A Seller’s Guide

TIPS FOR SELLING YOUR MARTHA’S VINEYARD REAL ESTATE

From Caroline Taylor 

Caroline Taylor will help keep things simple while selling your Martha’s Vineyard home. The information below may be helpful from preparation through closing. Every home is different and every homeowner has individual needs during this process, so please, ask, ask, ask! Good communication is the key to a successful sales relationship. Everything you can tell us about your house and your motivation for selling will give us more strength with buyers. So, please, tell, tell, tell!

What DOES Caroline Taylor do for you?

• Prepare a Comparative Market Analysis to help you evaluate and appropriate market price, based on previous sales in your neighborhood.

• Check with Building & Zoning Inspector for permits, expansion possibilities, legal uses of property.

• Check with Board of Health regarding number of bedrooms, guest house possibilities, age and location of septic system, copy of septic plan and permit.

• Assessor’s Office: assessment and tax—confirm all.

• Registry of deeds: find deed, mortgage, liens, covenants.

• Provide Seller with referrals on septic systems inspectors, attorneys and other backup personnel.

• Take Photos inside and outside.

• Create listing sheet with property specs.

• Create information sheet with all material & pertinent data for buyer disclosure.

• Submit listing to LINK (Our Multiple Listing Service).

• Place on Caroline Taylor and Island Real Estate web site.

• Organize showing on LINK tour for brokers.

• Schedule, organize and hold open house for buyers and neighbors, if appropriate.

• Place sign on property where allowed.

• Advertise property. See additional advertising media where appropriate for your home.

• Send postcards or emails to neighbors and appropriate additional areas.

• Accompany all showings with our buyers and their clients.

• Keep Seller’s personal information confidential unless seller releases broker from specific confidentiality.

• Report feedback to homeowner.

• Submit all offers to homeowner for consideration.

• Negotiate the sale between the seller and buyer/buyer’s agent.

• Coordinate Purchase & Sale Agreement and closing information with attorneys.

• Assist mortgage company with details on house and stay in touch with buyer or buyer’s agent regarding progress of mortgage process.

• Meet appraiser for property inspection.

• Order septic inspection, receive report from inspector & letter from Board of Health.

• Disperse septic report to seller, buyer, buyer’s agent, and attorneys.

• Attend home inspection.

• File application with Town of Edgartown for smoke detector and carbon monoxide detector inspection and co-ordinate inspection with Fire Dept. personnel.

• Meet buyers for measurements, floor plans, etc.

• Meet cleaning crews, builders and trades people who may work on the house.

• Open escrow account for seller. Open interest-bearing escrow account for deposit.

• Transfer funds for closing day and disperse balance of funds to appropriate party.

• Draw up closing statement.

• Attend closing.

• Follow through with any additional details which may need to be completed.

 

THIS CAN BE A PDF

Septic Systems and Title V
A septic system must be inspected within two years prior to the transfer of ownership by a licensed septic inspector or engineer. An early inspection can not only prevent closing delays but can inform you of needed repairs or replacement before an offer comes in from a buyer. This allows you to negotiate the price of your property with all the facts in front of you.

If a system fails inspection, some banks now require an approved septic plan before closing. Funds can be placed in escrow for repairs/replacement after closing, if time is short.

Smoke Detectors and Carbon Monoxide Detectors
Massachusetts law requires an inspection and the issuing of a Certificate of Compliance for smoke detectors and carbon monoxide detectors for every home before closing on residential property. Your local town or fire department inspects the property and tests the smoke detectors to verify they are the correct type and that they are in working order. Each town’s fee varies from $25 – $50 You should check with your local building inspector or fire department to verify if your property is grandfathered for battery operated units, plug in units, or hardwired units.

Environmental issues are important during the sale of your property! 

click here to download a PDF of environmental considerations.

Preparing Your Home for Showings

Some houses sell in day while others sit on the market for months. The longer a house is on the market, the less chance you have of receiving a high offer. Prospective buyers tend to feel if a house has been for sale beyond the market average, there may be room to negotiate or they may even feel nervous about purchasing such a property.

Step 1: Caroline Taylor will help you to see your house from a buyer’s point of view. Staging a home for sale is often a useful technique to make your home look its best. Some very simple techniques can make all the difference in the spatial appearance of your home: Pack books, personal photos and knickknacks to give the appearance of more space. Paint with bright/white paint to brighten a dark or dingy room. Use some creativity. Draw attention to your home’s special features. Experiment with lighting to enhance a room. Try to minimize the negative features. Remember no home is perfect, but enhancing your home for sale can be simple and fun.

