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Home Sellers Guide

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<strong>Home</strong> Seller’s <strong>Guide</strong><br />

What to expect from start to close!<br />

By Eric Swails<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


Table of Contents<br />

1. Introduction<br />

2. Objective<br />

3. The “CMA”<br />

4. The MLS<br />

5. Marketing Plan<br />

6. Our Agreement<br />

7. Preparing For Photography<br />

8. Hitting The Market<br />

9. Communication Expectations<br />

10. Handling Showing Requests<br />

11. Preparing Your <strong>Home</strong> For Showings<br />

12. Leave For Showings<br />

13. Stay Tight Lipped<br />

14. Stay Calm<br />

15. How Long Should It Take To Sell Your <strong>Home</strong>?<br />

16. Lowball Offers<br />

17. Multiple Offers<br />

18. Negotiating<br />

19. Under Contract, Now What?<br />

20. Preparing For Closing<br />

21. The Walk-through<br />

22. Closing Day!<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


1. Introduction<br />

I’d like to start by saying thank you for the opportunity to help you sell<br />

your home!<br />

I’m sure you must be very excited to get your home on the market, see<br />

activity with buyers, and ultimately get an offer that results in the sale of<br />

your home.<br />

The selling process can be fun and exciting, but it can also be stressful<br />

and be filled with headaches at times.<br />

And that is the reason behind this document!<br />

My goal is to make this whole process as easy for you as possible. My<br />

belief is that things will go more smoothly if you know what you need to<br />

do and expect beforehand.<br />

Please read through this and feel free to refer back to it throughout the<br />

process of selling your home.<br />

It won’t get into every little detail, as I will be doing a lot of the things you<br />

don’t need to worry about behind the scenes.<br />

What it will do, is provide you with the things that you should know<br />

about, which will save you time, money and headaches.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


2. Objective<br />

As a real estate agent, I can represent either a buyer or a seller.<br />

My primary objective differs depending on the type of client.<br />

Because I’m representing you as a seller, the objective is simple:<br />

Sell your home at the highest amount the market can take in the<br />

shortest amount of time possible!<br />

It’s impossible to promise a “quick” sale. There are many factors that<br />

determine how long it takes to sell a home. I can assure you that I will<br />

help you sell it as quickly as possible.<br />

I have many tools and resources that can help price your home at the<br />

right amount to get the max the market is willing to pay.<br />

In order to get that maximum value, it will depend on you as well! The<br />

best results are achieved when clients are making the best decisions<br />

along the way, which this guide should help you out with.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


3. The “CMA”<br />

One of the first things to do before anything else, is to find out the<br />

accurate market value for your home.<br />

I’ll do a thorough comparative market analysis (CMA) which will help us<br />

determine the likely range that your home should sell for.<br />

In the analysis, we’ll be looking at homes similar to yours which have:<br />

Recently sold.<br />

Are currently under contract.<br />

Are currently active on the market.<br />

This will help us determine where to price your house so that it stacks up<br />

against the current competition correctly while considering current<br />

market activity.<br />

I will be giving you my perspective and advice on how much you should<br />

be listing your house for. Remember that you ultimately decide what you<br />

are listing your home for, but please take into account what we have<br />

discussed.<br />

Understand that your home value will eventually be determined by<br />

buyers in the market. It is only worth what a willing, ready and able buyer<br />

is going to offer. That should be in line with the value that is determined<br />

from the CMA, as long as there are no major changes within the market<br />

and that you make the right decisions on pricing from the beginning.<br />

<strong>Home</strong>owners tend to overprice their home when they first hit the market<br />

because:<br />

They want some “wiggle room” to be able to negotiate the price they<br />

want to get.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


They hope someone is willing to pay higher than the market data<br />

shows.<br />

The house is priced based on what the homeowner “needs to get” in<br />

order to sell the house.<br />

They add in the cost of improvements that have been made on top of<br />

the data-driven value.<br />

When a homeowner over-prices for any reason, market interest is<br />

typically lost because the pricing is out of line with the competition. The<br />

house will accrue days on market with little to no activity and any buyers<br />

that are looking at it will wonder what is wrong with it to cause it to sit on<br />

the market for so long.<br />

My advice is to listen to what the data says and consider pricing your<br />

home accordingly to save time, money and aggravation.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


