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Contact Nancy Comenitz Real Estate

If you have any questions or need more detailed information, please feel free to contact me via phone at 617.232.4186 or fill out the form to let us know how we can help with your real estate needs.

Office Location 77 Pond Avenue,
Brookline, MA
Phone: (617) 232-4186
Fax: (617) 232-7954

  This Article Contains: 
Learn What Your Property is WorthShowing Your House to Homebuyers
Correctly Pricing Your HomeSeller's Responsibility
Preparing Your Home for SaleFrom Offer to Purchase to Closing
Exclusive Listing & The Listing AgentLegal Obligation of Seller
Other Agents & Their Role in Selling Your Property

 The Home Selling Process

Every seller wants the same thing- the best possible price with the least possible hassle and aggravating. Unfortunately, home selling has become much more a complex business than it was five years ago. We now have new seller disclosures, a range of environmental concerns, broker representation, and other legal issues. Buyer brokerage-where Realtors represent homebuyers is now common nationwide and good buyer-brokers want the best for their clients.  The Commonwealth of Massachusetts has enacted some of the strictest environmental laws in the nation. There are countless legal stipulations regarding zonings, fair housing, property disclosure, consumer protections, and building codes that require sellers to be more careful about their responsibilities than ever before.

The home- selling process typically starts months before the property is put on the market for sale.

Learn What Your Property is Worth

A seller needs 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/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.

Ask a broker to prepare a comparative market analysis (CMA), which shows you what similar properties have sold for within the past three to six months and what properties have failed to sell. The analysis will compare the similarities and differences between the homes; the number of rooms, baths, their sizes, lot sizes, square footage of house, improvements made, etc.

                                                 Correctly Pricing Your Home

Correctly pricing your home for sale, right from the beginning, may be the single most important decision a seller has to make. Typically, urgency is greater during the first few weeks a home is on the market, so the chances of getting the highest price are in the beginning.

The buyers are all exceptionally educated to the market. They all know the value of each home they enter. If they feel a home is overpriced they typically just walk out to the next home with the feeling that the seller is being unreasonable.  They do not say to themselves that they like the home and will write an Offer to Purchase at a price they are comfortable with.  So beginning with a high price just looses the buyers you want to capture. If a broker recommends a listing price of $1,250,000 and you put it on the market for $1,400,000, you have excluded all the buyers who could have afforded your home.  The buyers in the $1.400,000 range will feel the home does not meet their needs, and the buyers in the $1.250,000 range will say it is too expensive.

Another point to consider is that most brokers today are buyer’s brokers, representing the buyer in the transaction. Some buyers will ask their broker to do a Comparative Market Analysis of the property they are interested in, before they write an Offer to Purchase.     

For a no obligation Comparative Market Analysis of your home just click the link here.                                                                                                                   

Dropping Your Price...Too Late

If you start out with a high sales price, then drop it later -- your house is "old news."  You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your house could take longer to sell.

Even if you do successfully sell at an above market price to an uninformed buyer, your buyer will need a mortgage. The mortgage lender requires an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the house won't appraise. Your deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen.

Your house could go "back on the market."

Once your home goes back on the market or sits on the market awhile, it is harder to get a good offer. Potential buyers will think you might be getting desperate, so they will make lower offers. By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received.

Lessons to Be Learned

Last year the National Association of Realtors enacted a new Code of Ethics that a Realtor in attempting to secure a listing, shall not deliberately mislead the owner as to market value.  Take a good hard look at the Comparative Market Reports that the Realtors bring you. The highest price may not be in your best interest. Remind your broker, giving you that high price, of the new Code of Ethics and see if that brings the price down.  

                                                    Preparing Your Home to Sell

Ask yourself; if you were buying this home how would you want it to look? The goal is to show a home that looks inviting, with plenty of space, and well cared for. There are cosmetic repairs to help the home show better but there are also mechanical repairs to ensure that all systems and appliances are in good working condition. Both are requirements to get a top price.

Home Staging is the very best proven way to get top dollar for your home as you prepare it for sale.  Homes that are staged sell faster and for more money! This is because staging sets the scene throughout the house to create immediate buyer interest in your property. This will then lead to your home selling for the highest possible price in today's market.

At its most basic it may be as simple as performing some needed home repairs, repainting, removing unneeded items and accessories, and bringing in some fresh flowers and plants. In other cases it might be as complicated as replanting, carpeting, rearranging furniture, or replacing outdated light fixtures or window treatments. But no matter how easy or complicated, the end result has only one goal: to show potential buyers the very best of your home. You want the buyers picturing themselves in your home, not being distracted by clutter, dirt, or home maintenance problems.

Click on the title above to go to the page giving a detailed description of preparing your home for sale with a list of professionals specializing in services that may help you in preparing your home. 