Step 2: Your house should exceed the buyer’s expectation; it should be clean! clean! clean! Although realistically it is hard to sustain an immaculate house while continuing with day-to-day activities, this is one very important factor that can make your house sell more quickly.

Step 3: Eliminate unpleasant odors. Some people are sensitive to odors, so do not use heavy perfumes to disguise smoke smells, pet odors, mildew or old laundry. Unpleasant odors can be an immediate turn off for a prospective buyer. See recipes under kitchen, below.

Step 4: The exterior matters. Curb appeal enhances a buyer’s first impression of your home. Be certain that the paint on the front door is fresh and compliments the house. Don’t forget the garden: mow the lawn regularly, trim hedges, tidy flowerbeds, etc.

Step 5: Make those minor repairs. These small details can add up in the buyer’s mind. A buyer might see holes, cracks and peeling paint as deferred maintenance or owner neglect. For example, repair small areas of rot, repair screens, oil squeaky hinges. Use talcum powder on wood floors to help prevent squeaks.

Room-by-Room Guide
Avoid eccentricities. Buyers will be looking for a blank canvas on which they can paint their own vision. Two coats of white paint may be the best investment you ever make. There is fine line between depersonalizing a space and creating a sterile environment. Use accessories such as a vase of flowers to make an area appealing. Display photographs that show your home during other seasons, if you have them.

Living room: This room often gives the first impression to a buyer, so make sure the furniture arrangement is welcoming and uncluttered.

Kitchen: Make it smell like Grandma’s kitchen by heating homemade soup or cookies or boiling the following on the stove: ½ a whole nutmeg, 5 cinnamon sticks, 1 tablespoon of allspice and 1 tablespoon whole cloves in 3 cups of water. In the heat of summer, a bowl of lemons provide a fresh and pleasant aroma.

Bedrooms: Master suites are great assets in today’s market. Make the space feel bigger by painting the room a lighter color. Remove any additional furniture. Aim for a restful look.  Add new updated bedding with a coverlet, comforter and lots of pillows.  If you have a master bathroom, try to have it coordinate with the bedroom.

Bathrooms: The bathroom should be immaculate. This room receives a lot of attention from prospective buyers. Clean and regrout around the tub if needed, clean out cabinets, etc. There is nothing like Fluffy, new towels with a co-ordinating shower curtain to freshen the look

Laundry: This is another area that should be immaculate. Do not let laundry pile up. Keep the area clean and fresh.

Yard and Driveway: Define the driveway. Repair the surface or add gravel, if necessary, and weed. This is one of the buyers’ first impressions. Avoid an overgrown and unkempt looking yard. Mark the property boundaries.

 

Secrets of the Selling edge (Showing Your Home)
• Tell everyone you meet your house is for sale and the name of your listing agent. Be willing to show your home (practically) anytime.
• Have a last-minute showing plan.
• Air out the house a half hour before showing, when possible.
• Set the thermostat to a comfortable temperature.

• Open blinds and curtains. Turn lights on in very room (make sure all the light bulbs work and are high wattage).
• Take a walk or do some errands: enjoy the beauty of Martha’s Vineyard! Take your pets with you – a fear of dogs will turn a buyer away faster than anything else.  Buyers are more comfortable when a homeowner is not present. They need to imagine your home as their home and be able to relax in it.
• Gather house records to answer any questions a buyer may have (utility bills, association info, etc). As a courtesy, please collect appliance booklets, security system instructions, garage door openers, plot plans, building plans, paint color, extra wallpaper, tile and flooring stock and stock numbers, etc.

PLEASE TAKE ALL OLD PAINT CANS TO THE RECYCLING CENTER!  It’s usually too late when you are in the process of moving! Providing the buyer with a list of service people who have maintained the home is helpful for the continuation of service.

Home Inspection

If your house is in less than perfect condition an advance home inspection will reveal needed repairs. Making even small needed repairs ultimately reflects a higher price and more market appeal.
NOTE: Home Inspectors are required to be licensed by the Division of the Professional Licensure in Massachusetts. For a list of qualified home inspectors on Martha’s Vineyard and a consumer fact sheet about home inspections and selecting a home inspector, call 508-627-5554 or visit www.state.ma.us/reg/boards/hi 

1031 Exchanges
It is possible that selling your investment or vacation home, land or commercial property could save you many dollars in taxes by planning in advance to do a 1031 exchange. There are two links to guidelines and basic information from Exchange Companies. Please consult an experienced 1031 Exchange professional for assistance.  We will be happy to help you locate your new property as well as sell your current one. 1031 Exchange contact.

We know from experience that selling your home is a very stressful time!Consider Caroline Taylor Properties your partner in the process of selling your home. If you have any concerns that are not addressed here, please, just ask!