4. The MLS<br />

No, we’re not talking about Major League Soccer. The Multiple Listing<br />

System is the most important marketing tool to expose your house to the<br />

entire buying market.<br />

The MLS is a database of just about every home for sale and is what other<br />

agents are using to find the right homes to show to buyers. Any serious<br />

buyer will looking at it intently to see what comes to market.<br />

I’ll be making sure to get your home on the MLS under the best<br />

circumstances. Eye-catching photography, engaging description, and a<br />

focus on keeping the information as accurate as possible.<br />

This is all very important, as your MLS listing is what will be fed to all of<br />

the marketing websites that buyers may be looking at it.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


5. Marketing Plan<br />

While the MLS is one of the biggest players in exposing your house to the<br />

market, it may not necessarily reach everyone.<br />

What is someone isn’t actively looking but would love your home if<br />

they saw it?<br />

What if someone is just simply waiting to see the right place come to<br />

market?<br />

What if someone who drives by your home every day sees that that<br />

it’s on the market?<br />

Here is some additional marketing that I do to make sure as many people<br />

as possible can get their eyes on it:<br />

A yard sign.<br />

Targeted ad campaign on social media.<br />

Strategic email marketing campaign.<br />

Brookewood Realty’s website www.brookewoodrealty.com<br />

The Real Estate Magazine of Maine.<br />

Zillow.com<br />

Trulia.com<br />

Realtor.com<br />

Video marketing.<br />

That should cover just about every marketing angle. If you have any<br />

additional requests, please let me know and we can discuss putting that<br />

into the marketing as well.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


6. Our Agreement<br />

Prior to preparing the marketing or listing it through the MLS, you’ll need<br />

to sign a “listing agreement.”<br />

We will schedule a time to sit down and go through all of the paperwork.<br />

I’ll make sure to review and explain anything you have questions on<br />

before you sign.<br />

It’s important to remember that our partnership is exactly that, a<br />

partnership. It’s a two way street that requires commitment from both<br />

parties to the process for this to be successful.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


7. Preparing For Photography<br />

Most people making their decision to even look at a home by first<br />

analyzing the pictures on it’s listing.<br />

Having high quality photos will make a big difference in the amount of<br />

attention that your house receives.<br />

I am passionate about taking great photos and making sure that your<br />

home is shown in the best possible light (pun intended).<br />

For me to get the best quality photos, you will be responsible for a few<br />

things on your end:<br />

Declutter every room.<br />

Make sure the house is clean.<br />

Make sure all beds are made and all laundry is put away.<br />

Hide any unnecessary items (laundry baskets, trash cans, vacuums).<br />

Take down as many “personal items” as you can (pictures, items on<br />

the fridge, etc).<br />

Make sure all light bulbs are working. For extra effect, upgrade bulbs<br />

to a higher wattage to have improved lighting in photography.<br />

If there is a time of day that your home captures light better than others,<br />

let me know and we can schedule accordingly.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


8. Hitting The Market<br />

Okay, it’s go time! The big day! Hopefully we’ll see good activity right<br />

away.<br />

Typically, we’ll see the most activity within the first two weeks of hitting<br />

the market. The most serious buyers in your price range will reach out<br />

within the first few hours or days of being listed.<br />

If there isn’t as much anticipated activity or any offers on the table, don’t<br />

worry. We’ll give it a couple of weeks and then we’ll assess.<br />

What I’m looking at during that period:<br />

How many showings were there?<br />

Did any of the buyers make offers? If not, why? What type of<br />

feedback was received from the buyers?<br />

Were there few to no showings at all? Is that due to a slow market, or<br />

is it something to do with the house or it’s price?<br />

Let’s hope for strong interest and a good number of showings. If not, it is<br />

not time to get discouraged. Not all homes sell in the first couple of<br />

weeks.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


9. Communication Expectations<br />

One of the biggest complaints real estate consumers have is that they<br />

aren’t getting timely communications from their agent after the house<br />

has been listed.<br />

I strive to communicate with you throughout the process. Obviously you<br />

can reach out to me anytime you would like. I will be reaching out<br />

whenever someone is wanting to schedule an appointment to see the<br />

house/if there is any feedback on a showing/when an offer comes in/etc.<br />

In addition to that, I will make sure to touch base at least once weekly<br />

with listing reports by email or text, just to keep you in the know.<br />

Please remember that I am available to you at your convenience in<br />

between any of my standard communications and I will respond as<br />

quickly as I can. Note that I may be with other clients, family or other<br />

engagements and I will get back to you as soon as I am able.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


