Here is an article the I found from the REALTORS® Association of Edmonton.  You can read the article below or read it online by Clicking Here.

Getting an offer is just the first step in selling your home - what the unrepresented seller does not know

It should be easy to sell your home yourself. You put a sign on the lawn, advertise on some internet sites and wait for the buyers to knock on your door. Most unrepresented sellers assume that all the work of selling their home is done once they get an offer from a motivated buyer. They fail to realize that in the next 60 to 90 days there is lots of work still to be done to finalize the transaction.

Acceptance of an offer is just phase one of the transaction. The real work is in the paperwork and closing and this is where the knowledge and experience of the REALTOR® will pay off. Even if the buyer is experienced, their knowledge of the real estate market and process may be decades out of date. Because the buyer’s REALTORS® fees are paid out of the transaction, there is no reason for a buyer to avoid the use of a REALTOR®. The REALTOR® will guide them through the process to ensure that each step in the negotiations and closing are completed as quickly as possible. The unrepresented seller is at a disadvantage when faced with the skills, knowledge and experience of the buyer’s REALTOR®.

Phase two is negotiations. During this phase the REALTOR® will assist the buyer to perform their due diligence. The agreed price may be adjusted based on the results of this thorough investigation of the property. This phase is usually conducted by the buyer’s and seller’s REALTORS® working together but an unrepresented seller will have to be prepared for a number of standard requests. The buyer will ask for:

1.The title. If this contains any caveats or encumbrances the seller will have to explain each one and remove as many as possible. Easements will have to be examined and understood. If there are multiple owners on title can the estranged partner be found to sign all the documents?

2.A real property report which will show the buyer if there are building code or property boundary issues to be concerned about. If something shows up it has to be decided who will replace the deck or move the garage or fence?

3.An appraisal of the property may be required by the financial institution issuing the buyer’s mortgage. This may be in variance with the agreed purchase price and may affect the size of the buyer’s mortgage and require additional negotiation.

4.A home inspection will reveal any flaws or faults which the buyer wants fixed before they take possession. They buyer may also reduce their offer to cover the cost of fixing the flaws.

5.A material latent defects waiver. This is an assurance by the seller that there are no serious issues with the property like flooding or structural faults. If any are discovered after the buyer takes possession this will be the basis of a law suit.

6.Equipment warranties and operating instructions. If the water softener, the furnace or the appliances are still under warranty the buyer will want to have them transferred to his name.

7.Condo documents including the bylaws, registration plan, reserve fund plan and engineering reports. These are required to be produced by the seller under the Condominium Act. In some neighbourhoods a Homeowners Association may have regulations and requirements that have to be met by owners. Their documents will be required as well.

8.Zoning and development information. The buyer will want to ensure that neighbouring parkland and properties are not being held in reserve for commercial, transportation or utility rights of way. No one wants to wake up to find a highrise building, railroad siding, freeway or high tension power line being built just beyond their fence.

The REALTOR® knows what each document is for and where it can be found. They will assist the buyer to put all the paper work in order before it goes to the lawyer. This will reduce costs and time as the closing date approaches.

Finally we reach the closing. The buyer’s lawyer will review all the paperwork and work with the REALTORS® conveyancing staff to ensure everything is in place. The mortgage lender will transfer the funds to the lawyer’s trust account. He will calculate the closing costs and disburse the funds as required. The last person to get paid is the seller.

At this phase the buyer’s REALTOR® will do a quick check of the property to ensure that all the chattels (drapes, appliances etc) listed in the purchase agreement are still in place and that the property is clean and in the same condition as when the offer was made. The REALTOR® has already assisted their client to find a mover and, if necessary, temporary accommodation. On the instructions of the lawyer they will hand over the keys to their buyer and welcome them into their new home. If any issue arises at the last minute the buyer’s REALTOR® will attempt to resolve them quickly so that their client is not inconvenienced. After closing the REALTOR® will check with the owner to ensure that everything is okay and help to resolve any issues that arise.

An unrepresented seller soon discovers the value of a REALTOR® when they are trying to finalize the sale of their home at the same time they are packing and making all the other arrangements to move. When confronted with a professional they soon discover that selling a property is a lot more contemplated when they first spiked the for sale sign into their lawn.

 If you need helo with selling your home in the Edmonton area, call me today and I would be happy to help!

Lisa Brown - REALTOR® with RE/MAX Real Estate

Cell: (780) 886-9166  Email: lisa@youredmontonhomes.com