Getting Ready to Sell
Selling a home is about more than just staging
and pricing it correctly for the Montclair, Glen
Ridge, Verona and West Orange, N.J. market. The
process begins weeks or months before that. Here are
some things to consider when you are getting ready
to sell.
Set Your Timeline
When you are at the beginning stage, or still
contemplating the sale of your home, it is very
helpful to take out a calendar and choose the month
or week that you would ideally like to have your
home come on the market, how long it will take to
prepare it properly within that time frame, when you
would like to close on the sale and move. You may
not hit these dates exactly or they may not coincide
with when a buyer actually makes an offer on your
home. But, having estimated target dates is
extremely helpful as you plan and make decisions
along the way. Without a timeline, you’re sort of
adrift; hoping for things to just “work out” in line
with your needs. The following are things that you
need to do in order to truly be ready to put your
home on the market.
A Checklist for Documents
Paperwork is a necessary evil when selling real
estate. When they are not in order, they will cause
delays and probably - money. For example, let’s say
that you have misplaced your survey. Having your
survey is not required in a sale but, let’s say that
your buyer has some question as to whether the
neighbor’s fence is encroaching on your property.
The bank, title company and/or attorneys may not
close until there is legal proof of the boundaries
of your lot. Ordering a new survey may then be
required for the deal to move forward, and this
could take a few days or a few weeks.
Here is a checklist of some of the types of
paperwork that you should attempt to have ready.
Your Mortgage Information: When you sell, your
mortgage will be paid off with the proceeds from the
buyer. Whoever is conducting your closing (an
attorney or a title company) will be in contact with
your bank or lender and will therefore need that
information.
Your Deed: This is the written document that allows
you to transfer ownership of real estate. Many
sellers, over the course of ownership, have lost
this item. A copy can be ordered but it may cause a
delay and/or an additional fee.
The Property Survey: This is a drawing or map
showing the precise measuring of the boundaries of
your property and is used as a legal description of
it. Many homeowners have lost track of this document
as well but it is very helpful to have when selling.
Environmental Remediation Documents: Some typical
environmental hazards in the Montclair, Glen Ridge,
Verona and West Orange, N.J. area include
underground oil tanks, radon, asbestos around indoor
piping, termites, mold and more. If you have
remediated any of these problems, the paperwork will
be needed by the buyers - and their attorney. In the
case of underground oil tanks, what's known as a "No
Further Action Letter" is required (after the tank
has been removed or decommissioned) from the State
of New Jersey Department of Environmental
Protection. Closings are often seriously delayed
when sellers do not have proper paperwork on
decommissioned oil tanks - or proper insurance
coverage for active oil tanks.
Home Warranty Insurance: This is optional. Some
sellers offer this to a buyer. It covers the new
homeowner, typically for one year, for major
components of your home such as electrical,
plumbing, heating or major appliances. It’s not too
expensive and can be an attractive selling point -
for a nervous first time buyer or to simply help
sell your home in a difficult market.
Closed Permits for Upgrades and Additions: Buyers
will want to be sure that all permits have been
closed which you (or your contractor) pulled for any
work, repairs or upgrades done on the home. This
means that the township or municipality where you
live was notified that you were doing work and that
work was inspected when finished. Additionally, your
property taxes may have been adjusted as a result of
making these improvements. If you don’t have closed
permits, then your work was not inspected and your
property taxes may not be up to date. Further, if
the work was not inspected by town code enforcement,
your buyer may fear that it was done improperly and
may back out of the transaction.
Instruction Manuals and Appliance Warranties: It is
not legally required in the state of New Jersey that
you provide instruction manuals and warranty
paperwork for appliances at the time of closing (or
sooner). It can, however, help to sell your home and
is a very nice thing to do for your buyers.
A Checklist for Getting Your Home Physically
Ready
When you make the decision to sell your home, it's
amazing how fast the big day arrives when you
actually put it on the market. Your "To Do List" can
get long in a hurry. Suddenly, there are a million
little repairs to be made and clearing out to be
done. (Staging is covered in a separate article
under the heading "Staging Your Home".)
The more organized you are upfront, the less stress
you will feel once your home is on the market.
Repairs can take the longest to get done because you
are either doing them yourself and need time to
accomplish all of them or, you are hiring a handyman
or contractor and they may be booked a few weeks in
advance.
If you choose to sell your home in "as is"
condition, with all its flaws unattended to, this
will be reflected in a lower sale price - usually
significantly lower. If it does sell, some repair
issues may still come up in the inspector’s report.
Ultimately, you may have to make them anyway in
order to keep the deal together. Consider making
repairs like the ones listed below before putting
your home on the market:
-
Leaking roof, faucets and pipes - Loose roof
shingles
- Backed up drains and running toilets - Broken
appliances
- Faulty stoves, furnace or hot water heaters -
Ripped screens
- Loose railings - Broken sash cords in windows
- Chipped or peeling paint/stains from old leaks -
Cracked window panes
- Debris-filled or broken gutters - Stains in
carpeting
- Doors that creak or won't close - Uneven sidewalks
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