10. Handling Showing Requests<br />

As anxious as you may be to have buyers come to see your home, it can<br />

also get aggravating.<br />

Sometimes there may be a ton of activity and it feels like someone new is<br />

coming through on a regular basis, but no offers are coming.<br />

There may be times where there isn’t a ton of showings and every once<br />

in a while there is a request “out of the blue” to take a look.<br />

Regardless of the scenario, having to show the house can get tiresome. It<br />

needs to be prepared to be shown, you need to leave your home on<br />

short notice, and your forced out of your home at times when you may<br />

not want to leave.<br />

It is not uncommon that sellers get aggravated with this process and<br />

could even be rude to agents or buyers that want to see their house.<br />

Here is some important advice:<br />

Be as accommodating and pleasant as possible. Because other<br />

homeowners can get grumpy or rude through this process, you can stand<br />

out as a seller by being your best self. It can actually impact a how<br />

someone feels about your house over another.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


11. Preparing Your <strong>Home</strong> For Showings<br />

If you did a good job with prepping for photography, chances are you are<br />

in a good place for a showing. This is one of the final steps of a buyer in<br />

making a decision to make an offer or not. Think about it like a job<br />

interview, you have to be prepared if you expect to get what you are<br />

looking for!<br />

Of course keeping up with cleaning up the house on a weekly basis is a<br />

good start, but here are other things that should be taken care of prior to<br />

a showing:<br />

Make sure all beds are made.<br />

All dishes should be in the dish washer or washed and put away.<br />

There should be no food, crumbs or stains left anywhere.<br />

Bathroom vanity should be free of items. Hide toothbrushes,<br />

cosmetics, etc.<br />

Sweep or vacuum floors if they need it.<br />

Turn on all of the lights in the house so buyers walk into a bright<br />

home.<br />

If you have pets, make sure they are out of the house, secured or a<br />

proper communication has been made to the buyer in advance.<br />

Take care of any odors from cooking, pets, etc.<br />

Don’t leave any valuables out in the open. Those items should be safe<br />

because buyers will be accommodated by an agent, but why even take a<br />

chance with them?<br />

Hide prescription drugs, it’s a sad thing to discuss but people will take<br />

these.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


12. Leave For Showings<br />

Some homeowners feel that because they know their home better than<br />

anyone else, that it would be a good thing for them to stick around to talk<br />

about the features.<br />

Some just don’t want to leave.<br />

They should be leaving for all showings.<br />

The primary reason is that buyers simply just need to be able to look at<br />

the space on their own terms to visualize for themselves without them<br />

feeling like they are being watched or listened to.<br />

Also, the agent that is with them knows the buyers and what they are<br />

looking for. You need to have trust that an agent knows what to and what<br />

not to point out to the buyer based on what the buyer has told them.<br />

Another big reason that a homeowner should step away during showings<br />

is liability. Potentially something could be said by the homeowner that<br />

may be incorrect and could result in legal issues. Also a seller could<br />

potentially disclose their motivations for selling, which could impact the<br />

negotiation of the price of the house.<br />

Keep it simple, leave during a showing. Go visit a neighbor, runs some<br />

errands, grab a bite to eat. If you are unable to leave, at least attempt to<br />

keep your distance from the buyer while they are there and minimize any<br />

interactions without being rude.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


13. Stay Tight Lipped<br />

Don’t talk to people about the sale of your home! It sounds crazy right?<br />

Things to avoid:<br />

Don’t complain about the market.<br />

Don’t talk about what you’re willing to accept for a price.<br />

Don’t let too many people know why you’re selling.<br />

Don’t talk about the number of showings you’re getting.<br />

Basically you don’t want to reveal your cards if you expect to get top<br />

market value for your house. The less people that know about your<br />

situation and the activity for your house, the better. Extra information<br />

that is revealed during the selling process can impact your eventual offers,<br />

final sale price, and the terms of the contract.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


14. Stay Calm<br />

A big reason a homeowner can lose money when they sell their home is<br />

due to making rash decisions when getting frustrated through the<br />

process.<br />

Those bad decisions often happen because when an owner gets<br />

frustrated, they take those frustrations on their agent. It can cause the<br />

agent to get defensive. It can impact that relationship in the negative and<br />

could have an effect on desired results.<br />

I understand that you can get frustrated at times. Selling a home isn’t<br />

always easy. I can sometimes get frustrated as well, but I do my best to<br />

stay composed so that getting through the tough situations becomes<br />

easier.<br />

If you feel a need to vent to me, then please do. I’ll do my best to be your<br />

sounding board. Just don’t treat me like I’m the enemy. I am always<br />

focused on working in your best interest.<br />

The end goal is always the same for both of us, to sell your house, for the<br />

highest amount the market is willing to spend.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


