YourMassRealtors at ERA Key Realty - Buy, Sell, or Invest with Confidence. Serving Your Real Estate Needs in Central/Metrowest Massachusetts and Beyond!

The Selling Process

Introduction
Select a REALTOR®
Agent vs. FSBO (For Sale By Owner)
Typical Sale Process
YMR Team Advertising
Professional Fee
YMR Rebate & Bonuses Program
YMR Charitable Causes
ERA Seller Security Plan

Introduction

In Massachusetts, any and every part of a real estate transaction needs to be in writing in order to be considered a legal enforceable contract. There are no verbal agreements or gentleman handshakes in real estate. This is not an effort to provide legal advise but an effort to set it straight from the start; any item a Seller deems important to be included (or not included) in the sales contract of their home must be in writing. Communication with your REALTOR® and attorney needs to clear, confirmed and understood. If you aren't sure if something is included, ASK!

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Select a Realtor®

YMR suggests a consumer interview more than one real estate agent. The REALTOR® should provide a comparative market analysis of your home in writing. Pricing a home too high is as dangerous as pricing the home too low. The average Buyer is easily looking at 20+ homes and comparing them all.

The local real estate market (as well as the national real estate market) is showing signs of a transition. The transition is towards home prices leveling. This means inventory is growing and there are more homes for Buyers to preview and ultimately to be selective. Gone are the days of a home receiving a full price offer in less than 3 weeks. Since the Brackett & Bates Team works with both Seller clients and Buyer clients, we have heard both perspectives. When working with a Buyer client, the first words we hear when showing a home that has been on the market for an inordinate amount of time (varies based on market conditions), "What's wrong with it?" The answer is that there is likely nothing wrong with the home; just that it is priced too high.

The time frame a Seller can expect to receive an offer and actually close on the sale of their home is somewhat 'up in the air'. It depends on the price range of the property. The First Time Buyer price range (under $400,000) is still gradually moving along. The second home price range (over $400,000) can go through stagnant periods of time with limited viewings. Bottom line, a Seller needs to understand that it may take up to six months to move into their next home.

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Agent vs. FSBO (For Sale By Owner)

For those who may be on the fence between hiring a REALTOR® or trying to sell on their own (via "For Sale By Owner" web sites, etc.) here are some points you should consider:

A web site will not determine the market value of your home or answer questions that can only be revealed at a personal meeting. A customized market analysis performed by a professional is critical to getting your home sold in a timely manner and for the optimum price.
You are making a major life transition by uprooting your family and changing the "portfolio" of your 6 or 7 figure investment. You should have a "real live" consultant/advisor in your corner who is:
- Immediately available to address YOUR thoughts or concerns.
- Able to address potential problems before they actually become a problem.
- Completely cognizant of the fact that various circumstances and complicated issues cannot be simply resolved by an e-mail of a "free report" on how to sell your home.

Let us also present you with a checklist of 10 simple questions to help you evaluate your readiness to sell your home without the services of a Real Estate Professional:

Are you aware of current trends in your market that will enable you to competitively price your home?
Can you approximate net sales proceeds based on loans, balances and closing costs?
Are you up to date on local selling requirements and disclosures, such as radon gas, mold, UFFI, asbestos or lead paint?
Have you studied the special zoning and deed restrictions for your community?
Do you have the experience to recognize a qualified buyer from an unqualified buyer?
Can you write a sales contract or afford to have one written for you?
Have you been informed of the legal problems that can arise from an incorrectly written contract?
Do you know how to negotiate earnest money and under what circumstances it will be forfeited or returned to the buyer?
Are you aware of the 30-40 types of home financing methods and loans available today and the financing requirements to obtain a mortgage loan?
Have you done your homework on appraisals, "conveyance," closing documents and speedy settlement procedures?

YourMassRealtors do not take lightly the charge we are given when we are asked to play such a significant role in our client's lives. We understand the stress involved with getting your home ready to be critiqued by strangers, packing all your belongings as well as all the sentimental feelings and the journey towards what a lot of people consider to be "the unknown." It is natural to be nervous about your new home, new schools and new friends. We work day in and day out as real estate professionals. Our clients are, as you might expect, in various stages of their real estate transactions. We encounter a daily assortment of positive and negative situations connected with the selling of a property. Our skills lie in our ability to "tune in" to our clients wants and needs and exceed both on a consistent basis. Our desire to be proactive and "think outside the box" is an additional strength we bring to the table.

