Selling Process on Long Island, New York

e REALTY GROUP INC
Office: 631-929-9100
1530 North Country Road
Wading River, NY 11792

The Selling Process on Long Island

To Start
1. Realtor Consultation:

A. Determine your motivation.
B. Contact us to review your home, concerns & expectations.
C. Determine your home's value through a home evaluation and realtor preview.
D. Determine the best marketing agenda that suits your needs.

2. Prepare Your Home:

A. Do repairs that you are capable of.
B. Remove all clutter from living spaces.
C. Do major spring cleaning.
D. Nuetralize wall colors.
E. Arrange furniture to showcase the home.

3. Prepare Your Family.

A. Let everyone know the importance of keeping the house clean.
B. Pass on all information about the new school system to the children involved.
C. Reinforce the positive aspects of moving.
D. Let everyone in the family know that it will be a team effort and try to keep everyone informed as the process moves along.

4. Find any C/O's, surveys, floorplans, covenants, restrictions and or violations on the home and make copies.

Listing Your Home
1. Realtor Consultation:

A. Fill out forms neccessary to retain your listing.
B. Give copies of any C/O's, surveys, floorplans, covenants, restrictions and or violations on the home to your Realtor.
C. Provide any special scheduling instructions or contact information to your Realtor.

2. Research and retain a Real Estate Attorney for the sale of your home. Inform your Realtor.

Showing Your Home
1. Let your home be accessible as possible.
2. Require the agent's business card at the door.
3. Let the agent sell your home for you.

A. Only provide information as asked.
B. Speak to your Realtor if the agent has misrepresented anything
C. Never negotiate anything without your Realtor present

2. Research and retain a Real Estate Attorney for the sale of your home. Inform your Realtor.

Negotiating an Offer
1. Preliminary Offer Presentation:

A. The offer is presented
B. Review all terms and conditions with your Realtor
C. Discuss strategies with your Realtor

2. Forms needed:

A. Property Condition Disclosure
B. Property Condition Disclosure Statement
B. Lead Disclosure (if applicable)
C. Receipt of offer (if applicable)
D. No More Showings Statement (if applicable)

3. Your Realtor will contact the mortgage representative to verify qualification of the buyer or verify liquid funds
4. Your Realtor will negotiate your offer with your constant consultation to procure an accepted offer.

Accepting an Offer
1. At this time you are willing to accept a buyer's offer. This means:

A. You can still show the home.
B. You can still market the home.
C. Someone else can make a better offer.
D. You can accept another offer.
E. You can recind the acceptance of an offer.

2. The buyer will perform an engineer's report on your home that they pay for.

A. Schedule the home inspection (engineer's report) through your Realtor ASAP.
B. Your Realtor should be present at the home inspection. This is the last time you will see the buyers before closing.
D. The engineer will review the findings with their buyer.

3. Renegotiate only if unexpected costly repairs are needed or information has been witheld.

Contracts
1. Your Realtor will notify your attorney and the buyer's of the accepted offer and submit all information related to the transaction.
2. Your attorney will write the contracts and send them to the buyer's attorney.
3. When the contracts have been received, the buyer's will be contacted by their attorney and scheduled to sign them.
4. Their attorney will review and have them sign the contracts.

A. A Portion of their down payment is due (contract deposit)
B. Their attorney will then send the contracts back to your attorney.

5. You sign the contract.

Under Contract
1. At this time you and the buyer(s) are bound to the terms of the contract.
2. Their attorney will:

A. Contact and send a copy of the contracts to the buyer's mortgage representative.
B. Order a title report on the property.

3. An appraisal will be done on the property coordinated through your Realtor, the selling agent, the buyer and bank appraiser.
4. A termite inspection will be done on the property (if not done during the home inspection) coordinated through you, your Realtor, the selling agent, the buyer and termite inspector.
5. When the title report is free and clear of any leins and property discrepancies, the mortgage commitment will be given.
6. The buyer will need to obtain home owner's insurance for the year.
7. A Closing Date will be coordinated through both attorneys, the buyer and You. Notify your Realtor of place, date and time.
8. The transfer of utilities and final walk-through will be done on the property, coordinated through you, your Realtor, the selling agent and the buyer.

The Closing
1. Bring a good black pen & don't be late. :)