15. How Long Should It Take To Sell Your <strong>Home</strong>?<br />

It was discussed earlier that the most activity for your house is in the first<br />

two weeks. Your house could sell within that time, but could easily take<br />

longer. The amount of time a home takes to sell can be a point of<br />

frustration for a seller.<br />

It can be virtually impossible to time the market because there are so<br />

many factors. The buyer pool is constantly changing. If priced correctly, a<br />

seller could get a strong offer within those first few weeks. Even if priced<br />

correctly, that doesn’t always happen.<br />

Most homeowners are expecting to sell within one to two months. That is<br />

generally ideal, as it gives them enough time to pack and be prepared.<br />

Things aren’t always happening perfectly though.<br />

The statistics change pretty regularly. Just for reference, here is an<br />

example of Kennebec County throughout 2018:<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


16. Lowball Offers<br />

<strong>Sellers</strong> can get turned off by a low offer and respond poorly. They can<br />

sometimes get so offended that they may not even want to provide a<br />

counter offer.<br />

First off, we should be looking on the bright side. There is someone who<br />

is interested in your property! A lowball offer doesn’t happen every time<br />

but if it does, it’s an opportunity to negotiate.<br />

As the homeowner, the ball is in your court to control. You obviously<br />

don’t need to accept a terrible offer but should be willing to counter.<br />

Stick to your guns and if the buyer doesn’t want to work with you then<br />

you move on. Don’t shut them out until the negotiations have come to an<br />

obvious close.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


17. Multiple Offers<br />

Okay it’s the dream scenario, a fight for your home! Not so fast! No<br />

doubt getting multiple offers is exciting but there is a right and wrong<br />

way to approach this.<br />

It can be a difficult balance trying to get all parties to their best and final<br />

offer, making sure to choose the right one, and keeping everything<br />

together throughout that process.<br />

Something important to know in advance: The “best” offer is not always<br />

the “highest” offer.<br />

If multiple offers are received, we will discuss the situation and<br />

determine the best mode of action together in the moment.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


18. Negotiating<br />

There is an art to negotiating. The best approach can vary depending on a<br />

few different factors:<br />

The buyer we’re dealing with<br />

The agent we’re dealing with<br />

The overall situation (how many showings you’re getting, how many<br />

buyers have interest, current market climate, etc.)<br />

Your personal situation and desired approach<br />

There are definitely other factors to consider as well.<br />

Many sellers believe that they need to play “hard ball” to get the best<br />

price for their house. That can work in some situations, but can also<br />

backfire. Bear in mind that you don’t want to turn your buyer off and that<br />

in some markets there is a lot of inventory to be sold.<br />

Generally in residential home sales, hard ball isn’t going to be your best<br />

option. In real estate, what happens in movies and TV isn’t what your<br />

going to see in real life.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


19. Under Contract, Now What?<br />

Okay, you’ve accepted the offer and the wheels are moving. We’re on the<br />

home stretch, right? There’s still a few very important pieces that can<br />

make a dramatic impact on the deal:<br />

The home inspection<br />

The appraisal<br />

Most buyers will (and should) do a home inspection. They will have an<br />

inspector go over everything of importance and write a report that in<br />

some cases will reveal many problems that sometimes are significant, but<br />

most of the time are not.<br />

At this point, the buyer may ask for a bunch of things to be repaired,<br />

replaced, or credited.<br />

Time to put our negotiating caps back on and look at all of their requests<br />

objectively first. You may get upset with their requests but it is important<br />

to consider it from a buyers prospective. Overall though, if something in<br />

the report does really need to be addressed, such as a structural or<br />

operational defect, those will probably need to be addressed. If it’s minor,<br />

a simple “no” to the request may suffice.<br />

Generally there will be a compromise made by both parties that will<br />

allow the deal to stay intact. Weigh out the pros and cons and decide if<br />

moving forward is the best decision.<br />

In regard to an appraisal, it is necessary for the buyer’s lender to<br />

determine if the amount they are lending is justified.<br />

Appraisals can impact the deal in a variety of ways. Sometimes the<br />

appraiser can’t find suitable “comparables”, which are homes that are<br />

similar to yours that have sold recently. Sometimes the appraiser could<br />

straight up do a bad job (just an opinion of course!).<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


