If you are considering selling your property with the help of our office, this is for you.
What Our Office Brings to the Table
Realtor/MLS vs FSBO (For Sale by Owner)
We are currently in a “SELLER’S MARKET”. A Seller’s Market is a term referring to the supply and demand of real estate in a particular area, in which there are more buyers than homes available, placing the seller in the advantage.
This means that you might see increased sales prices with terms more favorable to the seller with potential for multiple offer situations (AKA “bidding wars”).
WHAT OUR OFFICE BRINGS TO THE TABLE:
-All listings are run through the MLS to ensure that buyers and agents everywhere can see your listing.
-Our signs are designed to be highly visible and easy to read, some include solar lights or are reflective, and can have QR codes that link directly to our website or a virtual walk through of your home on smart phones!
-Our office is right in the middle of popular tourist area Lake George Village. We get a LOT of walk-by traffic where your listing can be advertised on our storefront.
-All our listings link to an extensive online presence. We are set up to link our listings to around 80 sites in addition to the staple sites that already pull from the MLS like Realtor.com, Zillow, and Trulia.
-Our office is committed to a large social media presence, a great new stream of influence for marketing and highly effective in reaching an audience. Advertising dollars are spent locally, but also targeting “Downstate NY”, NYC, Long Island, Connecticut, New Jersey, Pennsylvania where many of our buyers come from. Social media blasts receive around 1000 impressions daily- LOTS of exposure.
-We take our time when taking photos. We believe that good honest photos that show the home as realistic as possible have the best results with buyers. For luxury properties, or for any clients who desire professional photos, we have access to great photographers, along with drone shots (will hire at request). We are cautious that the photos we use to market your home put the property in its best light to attract buyers, but also not overexaggerate space.
-We are thorough in what we upload to the MLS, making sure other selling agents have full access to all of the information that they should be presenting to a buyer including both school and town/county tax bills, tax and aerial maps showing property lines, deed, any rules/regulations of associations if applicable, and all disclosures required by the DOS readily available so a buyer’s agent has all they need off the bat and can submit a competent offer.
-All agents in this office are trained directly by Broker/Owner Anna (Annie) Bennett Lafontaine to operate by the procedures she has set to ensure this office is professional, thorough, and fair. Success in selling real estate is highly dependent on good communication, attention to details, energy put forth, organization, and knowledge- these are absolute pre-requisites to being a Selling ADK agent. All agents are Realtors who are held to the upmost ethical standards in the industry.
REALTOR/MLS VS FSBO (FOR SALE BY OWNER):
-When listing with a Real Estate professional, your property is then listed in the MLS (multiple listing service) that subsequently links to many other online mediums like Zillow and Realtor.com.
-This exposure on the MLS directly spans to all other Real Estate agents in the area that are working with the majority of QUALIFIED buyers in the area.
-Having a Real Estate agent involved in the transaction of selling real estate maintains ethical proceedings so there is a no hassle experience.
-Realtors act as liaisons so that you are not communicating directly with the buyer where issues can occur with direct contact as selling/purchasing a property can be an emotional experience, a professional involved to be the middle man alleviates any conflict between buyer-seller.
-Selling your property with a real estate agent WILL cost you a commission fee, HOWEVER on average, properties sold with a professional net the seller 6% more than “FSBO’s”.
-Buyers trust prices set by Realtors over home owners, this puts you in a better opportunity to get better offers at the right price.
-Selling a home is literally a full time job, allow a Realtor to market your property and do all the steps in between AND get you the best price.
COMPARATIVE MARKET ANALYSIS/AGREEMENT ON LIST PRICE
-Your Realtor will visit your property prior to discussing any pricing to view in person to have true knowledge of the status, updates, finishes to directly compare the property to the comps (other recently sold homes in the area with similar specs). At this time, you can ask your Realtor any questions you have about the process.
-Your Realtor will discuss pricing with you by pulling comps and creating a CMA (comparative market analysis) to base your home’s best list/sale price against similar homes that have sold recently along with taking into consideration properties that are active on the market still (competition) and current market trends.
-Once a price is reached and agreed between you and your Realtor, they will draft the documents that are needed to list the property including a listing contract with the terms of the listing and any disclosures that are required for the property typically by the state.
-These documents are available to E sign on your computer which makes the process quick and painless and also gives you direct access to your documents for your records.
For more information on Seller Obligatons under 42 u.s.c. 4852d:
-Your Realtor will have photos done or take them themselves and create the listing online on the MLS.
-Once the listing is complete, they will publish it and it will immediately become visible to all Realtors within the MLS and will link to other online mediums typical within 24 hours.
-A sign and lockbox will be placed at the property unless otherwise discussed.
-Buyer’s agents will be able to schedule showings online through a software that requires they be licensed to gain permission to view the property. You will discuss with your Realtor allowed times for showings that works for your lifestyle and the process to permit access to agents with their clients.
