Seller’s Guide

Selling your home is a complex, multi-step process that calls for the expertise of our seller specialist. There are many things you’ll need to consider.  Since your home is most-likely to be your biggest financial investment, you’ll need someone who will protect that investment and get the best possible return for you.  To help you through the process, here’s a general overview on what to expect and prepare for.

Get Your Finances in Order And Get Pre-Approved

Don’t worry if you’re still paying off your mortgage.  There are several options available to you depending on what type of mortgage you have. However, you’ll need to talk to your mortgage broker or bank before you proceed.  Ask about the type of mortgage you current have and discuss what you are looking for by moving.  If you are planning to purchase another home, ensure to get pre-approved for a new mortgage.

Tips and suggestions:

  • Many people use the proceeds from the sale of their home to pay off their remaining current home mortgage. Depending on the type of mortgage you have, it can be paid off with no penalties, but other times there could be a penalty. Talk to your mortgage broker and confirm what type of mortgage you have and if there is a penalty. You should also discuss with your mortgage broker or bank whether or not your mortgage is portable. A portable mortgage means you can take your mortgage money with you and buy a home without penalty. If your new home is more expensive and requires more mortgage, you’ll need to borrow the extra funds at the current market rate.

Meet With LeRoy Warden & Associates

It’s important to partner with LeRoy Warden & Associates. Whether you’re upgrading, downsizing, relocating, or simply needing a change, we’ll help you figure out when the best time to sell your home, how to prepare it for presentation to the market and how to position it competitively to get it sold. Let us know WHY you want to sell and WHAT your plans are and we will create a marketing strategy that would help you reach your goals and objectives. With our marketing strategies and our in-depth knowledge of the Edmonton market, we will get you the best possible sale price for your current home and the lowest possible buying price on your new home.

Tips and suggestions:

  • Even though Spring is the typically the most popular time to sell real estate, each selling market has its pros and cons. During Fall there are still buyers who want to be in a newer house by Christmas time, and during Winter, there are fewer homes on the market therefore less competition, and only a very serious qualified buyer would come out in -30C to look at homes. The best time to sell your house is what works best for you and your plans to move. Contact our seller specialist to discuss all your options so you can make an informed decision.
  • Remember pricing your home right from the very beginning will help sell your house in any market.
  • To alleviate the stress of potentially paying for two homes, you can make your offer conditional on the sale of your existing home. Discuss the pros & cons of this strategy with our seller specialist.

Positioning Your Home to Sell

Pricing your home too low or too high is not an option. Listing at a fair price will attract more potential buyers, and give your home more exposure. We’ll go over the factors which will determine your appropriate listing price, including: competitive pricing, current and past market statistics, recent renovations, and the estimated value of your home.  Together, we’ll price your home right the first time and give it maximum exposure to sell quickly for the highest price.

Tips and suggestions:

  • The value of a property is determined by a several factors, each of which can influence how much your home is currently worth: square footage, age of your home, location, condition of your home, added features, and even the number of bedrooms & bathrooms.
  • Renovations can add value to a house. Determine if you should prepare to make improvements, if it could increase the value of the home or ensure it sells faster.

Marketing And Promotion

The next step will be to sign a Listing Agreement, which gives us your permission to post your property on MLS (Multiple Listing Service). We’ll begin marketing your home. Our marketing plan will use a variety of tools, such as, using professional photos, social media, showing follow-up and candid feedback, plus informing other REALTORS® with interested buyers that your property is on the market. We can help you prepare your home for showings and give you tips to best showcase your house during viewings.  We want to ensure the first impression is a great one!

Tips and suggestions:

  • Consider getting a consultation from a professional stager, get rid of clutter, remove family photos, adding fresh accents to older furniture, cleaning up yard for curb appeal. Replace light fixtures and burnt out light bulbs, update the hardware on cabinets and drawers. Replace old carpets, wood paneling and older appliances, and clean out the closets.
  • Consider hiring a professional cleaning company. Clean the carpets, windows and window treatments, and deal with any pet odours. Clear off counters, wash walls, clean basements and the garage.  Wipe down and dust light fixtures and repaint if necessary.
  • Ensure your lawn is healthy, green, clean and tidy, and cut regularly. Plants and trees and flower beds should be maintained, with colourful flowers.
  • Remove and store extra furniture.

Closing

Congratulations, you have negotiated with a buyer and you now have an accepted an offer on your home.  The buyer will want to conduct a home inspection and possibly negotiate the cost of some repairs. We will guide you through the paperwork that’s required.  Afterwards, all that’s needed is to meet with your lawyer to finalize the details and the legal information needed to close.

Tips and suggestions:

  • Your offer will include: The amount of the deposit, sale price, and how the remaining balance will be taken care of (typically by financing), possession date, date the conditions must he fulfilled by, and a date where the offer will expire.
  • As a seller, you can accept an offer containing a subject clause (ex. subject to the buyers selling their own home) yet still leave yourself free to consider other offers, just in case the buyers are unable to remove the condition.
  • If the buyer does not remove the conditions within the specified time frame, the conditional contract comes to an end and you are free to accept other offers.
  • Your lawyer will ensure that your old mortgage has been properly dealt with and that you have no further obligation regarding your old mortgage
  • What Costs Can You Expect? The commission you agreed to pay your brokerage and the GST, your legal fees, any penalty for early pay-out of an existing mortgage, outstanding property taxes, land transfer or “welcome” taxes

Congratulations! With the sale of your home complete, you can now begin looking for your next home.