Selling Process:

SO YOU'VE DECIDED TO SELL YOUR HOME!

What do you do next?

(1) You could do-it-yourself!

• That is, read up about it, talk to someone who's done it before, download information from the Internet etc etc.
  
  
• Then you'd need to advertise and market it, be prepared and available to answer all enquiries on the property, present the home to potential buyers and eventually, take an offer on it.
  
  
• And that's only the beginning! You'd then need to see a solicitor about getting a contract drawn up once you've negotiated the price, deposit you'll accept and/or conditions on the contract, like
  
  
  • cooling off period - which you can have waived via a special form being completed by a solicitor
  • building inspection
  • pest inspection
  • finance - unless it's a cash contract
  • Special conditions - like a pool inspection (if applicable), electrical/wiring inspection (for an older property), etc

These are the usual basic conditions.

• Then the waiting period till everything is unconditional and you can stick the SOLD sign up. Incidentally, many agents "jump the gun" by putting a SOLD sticker on a property as soon as an offer has been accepted but it's not yet unconditional!
  
  
• Sure, you'd save yourself paying the commission - you'd still have to pay for your own advertising and marketing - but it could be a very trying time for the inexperienced.

(2) Or you could do it through a Real Estate agent.

• Talk to a real estate agent! Have one or two, or three, come over and look at the house and tell you what it might sell for in the current market.
  
  
• Find out firstly if they are currently registered! How experienced they are and how they will sell the house. You're the "employer" - find out how they will do the "job"!
  
  
• Ask exactly what costs you will be up for (like commission, advertising and marketing etc)
  
  
• If you feel comfortable with the agent, that you can trust them and are happy with the way he/she will sell the house, give them the "job"!

It is worth noting here that you could appoint just the one agent to sell your home though a Sole or Exclusive Agency or you could appoint any number of agents to sell your home through an Open Listing. The differences being as follows:

With an Exclusive Agency, you must pay commission to the appointed agent even if you sell the property or another agent sells it.

With a Sole Agency you must pay commission to the appointed agent even if another agent sells the property. However, you do not have to pay commission to the appointed agent if you sell your own property, provided the buyer didn't go direct to you as a result of the agent's marketing efforts.

With an Open Listing, you only pay commission to the agent who sells the property.

NOTE: A Multilist is an exclusive agency authorizing the Listing Agent to distribute the listing to other members of the Multiple Listing Service. Multilist is a service available to members of the REIQ (Real Estate Institute of Queensland).

The maximum time an agent can list your property for sale through a Sole or Exclusive Agency is 60 days. Fourteen (14) days before the end of the 60-day period, you can re-engage the same agent if the property is not sold, or, you may decide to choose another agent after the 60 days is up. Make sure the agent fully explains any documents you have to sign.

Once you've selected an agent and listed your house with them

• Be prepared to keep your home looking neat and tidy (unless you specify inspections at set times only)
  
  
• Don't leave valuables and/or breakable items in obvious places
  
  
• Insist on receiving feedback after each inspection, be it good or bad.
  
  
• If you're paying for advertising/marketing expenses, you should also get a weekly written report on how the sale is progressing. Otherwise, ask for one!

An agent should always contact you prior to inspections (or leave a message), unless it's a vacant property. He/She should also leave their business card in a prominent place so you will know that they have inspected the property when they contact you with the feedback.

Receiving an offer

Once a serious buyer likes your property enough to buy it, the agent should take a written offer and present it to you for consideration and/or acceptance. Ensure the following are acceptable to you before you sign/initial it

• Included chattels
• The purchase price
• Amount of deposit and when payable
• Finance amount and finance date
• Building and/or Pest inspection date
• Special conditions (if any)

If you are unsure of anything, ask the agent to explain it - better still, have your solicitor check out the contract before you sign it.

GOOD LUCK on selling your most valued possession - your home!

PS: If you are uncertain about any of the above procedures, please feel free to contact Jan Elmore by phone, fax or email.

Phone: (07) 3272 2271
Mobile: 0400-567-340
Fax: (07) 3272 2278
Email: jan@elmorerealty.com.au