The real estate process is chock full of information. I feel like more information is exchanged in a real estate transaction than on a national security background check. But before you even put that “for sale” sign in the front yard, there’s some information you need to put together that will help you get that home ready to be sold.
1. Gather your receipts for improvements and repairs – This is excellent information that will help you fill out your State Property Disclosure and will also disclose any repairs made to the property. Your Property Disclosure is an opportunity to show buyers the extensive improvements that have been made to your home.
2. HOA rules and regulations – Have a copy of your Home Owner’s Association Rules and Regs so this can easily be shared with interested buyers or provide buyers and their agents with a link to the HOA website for up to date info.
3. Mortgage documentation and info about any Home Equity Line of Credit (HELOC) – When you obtain a contract on your home, the closing office will need all of the information about your mortgage and any additional loans on the property (mortgage company name, loan #s, etc.).
4. A 1-page home “brag sheet” – List any improvements you have made to your home whether major or minor including redesigns of rooms, new flooring, bathroom updates or anything else that you can “brag” about your home.
5. Warranty information – If any major improvements have warranties this could be very desirable to a buyer. For example windows with lifetime warranty or a roof with a 25 year warranty.
6. Provide your Realtor with details about outdoor features – Pool, landscaping, irrigation systems, outdoor kitchens, fireplace, etc. These items have become very important to buyers and the more information they are given, the more excited they get about your home.
7. Tell the story of your neighborhood – The neighborhood website, walking trails, etc. In Memphis there is special neighborhood called High Point Terrace that has a street called Aurora Circle and Mimosa. Theses streets have hosted the 4th of July parade for decades and even have their own “mayor.” Everyone wants to live on these streets because of this, so make sure tell the story of your street.
8. Remember how it felt when you first bought your home – You wanted as much information about the home as possible. Put yourself in the buyer’s shoes and try to provide as much documentation as possible.
9. If you are having trouble remembering any issues or repairs made to your home, walk through each room – A tour of each room and the exterior will help you remember any changes and repairs or issues that have come up while you lived there. If you have had any Homeowner’s Insurance claims, be sure and provide all documentation to your Realtor.
10. Always remember: disclose, disclose, disclose – Be sure not to withhold any reports or information about your home. What may seem minimal to you may seem major to a buyer. Oversharing is always good practice when selling your home!
DAVID MARINE APR 7, 2014