
friendships and activities that they are leaving
behind. Allowing them to be active in the
moving process will help them feel included
and know that their concerns are important.
Encourage them to join groups and sports in
your new area that they were involved with
previously. This will help them make new friends
more quickly in activities they enjoy. Facilitate
old friendships by offering phone time for
long distance calls and encourage your children
to write and send pictures to those they left
behind. Moving during the school year is better
for many children than you might think. If
students relocate during the year, they immediately
have their time filled with activities and
ready access to new people. Summer means that
many families are on vacation, and it may
be more difficult to make new acquaintances.
When school starts again, there may be no
introduction of the new student.
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Pets
When thinking about moving
the family pet, there are a few things to
remember. Smaller pets, such as fish, turtles,
and hamsters may be difficult to move, depending
on the time of year and moving conditions.
If moving by car, the hamsters, birds, and
mice can travel in their own cages, covered
so they won’t become nervous. If you
are moving in the winter, keep them warm with
a blanket, and if you are moving in the summer,
don’t put your pet in a closed car.
Consult your veterinarian about how to prepare
them for moving. At that time it might be
a good idea to have any shots they may need
updated.
Cats and dogs will travel
well, if properly prepared. It is important
to remember, however, that if you plan to
rent, most landlords will not allow pets,
so it may become necessary to leave your pet
with a family member or friend until you are
able to purchase a home. When you arrive,
it may be a good idea to keep your dogs and
cats confined until they are used to the new
home and area. Make sure they have the proper
licenses. Also, many communities in Massachusetts
have a leash law, so be sure to check in your
area.
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Packing
and Moving
If this is your first substantial
move, there are a few points to remember:
- If you decide to move with a commercial
moving company, they will save you time
and effort, but will cost at least 3 times
as much. Costs to move with professional
movers are based on weight, not mass, therefore
it is important to obtain at least three
bids, that are “not to exceed”
figures. That way, if the actual weight
exceeds the estimate, you are not charged
for the overage, unless you add furnishings
to the original shipment.
- Inventory all of your possessions aside
from what the movers may do. This way you
will have a record of all you own, for insurance
purposes. Be sure to check on the insurance
policy provided by the company so it will
be sufficient should anything happen. This
policy will usually provide minimal coverage
when relocating. Additional coverage on
a replacement cost basis may be available
as well. You may want to keep your current
homeowner’s policy in force until
you have moved into your new home and acquired
a new homeowner’s policy. Check with
your current insurance company to see if
you are covered; most policies cover personal
property anywhere in the world. While coverage
is limited to the amounts shown on the policy,
a good program will cover perils such as
fire, lightning, wind, hail, vandalism,
and theft. Some policies may be even broader
and cover “all risks” of physical
loss, including scratching and breakage.
- When marking boxes, make sure you write
the contents and the room for which it’s
destined. This will help enormously at the
other end of your trip by making unpacking
easier and faster.
- If you decide to move yourself, obtain
estimates for vans depending on the number
of rooms you will be packing. Additionally,
take into consideration whether you will
be towing a vehicle, and make sure you insure
the van through the rental company. Check
with your own insurance agent to see if
your possessions are covered through the
move under your existing policy. If not,
make sure you obtain this coverage before
setting out.
- Hold that garage sale well before you
move. This will reduce the cost of moving
and/or the amount of effort in packing and
moving. Children love to earn their own
money. Encourage them to sort out toys and
books they may have outgrown and then sell
them along with the other household items.
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Renting
If you must rent before you
purchase a home, RE/MAX Destiny can direct
you to the right person in the area in which
you are interested. A few areas near Boston
have furnished units in a complex geared for
corporate relocation. Fewer single-family
homes are available in any community. University
areas have many units accessible, particularly
in the late summer.
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Finding
an Apartment
Finders Fee: A fee for the
purpose of finding an apartment (finder’s
fee, registration fee, or commission) may
be collected by a licensed real estate broker
or salesperson only. The fee’s purpose,
the amount and the date due should be disclosed
to the prospective tenant prior to any transaction.
The amount of the fee is a contractual agreement
between they licensed broker or salesperson
and the prospective tenant. There is no set
amount; however, it is often one month’s
rent. Sometimes the landlord will pay some
or the entire fee. Be sure to clarify this
with your sales agent.
Right Against Unlawful Discrimination:
Under federal law, it is unlawful to refuse
rental of any apartment because of race or
color. Under state law, it is also unlawful
to refuse rental of any apartment because
of dependence upon public or rental assistance.
The Massachusetts Fair Housing Law also prohibits
discrimination against any person because
of religion, national origin, age, ancestry,
military background or service, sex, marital
status, blindness, deafness, or the need of
a guide dog. It is also generally unlawful
to refuse to rent to adults with children,
but there are exceptions to this rule.
This is only a summary of
your rights; there may be other rules and
exceptions. For more information, contact
the Massachusetts Commission Against Discrimination
and/or the Fair Housing Office in the community
in which you’re interested.
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Types
of Tenancy
A Tenant with a Lease is
one who signs a lease to rent a particular
apartment for a specific time period. A lease,
or rental contract, between the landlord (lessor)
and the tenant (lessee), is a written document
which legally binds both parties. The tenant
is obligated to pay a stated rent at a given
interval, usually monthly, in return for a
safe and habitable apartment.
Tenant at Will. The agreement
for Tenancy-at-will may be either written
or verbal. Either the landlord or tenant may
terminate the arrangement by giving written
notice 30 days or one full rental period in
advance, whichever is longer. No reason is
required to terminate.
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Rent
Increases
If an apartment is either
rent controlled or publicly subsidized, the
landlord cannot increase the rent without
receiving prior approval of the local Rent
Control Board or the proper housing authority,
respectively. Rent for a Tenant with a lease
can be increased only when the lease term
expires. Rent for a Tenant-at-Will can be
raised only when both parties agree to the
increase. However, if you do not agree to
it, the landlord may have you evicted.
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BEFORE
YOU SIGN
- Do not put down money unless you are sure
you want the apartment.
- Calculate the anticipated coat of utilities
not included in the rent.
- Know what monies are expected in terms
of fees, security deposit, etc.
- Check the apartment’s condition
and state it in writing, with the landlord’s
signature as acknowledgement and agreement
of those conditions.
- Check to see if subletting is allowed.
- Talk with neighbors concerning the competency
and reputation of the landlord and/or management
company.
- You may want to consider having an attorney
review any lease agreement before signing
the agreement.
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