                                            Exclusive Listings and the Listing Agent

Exclusive Listings                                                                                                                                
When a seller chooses a real estate agent to market and sell a property, the seller engages in a relationship with that agent to accomplish their mutual goal - to sell the property. Often, a Seller and a REALTOR® 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. 

Listing  Agent         


A Listing Agent is engaged to help you sell your home.  The Agent works with you to determine the asking price, make your home presentable for sale, inform you 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 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 will assist in coordinating deadlines and closing dates, making sure all documents are signed, sealed and delivered on time. 

                                  Other Agents and Their Role in Selling Your Property

There are buyer's agents (exclusively), and disclosed dual agents, who represent both buyers and sellers, cooperating agents who are authorized by the seller to cooperate with agents from other firms to help sell the property. 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.


SELLER’S AGENT
A seller can engage the services of a real estate agent to sell his property (called the listing agent) and the real estate agent is then the agent for the seller who becomes the agent’s client. This means that the real estate agent represents the seller. The agent owes the seller undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided, however, that the agent must disclose known material defects in the real estate. The agent must put the seller’s interests first and negotiate for the best price and terms for their client, the seller. (The seller may authorize sub-agents to represent him/her in marketing its property to buyers; however the seller should be aware that wrongful action by the sub-agents may subject the seller to legal liability for those wrongful actions).

BUYER’S AGENT
A buyer can engage the services of a real estate agent to purchase property and the real estate agent is then the agent for the buyer who becomes the agent’s client. This means that the real estate agent represents the buyer. The agent owes the buyer undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided, however, that the agent must disclose known material defects in the real estate. The agent must put the buyer’s interests first and negotiate for the best price and terms for their client, the buyer. (The buyer may also authorize sub-agents to represent him/her in purchasing property; however the buyer should be aware that wrongful action by the sub-agents may subject the buyer to legal liability for those wrongful actions).

DUAL AGENT
A real estate agent may act as a dual agent representing both the seller and buyer in a transaction but only with the express and informed consent of both the seller and buyer. Written consent to dual agency must be obtained by the real estate agent prior to the execution of an offer to purchase a specific property. A dual agent shall be neutral with regard to any conflicting interest of the seller and buyer. Consequently a dual agent cannot satisfy fully the duties of loyalty, full disclosure, and obedience to lawful instructions which is required of an exclusive seller or buyer agent. A dual agent does, however, still owe a duty of confidentiality of material information and accounting for funds

(NON-AGENT) FACILITATOR
When a real estate agent works as a facilitator that agent assists the seller and buyer in reaching an agreement but does not represent either the seller or buyer in the transaction. The facilitator and the broker with whom the facilitator is affiliated owe the seller and buyer a duty to present each property honestly and accurately by disclosing known material defects about the property and owe a duty to account for funds. Unless otherwise agreed, the facilitator has no duty to keep information received from a seller or buyer confidential. The role of facilitator applies only to the seller and buyer in the particular property transaction involving the seller and buyer. Should the seller and buyer expressly agree a facilitator relationship can be changed to become an exclusive agency relationship with either the seller or the buyer. 

Sumary of Agency                                             

 I have just given you all the legal terminology for the different types of agency representation and the role of the broker according to the Massachusetts Association of Realtors and the Greater Boston Real Estate Board. In 2005, the Greater Boston Real Estate Board mandated that at the first personal meeting with a buyer to discuss a property, the broker must have the buyer sign a "Massachusetts Mandatory Licensee Consumer Relationship Disclosure Form". To read a sample of this form please click here.  

 
                                                    Marketing Plan

You have priced your home to sell and you have prepared your home to sell. Now you need a broker who will be able to market your home to sell.

Your marketing plan has two main objectives:

cg37_8_01 to make sure you property is exposed in all the venues possible, and

cg37_8_01 to make sure it is properly presented

 Click Here to read My Marketing Plan   
 
 
                                          Showing Your House to Homebuyers

a. Convenience and Availability

Your house should be available for show, even though it may occasionally be inconvenient for you. Sometimes a buyer is from out of town and decides your house could be perfect, but they are only available for a short time. Do not worry about how your home looks, or about being home. Your home may be the right one and you would have lost a sale if you refused the appointment.

b. Why You Should Not Be Home

Homebuyers feel like intruders if you are home when they visit, and they might not be as receptive toward viewing your home. Visit the local coffee house, yogurt shop, or take the kids to the local park. If you absolutely cannot leave, try to remain in an out of the way area of the house, and do not move from room to room. Do not volunteer any information, but answer any questions the agent may ask.