If the appraisal does come back low, it does need to be addressed, here<br />

are a few things that could happen:<br />

The buyer could agree to make up the difference between the<br />

appraised amount<br />

You could agree to lowering the sale price to the appraised amount<br />

A compromise from both parties, you lower the price a little and they<br />

put a little more down<br />

The appraisal could be contested, where we would supply additional<br />

comparables for the appraiser and lender to consider<br />

In some cases, an entirely new appraisal could be ordered<br />

There are many factors that will help us determine which method will<br />

work best. We will review and discuss together if this happens.<br />

Remember that this isn’t something that happens every time. This is<br />

simply a guide to allow you to be more prepared in advance if this were<br />

to occur. There is no need to stress about in advance about it.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


20. Preparing For Closing<br />

As soon as your house is under contract, the assumption should be that<br />

the deal will get done. Now it’s go time for everything you need to do for<br />

the transition out of the house.<br />

Start pricing out and arrange for a mover.<br />

If you’re planning on doing the move yourself with friends and family,<br />

communicate with them NOW and make sure you have a solid date and<br />

plan set. Don’t forget to feed them and thank them over and over for<br />

their support.<br />

Call your utility companies and let them know that you have sold your<br />

home and will need to have the service discontinued in your name on the<br />

date of closing. Let them know that the buyers are intending on taking<br />

over the services when they move in and that the services shouldn’t be<br />

shut off in between.<br />

Start packing now! Any non-essentials that you won’t need right away<br />

should get boxed up. Don’t let the last few days before close be a<br />

stressful frenzy of beating the clock.<br />

Contact your lenders to get a final payoff statement and freeze any<br />

home equity lines of credit well before closing.<br />

The time from being under contract to closing can move very fast and<br />

you’ll feel like you need to do a ton of stuff. Work on each of these a little<br />

at a time every day and you’ll thank yourself later for it at closing.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


21. The Walk-through<br />

This is generally the day before or day of closing when the buyer and<br />

their agent will go to the house and make sure everything is in the<br />

condition it was in when they agreed upon the purchase of the house.<br />

Here’s what they are looking for:<br />

That no damage has occurred since the date they agreed upon the<br />

purchase.<br />

All of the fixtures, appliances, mechanical items, and utilities are in<br />

working order.<br />

Everything that you agreed to leave behind contractually is actually<br />

being left behind.<br />

The house is clean. Leave the house like you would want it to look if<br />

you walked in as a new homeowner.<br />

You are entirely moved out.<br />

When you start packing and moving out, you’ll probably see some minor<br />

damage and dirtiness that you haven’t noticed before. By doing those<br />

things well in advance to close, it allows you ample time to go back and<br />

patch some small holes, do some touch up paint, additional cleaning, etc.<br />

You just want to eliminate in advance any aggravation that the buyer may<br />

have in the walk-through. Leave on a good note!<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com


22. Closing Day!<br />

Congrats! You have made it to the final step of the process! It’s going to<br />

be a lot of signatures and paperwork that will be explained at the closing<br />

table. Here’s how you should be prepared:<br />

Bring all extra keys, garage door openers, alarm codes, etc. with you<br />

to closing to give to the buyer.<br />

You should be expecting that any closing costs are paid out with the<br />

equity of your home. If that isn’t the case, don’t forget to have the<br />

cashiers check, certified check, or cash in the amount you closing agent<br />

calculated to be due from you at closing<br />

Bring proper identification. A photo ID, social security card, and/or a<br />

birth certificate should be fine.<br />

There will still be things that need to be completed behind the scenes.<br />

There will be final documents that need to be processed and recorded.<br />

Once complete, you’ll get all of the final documents in the mail to your<br />

new address!<br />

Just because we have finalized the sale of your home doesn’t mean that<br />

our relationship is over. If you have any additional questions after the<br />

sale, please reach out! I hope that you were satisfied with how you were<br />

taken care of through this process and would reach back out to me for<br />

any future real estate needs as well! Don’t forget to tell your friends and<br />

family and give them my information as well.<br />

Eric Swails | Brookewood Realty<br />

207.358.0123 | eric@brookewood.com

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