How To Sell This House Of Yours And Make Money, Not Lose It!

"I want to Sell This House."

These were words that came out of your mouth not so long ago. And now you have decided that you want to put you plan into action.

So how do you sell your beautiful Chilliwack BC real estate?

The House Selling Process...

Some of you may be wanting to sell this house without the use of a Realtor.

Although I would appreciate your business as I am a professional real estate agent, I have included all the information you might need here.

The questions that are important, and need to be answered if you want to sell this house with the least amount of trouble are:

• What is the best price possible?
• Where can I find a buyer?
• How is ownership of the house transferred?
• What paperwork is required?
• What about the house do I need to disclose?
• Will the contract be legally binding?
• What about an existing mortgage?
• How do I know if the buyer will qualify for a mortgage or not?

As you can see, learning to sell this house can become a very complex process. This is why I highly recommend hiring a real estate agent to take care of all the hard work for you, and to protect your important personal investment.

Responsibilities Of A Realtor

Like every other Realtor, I have a responsibility to you. These responsibilities include:

• Complete loyalty. I must try my very hardest, with all of my knowledge, to protect your investment.
• To listen and obey every lawful thing you ask of me.
• An obligation to keep all personal information private.
• I must use a reasonable amount of skill and care in all our dealings.
• I will be accountable for all the money you place in my hands regarding deposits.

As you can see, there are plenty of advantages to hiring me as your Realtor.

Step 1: The Listing Contract

Once you have decided on a price to sell this house for, you will need to sign a listing contract.

You must include the following in your listing contract:

• Your name.
• The name of the brokerage you have decided to work with.
• The address of the property being sold.
• The date of the agreement (From when it becomes active).
• The agreement expiration date.
• Description of services provided by the Brokerage.
• How much you will pay the brokerage.
• The rules of the disclosure of your personal information.

Don't sign your contract until you fully understand everything it says, especially the length of the contract, list prices, and commission to be paid to the brokerage!

You Must Disclose!

As a seller, you must disclose any known defects of your house.

If someone buys a house from you, and it turns out there are defects that you knew, but did not disclose, you could be held liable.

I guarantee that it isn't worth your time. Do it honestly, you can't go wrong.

Step 2: The Offer

Once a buyer is interested in your home, they will present you with an offer. The Offer includes:

• Date of Offer
• Date and Time your offer expires.
• Full Legal names and addresses of the buyer and seller.
• Full Description of the home.
• Amount of deposit you are giving
• Final Price of Property.
• Your desired possession and closing dates.
• A list of final conditions that must be met before sale is made. (Such as a professional building inspection, the arrangement of financing...etc.)
• A list of items that are included in the sale (Such as lights, refrigerators etc.)
• Your Personal Signature.

Once you receive an offer you will want to take your time and carefully review each one. Get your Realtor to take a look at each offer as well.

You then have 4 options to choose from:

1. Accept the offer
This is exactly what it sounds like. Remember that once you accept an offer and have a deposit in place, your decision is legally binding (You sign the offer), so make sure you are absolutely sure of your purchase!
2. Make a Counter-Offer
If you aren't quite happy with the offer, and decide you might accept if a few things were changed, then you can make a counter offer.

Be careful though; if the buyer rejects your counter offer, you cannot go back to the original offer (Of course, they may make another counter offer that you are free to accept).

3. Reject the Offer
Don't like the offer at all? Reject it. You have no obligation to accept.
4. Ignore The Offer
Simply don't do anything! You don't have to accept, or reject it (Although if the offer meets all of your criteria and asking price, you may be required to pay the Realtor's commission. After all, you just ignored a perfectly good offer!)

Notes About Financing...

"I have a Mortgage"

If you already have an existing mortgage on your home then there are 2 possible ways this could go to sell this house.

The first, is that the buyer pays cash. If this is the case, then you will be buying out your mortgage early (And there is a monetary penalty if you do this!)

The second, is that the buyer takes over your existing mortgage. There is no penalty to this, although you should be sure that the lending institution will agree to allow your buyer to take over your mortgage.

"I Have No Existing Mortgage"

Some common options for payment if you have no mortgage on your house are:

• Get paid by cash (Best situation possible).
• The buyer may offer to pay some cash up front, and then make smaller payments later on. If you accept this, then congratulations, you are now officially the lender! Make sure you seek legal advice before taking this step, or tragedy may ensure!

Step 3: Closing The Sale

My very first recommendation is that you get a Lawyer or Notary Public to check all paperwork regarding the closing of your sale.

There are many things that can go wrong when you sell this house, and if you don't have the knowledge of the law then you will need to hire someone who does.

When you are 100% confident in the deal, you may sign the "Contract of Purchase and Sale"

Important Costs:

Costs that you can expect:

• Commission you agreed upon with your brokerage.
• The Goods and Services Tax (And HST when Applicable).
• Legal fees to discharge your mortgage (Depending on if you have an existing mortgage).
• Property taxes for the year if the current taxes have not yet been paid (And any late fee's).
• Pre-payment charges if you buy out your mortgage early.

Step 4: Celebrate!

Congratulations, your house is sold.

Let Me Guide You Through Your Sale

Of course, you still want to make a smart, well-informed decision. But you also want it done quickly.

A difficult task; but it doesn’t have to be!

If you hire me as your Real Estate Agent, I promise to help you find the home of your dreams while making an informed buying decision.

Learn more about why you should hire me as your Real Estate Agent.

My Promise To You I will always give my professional opinion, and help you make the most informed buying decision possible. I will return your calls and emails, and will always show up for appointments. I won't push you into something that you are not 100% comfortable and confident in. I will work diligently to help you sell, or buy your house at the absolute best deal possible. I am a Professional Real Estate Agent and you will receive my undivided attention. Cam Vanklei (604) 795-2955 Chilliwack BC, Canada HomeLife Glenayre Realty Ltd.

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