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Typical Sale Process

ERA Key Realty Services and YourMassRealtors are members of the Multiple Listing Service. Accordingly, clients will preview your home on-line and request a scheduled appointment to see your home. In addition to these daily appointments, YMR will conduct an Open House. We will work with you and your schedule to determine when and how often we will administer Open Houses. Some of our Clients prefer that we do not host any Open Houses at their property, and we honor that choice as well.
Receive an offer. We will not waste our Client's time if the offer is not in writing.
Home inspection as well as other types of inspections conducted by the buyer at the buyer's expense.
Purchase & Sale Agreement. A legal document, which we STRONGLY urge our Seller clients to have prepared and reviewed by their attorney (especially when selling and purchasing another home).
Contact moving company or if you are a "do-it-yourselfer" start packing non-essentials.
Title 5 should be scheduled if not already complete (when applicable).
Buyer's mortgage commitment.
Smoke certificate.
Final water reading.
Canceling Utilities.
Preparing the Deed can be done by the Seller's attorney or the closing attorney. The seller also needs to provide their current loan information to the closing attorney in order to payoff their loan.
Buyer's walk through. Will either be scheduled the day before the closing or the same day as the closing. The property should be left in broom swept condition with all agreed upon repairs completed.
Closing day.
Costs associated with selling a home:
1. Possible home inspection issues.
2. Attorney fees for P&S and deed preparation.
3. Massachusetts State stamp tax based on $4.56 per $1000 of sales price.
4. REALTOR® listing fee for services.
5. Miscellaneous recording fees.
6. Purchasing a Home Warranty Plan. (Optional)

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YMR Team Advertising

YMR uses many resources for marketing our client's property.

Multiple Listing Service: The Multiple Listing Service is a national company that has branches throughout the United States. MLS gives both Real Estate Professionals and potential buyers across the U.S. access to all properties listed with their service (essentially, any property that is NOT For Sale By Owner is listed in the MLS database). Realtors and buyers have the ability to selectively search for properties based on criteria they define. MLS is also picked up by www.Realtor.com.

Print Media: The property is rotated among these vendors for maximum exposure:

Boston Globe
Boston Herald
Worcester Telegraph & Gazette
Middlesex News
Community Advocate
Suburban Real Estate
Homes for Sale
The Real Estate Book
Combination of various town publications

Internet: Our client's property will be found on the Internet. The following are just a sampling of the web sites where the property will be advertised:

U.S. Mail: YMR will canvas the neighborhood with promotional flyers of the property including "Just Listed" postcards.

Open Houses: YMR will coordinate with our client for scheduling and advertising a public Open House.

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Professional Fee

YMR is up front with our service fee of 5%. There are no "hidden" or "additional" commissions. We are very happy to explain what the fee pays for in terms of our marketing and ultimately selling their property. Typically, the seller procures the services of a real estate professional from one company to market their property. It is possible that the marketing professional may secure the qualified buyer. In many instances though, a different real estate company will ultimately secure the buyer. The total commission does not change regardless of who brings the qualified buyer. In this scenario, the marketing company "splits" the marketing fee (in our case 5%) with the selling company. There are some real estate agents who will actually negotiate with a seller to pay a fee of 6% (and sometimes more!). They generally offer a lesser percentage to the agent who secures the buyer and they justify this with any number of excuses. This can be disconcerting among real estate agents and reflect on their desire to "show & sell" a home. We don't subscribe to such practices.

YMR recognizes there are times in life when "timing is everything." If a Seller client secures a qualified Buyer for their home in a timely manner while under contract with YMR, we will reduce our marketing fee to 4%. An example would be if a family member or co-worker "comes out of the blue" and ultimately purchases our client's home. We define "timely manner" as the first 30 (thirty) days of marketing the property.

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YMR Rebates & Bonuses Program

YMR offers our Seller Clients a very innovative Rebates & Bonuses Program. The Rebates & Bonuses are increased when our Client both sells and purchases their homes with us. Please click here for the details of this unique program. Click your browser's "Back" button to return to this page.

Note: YMR reserves the right to change and modify our "Rebates & Bonuses Program" at any time.

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YMR/ERA Charitable Causes

We would like to thank you for choosing YourMassRealtors and ERA Key Realty Services to assist you through your home selling experience. ERA Key Realty Services typically alternates contributions between 4 (four) very worthy charities throughout the year. YMR donates a portion of each and every commission to these charities. ERA Key Realty Services generously matches our contribution! Again, thank you for your continued support and for helping us to help others. We couldn't do this without you!

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ERA Seller Security Plan

When listing your home with YMR and ERA Key Realty Services, you can truly relax knowing that the ERA Seller Security Plan is there if you need it. Simply put, if your home does not sell within 180 days, ERA will BUY IT*!!

* Terms & Conditions Apply - Please click here for more information or ask us for details.

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