c. Lighting

When you know someone is coming by to tour your home, turn on all the indoor and outdoor lights even during the day. At night, a lit house gives a "homey" impression when viewed from the street. During the daytime, turning on the lights prevents harsh shadows from sunlight and it brightens up any dim areas. Your house looks more homey and cheerful with the lights on. Make sure all your fixtures work well, especially the outside.

d.  Fragrances

Do not use scented sprays to prepare for visitors. Many people find the smells of those sprays offensive, not to mention that some may be allergic. If you want to have a pleasant aroma in your house, have a potpourri pot or something natural. Or turn on a stove burner (or the oven) for a moment and put a drop of vanilla extract on it. It will smell like you have been cooking. Place a lemon down the disposal and grind it.

e.  Pet Control

If you have pets, make sure your listing agent puts a notice with your listing in the multiple listing service. The last thing you want is to have your pet running out the front door and getting lost. If you know someone is coming, it would be best to try to take the pets with you while the homebuyers tour your home. If you cannot do that, it is best to keep dogs in a penned area in the back yard. Try to keep indoor cats in a room when you expect visitors, and put a sign on the door. Most of the time, an indoor cat will hide when buyers come to view your property, but they may panic and try to escape. A notice alerts any buyers who may be allergic.

f.  Kitchen Trash

Especially if your kitchen trash can does not have a lid, make sure you empty it every time someone comes to look at your home even if your trash can is kept under the kitchen sink. Remember that you want to send a positive image about every aspect of your home. Kitchen trash does not send a positive message. You may go through more plastic bags than usual, but it will be worth it.

g.  Keep the House Tidy and Neat

Not everyone makes his or her bed every day, but when selling a home it is recommended that you develop the habit. Pick up papers, do not leave empty glasses in the family room, keep everything freshly dusted and vacuumed. Try your best to have it look like a model home or an empty home with furniture.
 

                                                           Seller's Responsibilities

Seller's Duties to Condition of the Property

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 does not know the answer he or she should not guess, but should qualify the answer with this acknowledgment 

                                             From Offer to Purchase to the Closing

By law, real estate agents are required to present all offers to a seller. 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 need an additional month for the closing date. Buyers and sellers should be careful when making offers and counter offers 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 clear title. Typically, a negotiation will last 24-48 hours.


cg37_8_01 Earnest Money Deposit- typically $1,000.000 to bind the offer                                                cg37_8_01 Contingencies-   home inspection clause, mortgage clause, etc
cg37_8_01 Closing Date-     when they want the date of the sale to be
cg37_8_01 Down Payment-  usually 5% or 10% of the purchase price is offered as a down payment at the                             signing of the Purchase and Sale Agreement

 

The buyer's letter of preapproval needs to be checked with the originator, so the home does not come off the market and then need to be placed back on the market due to a lack of finances.

Between the Offer to Purchase and the Purchase and Sale Agreement is when the buyer has all the home inspections.                                                                                                                                                                 
The seller's agent will assist in finalizing the terms of the sale between the buyer and seller in the form of a written Purchase and Sale Agreement. This agreement once signed is a binding contract to which the buyer and seller will be obligated. Often an attorney prepares the final Purchase and Sale Agreement.

The  Closing   

In order to comply with all the state regulations the broker arranges and brings to the closing:                     
cg37_8_01  Smoke Detector Certificate, 
cg37_8_01  Carbon Monoxide Certificate, 
cg37_8_01  Title 5 Certificate, (if appropriate)
cg37_8_01  The water reading,  
cg37_8_01  6D Certificate (if a condo)

The closing usually takes place 45-90 days from the date of the offer. This is where the title of the property transfers hands between the sellers to the buyer. The closing will take place at the Registry of Deeds or at the Buyer's Attorney's Office, and usually lasts 60-90 minutes. The closing attorney will prepare a HUD Settlement Statement for review a day or two before the closing listing all the money changing hands. At the end of the closing the keys have changed hands and the new deed is ready to be recorded at the Registry of Deeds.
 

                                                         Legal Obligation of Seller


a.  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. 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.

b.  Smoke Detectors and Carbon Monoxide Detectors

Massachusetts state law also requires that all residential structures be equipped with smoke detectors and carbon monoxide detectors, and it is the owner's obligation to receive a compliance certificate from the local from department. before closing.


c.  Carbon Monoxide Detectors

All homes in Massachusetts equipped with fuel burning equipment that produces carbon monoxide or has a garage adjacent to living areas are required to have Carbon Monoxide Detectors installed on every level of the home, excluding unfinished basements, attics and crawl spaces. A detector must be placed within ten feet of every bedroom door.

d.  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.

e.  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 lease being executed. Your REALTOR® is aware of all of this 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.  

 
Some sections of this article came from the Massachusetts Association of Realtors Seller's Guide 2008 

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