-All potential buyers are escorted by a licensed Realtor.
Accepting an offer:
Offers should be received by your Realtor in writing with all signed offer contract/documents/disclosures, pre approval from lenders or proof of funds if cash, a copy of first deposit check to show they are organized and ready/willing/able potential buyers.
Things to look for:
-Terms (inspections? Financing? Dates and other details.)
-Deposit amount (“skin in the game”)
Once you have accepted an offer, you will need to retain an attorney.
NYS Real Estate contracts state that both parties (buyer and seller) will have an opportunity for their attorney to review the contract in their best interest prior to the contract being enforceable and throughout the transaction.
-What do attorney fees run? They range from $700-$900 for a typical transaction
-What will they do? Your attorney typically has 5 days from when they receive the contract to respond formally to the opposing attorney with their acceptance/changes. The attorneys will go back and forth if needed until an agreement is met and then attorney review will be complete, and your contract will be established. Contracts are not enforceable until attorney review is complete.
-How do I obtain an attorney? If you already have an attorney you prefer to work with, you can use them! However, if you do not, here is the list of local attorneys we recommend. We do suggest using a local attorney that is well versed in Real Estate transactions as that would be in your best interest.
-When do I obtain an attorney? In a fast moving market, it might be wise to line up an attorney as you list your property but typically, once you have a deal (you have accepted an offer), and as quickly as possible to keep your transaction moving. You should call either your attorney or one from our list and let them know that you have a signed contract to sell your property and need attorney representation and ask if they will take you on as a client.
-Then what? Once you have an attorney secured, pass along the attorney’s name, email, phone number to your real estate agent so they can forward them all the documents on the sale.
- David Klingebiel, Glens Falls
- Patricia Watkins, Glens Falls
- Mary-Ellen Stockwell
- Brian Borie, MFCLLP in Glens Falls
- Dan Wade, Ianniello Anderson
- Mark Rehm, Glens Falls
Depending on the terms agreed in the sales contract you have in place, buyers will likely be performing inspections. Buyers will hire and pay for any inspections done that are outlined in the contract, by the date stated in the contract and report any findings/make any requests for negotiation by the date indicated on the contract (unless otherwise extended by the attorneys with your consent).
You will need to leave the property as you would for a showing and must have the house mechanicals all up and operating to be tested unless otherwise discussed during attorney review. Typically buyers will have a licensed building inspector come along with a septic company to dig up the septic tank cap to inspect/pump out if the property has a private septic system. These are typically scheduled for the same time/day. Inspections typically take about 2 hours to perform.
The inspection contingency in the contract allows the buyers to walk away and recoup any deposits paid should any singular item come up as dissatisfactory requiring over $1500 (or as contract otherwise states) during the inspection. You as the seller, have the opportunity to negotiate a credit or repair with any and all items that come up, big or small, but the buyers only have the right to retrieve their deposits back should you fail to come to an agreement for a major item over $1500. For any issues over credits/repairs requested, the buyers need to submit a written quote from an appropriate licensed contractor to supplement their request, the inspection report is typically not enough to support their claim, in which you can also retrieve your own quotes on any items for negotiation purposes or if you plan to remediate an item prior to closing.
You are not required to make any fixes/credits, all transactions are technically “as is” and you have no obligation to agree to any credits/repairs, but the buyers are able to walk away under the inspection contingency terms if applicable.
Buyers should work diligently and timely to obtain financing. They will need to obtain commitment from their lender by the date indicated on the contract (unless otherwise extended by the attorneys with your consent).
The lender will order an appraisal to be done on the property, the appraisal needs to come back at or above purchase price or there will be a discrepancy and the buyer would need to pay the difference in cash. Should this happen, you might be in a position where the buyers would refuse to pay the difference and have an opportunity to negotiate to keep the deal together if desired.
The lender will require the buyers to obtain insurance and title to come back clear (attorneys will order title search/insurance) prior to granting a clear to close and scheduling the closing.
Transfer of utilities:
~1 week before closing
Call all utility companies to have the service planned to be switched out of your name and into the buyers who will also need to call. Some or none will apply:
Buyers will perform a “final walkthrough” within 48 hours of the scheduled closing to ensure that the property is in good condition prior to signing off on closing documents and taking ownership. Property should be left with no personal belongings (unless otherwise agreed to in the deal) and “broom swept” clean.
The attorneys will schedule this and coordinate with the buyer’s lender (if financing is involved). There are moving parts that affect the closing date/time/location including but not limited to attorney schedule, bank schedule, title company, buyer/seller schedule, and more. The closing date is not typically exactly the date you see on your purchase contract, as that is a mere guestimate at the beginning stages of the transaction. Your real estate agent will work to stay in communication with the lender, attorneys, and sellers’ agent on scheduling/timing, but it is ultimately out of their control.
Your attorney will give you the final figures as to what you will net at the closing and if you need to bring any checks for any reason.