The New Jersey Selling Process

THE 10 STEPS OF SELLING A HOME IN NEW JERSEY WITH COLDWELL BANKER

While almost 100,000 existing homes are sold each week nationally, the process is not as easy for sellers as it was five or 10 years ago. Surviving in today's real estate world requires experience and training in such fields as real estate marketing, financing, negotiating, networking and closing - the very skills and expertise that are available from your professional Coldwell Banker Sales Associate.

The home selling process typically starts several months before a property is made available for sale. It is necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired, and thrown out.

While part of the "getting ready" phase relates to repairs, painting and other home improvements, this is a good time to ask why you really want to sell. Outlined below are the 10 succinct steps to the selling process in New Jersey.

STEP 1: THE DECISION TO SELL - SELECT A COLDWELL BANKER SALES ASSOCIATE

Selling a home is an important matter and there should be a good reason to sell such as a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it is important to discuss your needs and wants in private with the Coldwell Banker Sales Associate.

To assist you in finding a Coldwell Banker Sales Associate with truly remarkable skills and one who will assist you in the sale and marketing, negotiating, and merchandising of your home, refer to Finding an Office and Sales Associate on this web site.

STEP 2: SET THE PRICE - CREATE A MARKETING PLAN - REVIEW SELLER'S DISCLOSURE

There are many factors that affect the price of a home: location, condition, and amenities of a home, supply and demand, and the local marketplace. Your local Coldwell Banker Sales Associate will assist you in creating a clear market analysis on your home, so you will be able to develop a realistic, competitive pricing strategy on your home.

Implementing the Expect More Full Service Home Marketing System will be crucial to getting the most amount of money, in the shortest period of time with the least inconvenience to you. Coldwell Banker differentiates our company from the competition with our exclusive "Customized Full Service Marketing Proposal" and defines what Truly Remarkable Service represents.

Written seller's disclosure has become a major part of a home sale transaction in New Jersey. The Seller's Disclosure Statement is a form on which the sellers describe, to the best of their knowledge, physical aspects of the property. This includes numerous categories such as land condition, structural condition, plumbing, roofing, electrical, additions or remodeling of the property. Coldwell Banker has found through experience that a written disclosure is the best way to clearly communicate information. It will reduce uncertainty and misunderstandings, thus giving buyers confidence and peace of mind when negotiating on a property. As a company standard, the Seller Disclosure Statement is provided on every Coldwell Banker residential listing.

STEP 3: FIND THE RIGHT BUYER

Not just one, but also thousands of agents in New Jersey (and in North America) are working to sell your home! Through tremendous exposure, marketing and networking, we will create the demand for that right buyer to find, fall in love with and purchase your home. Be assured that any buyer brought to your home will be pre-qualified to purchase your home.


STEP 4: PREPARE FOR THE SHOWINGS

A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained. From experience, Coldwell Banker Sales Associates also know that a "well-polished" house is more appealing to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well cared for home because if what they can see is maintained, what they cannot see has probably also been maintained. In preparing your house for sale, consider how much you should spend to enhance the exterior of the home for curb appeal and the interior for appearance. Please take a moment to review The Home Enhancement Guide located in our Real Estate Library under Preparing Your House For Sale.

STEP 5: THE PRESENTATION AND NEGOTIATION OF OFFERS

When the time arrives for a buyer to make an offer on your home, the typical protocol in New Jersey is for your agent to meet with you before the Buyer's Agent arrives at your home or at your local Coldwell Banker Sales Office. At times, in an extremely competitive market, a multiple offer situation can arise. Typically, multiple offers can be presented to you all at once, and then a blanket counter offer can be made. At that time your agent will review strategy, price terms, conditions, closing date, inclusions/exclusions and other pertinent issues pertaining to the offer. The Coldwell Banker Home Loans pre-approval, or other pre-approval, of the buyers must be carefully reviewed to ascertain their affordability of the home. Once a meeting of the minds has occurred between all parties, official signing of the contract occurs.

STEP 6: THE CONTRACT

In New Jersey it is typical to provide a $1,000 or more earnest money deposit with an offer. Six original copies of the contract are created by the Buyer's Agent for all parties to sign. Original copies are typically available for the buyer, the buyer's attorney, the seller and seller's attorney, and both real estate sales associates.

STEP 7: ATTORNEY REVIEW AND ACCEPTANCE

Attorney review is considered three business days in New Jersey.

STEP 8: HOME INSPECTIONS - 2ND DEPOSIT - FOLLOW-UP MORTGAGE APPROVAL - CONTINGENCIES

Home inspections and second deposit should be expected according to the terms of the contract. Home inspections are typically ordered within 10 business days. Any issues arising as a result of the home inspection should be discussed with your attorney. Your Coldwell Banker Sales Associate will assist in following up on all contingencies being met. Survey, title search and title insurance will be ordered by your attorney. Ask your attorney to review these items with you. A written mortgage commitment for the buyers takes approximately 30 to 45 days.

STEP 9: THE WALK-THROUGH - THE CLOSING

In New Jersey the buyers, with their Buyer's Agent, will perform a "walk through" of the home to ascertain that it has been left in "broom-swept condition" and that items were not left behind that should have been removed. Please refer to your contract of sale for specifics.

The closing typically occurs at the buyer's attorney's office. Both agents should be present for both buyer and seller. Remember to bring all extra keys and garage door openers. Typical costs due at closing are Attorney's fees, mortgage liens, mortgage cancellation fee, realty transfer fee (rate fixed by sales price of property), adjustments (either a credit or charge for tax, water, sewer, oil in tank, etc), Certificate of Occupancy and real estate commission. This is not a definitive list. Please see your attorney for specific details and Sellers Estimated Closing Costs within this website.

STEP 10: THE MOVE - ConciergeŽ Services

Our ConciergeŽ Service has been designed to assist the buyer and seller in every way imaginable. Before, during and after the sale you will have a ConciergeŽ Service representative available to you all through the process. For additional information, review our ConciergeŽ Services and Moving Tips.