New York Seller's Guide

CONSIDER THE FOLLOWING QUESTIONS:

• Why are you thinking of selling your home?
• How flexible is your time frame?
• Have you sold a property previously? If so, what worked well and what did not?
• Do you have set expectations of the selling price you would like to achieve? If so, what’s the basis for
your figure?
• Would you like assistance in relocating to another area through our global network?

PRICING YOUR PROPERTY

Pricing a home properly is a skill that combines a strong knowledge of current market data, with an
appreciation for predicting future trends. Some of the factors to be considered include:

Price – The price should reflect the location and condition of your home, considering current market conditions and comparable recent sales.
Time – A reasonable time period should be allotted to find a suitable purchaser.
Market Conditions – The market conditions are influenced by the number of homes for sale, the number of buyers and the financing conditions available at lending institutions.

Each property has special features that attract buyers. Take some time to consider the special features of your property.

QUESTIONS TO CONSIDER

1. What first attracted you to your home?
2. What features of your property distinguish it from other properties in your neighborhood?
3. What do you consider the most appealing improvements to your property?
4. Are you aware of any problems or concerns about your property or surrounding neighborhood that will need to be disclosed to potential buyers?

First impressions are vital. Evaluate the condition of your home and focus on visual appeal. A small investment of time and energy will make a big difference, bringing you the highest possible price in the shortest period of time. If major improvements or renovations are required, be sure to complete them before you put your property on the market. It is also essential to have all building permits and certificates of occupancy in place.

INTERIOR PREPARATION

Painting – Consider repainting any discolored walls and those that are currently painted in dark or drab colors. Color schemes should have neutral, off-white, or antique white tones.
Carpeting – All carpeting should be steam cleaned. Consider replacing any worn or stained carpeting, or removing it if you have hardwood floors.
Operation – Be sure that all plumbing, heating, and electrical items are functioning properly.
Safety – Be sure your house is safe. For a potential homebuyer unfamiliar with your house, a wobbly railing or uneven floors could pose a risk.
Fireplaces – Arrange for professional cleaning and inspection of fireplaces. Although the homebuyer may request an inspection or cleaning, your performing one will create a good impression and remove any
possible issues.
Closets – Clean and organize all closets, paying attention to floors, shelves, and overhead spaces.
Doors and Windows – Ensure that all doors and windows operate smoothly.
Cleaning – A thorough professional cleaning will always make a house appear more attractive.

EXTERIOR PREPARATION

Overall Appearance – Remove any clutter from the property. This includes tree limbs and leaves, lawn tractors, etc. Power wash the exterior of the house, if necessary, and repaint, if necessary.
Lawn – Be sure the grass is cut, and if necessary, reseed any bare lawn areas.
Landscaping – Trim all shrubbery, plantings, and trees and remove dead limbs. Add mulch to planting beds and around trees. If the weather is appropriate, plant seasonal flowers where suitable.
Driveway – If the driveway is stone and appears lean, add another layer of gravel. If the driveway is asphalt, consider resealing it.
Decks and Porches – Power wash and seal, stain, or paint all decks and porches.
Gutters and Downspouts – Check gutters and downspouts to ensure they are clear and functioning properly.
Lights – Be sure all exterior lights are operable.
Windows – Be sure that both the exterior and interior of all windows are clean.

The following information is presented for your reference and applies in most jurisdictions. Please discuss these issues with your attorney and verify the requirements for your municipality.

DISCLOSURES AND INSPECTIONS

Agency Disclosure Law – As a home seller, you have choices regarding the service and representation you receive when working with a realtor. Your Houlihan Lawrence Realtor will present you with the required New York State Agency Disclosure documents and answer any questions that you might have. Receipt of this information is acknowledged by signing and dating the appropriate form.

Property Condition Disclosure – As of March 1, 2002, sellers are required to provide a statement of certain conditions and information concerning the property, known to the seller. Your attorney can furnish you with the details.

FEMA Flood Zones – Please consult with your bank and with the municipality to determine whether your property is on a flood plain. If so, it must be disclosed to prospective buyers. Additional information and flood maps are available on the FEMA website: www.fema.gov/business/nfip/mscjuppage.shtm.

Lead Paint – According to the 1996 Federal law, any home built prior to 1978 must have a lead disclosure statement signed by the homeowner. Your realtor will provide you with the disclosure form. Your attorney can furnish you with the particulars.

Water and Well Testing – A laboratory analysis will test the quality of the water. This is especially important for homes that have well water; another test may be performed to determine the capacity of the well.

Smoke Detectors – Effective January 1, 1986 all persons wishing to transfer ownership of a one or two-family residence are required by law to sign an affidavit that the property has an operable smoke alarm. A smoke alarm installed or replaced on or after April 1, 2019 must be hardwired or have a 10-year battery. Your attorney will furnish you with the affidavit.

Carbon Monoxide Alarms – Effective March 6, 2003, all persons wishing to transfer ownership of a one or two-family residence, condominium, or cooperative are required by law to sign an affidavit that the property has operable carbon monoxide detectors. Your attorney will furnish you with the affidavit.

Swimming Pool Enclosures – According to New York State law, an enclosure shall be provided around outdoor swimming pools which surround the pool and accessory equipment only. Your attorney can furnish you with the particulars.

Mold – Effective January 1, 2016, New York State is requiring licenses for mold assessors and mold remediators. A mold assessor can test for mold and prepare a remediation plan, whereas the remediator executes remediation. A company or person cannot be licensed as both an assessor and remediator and the two companies cannot be related in any way. Starting January 1, 2016, real estate agents can only recommend licensed contractors.

An acceptable offer is not binding to either party until the contracts have been signed by both parties and delivered back to the buyer’s attorney.

Once we have achieved our goal of an acceptable offer you can expect the following to occur:

Home Inspection – Ordinarily, the buyer will schedule an inspection as soon as possible. The selling agent is responsible for accompanying the inspector as well as the buyer. A thorough inspection includes the basement, attic, electrical, plumbing, septic systems, and well, if applicable. The buyer may also inspect the oil tank, radon levels, and the presence of lead paint (if the home was built prior to 1978), according to federal law. Houlihan Lawrence agents recommend ONLY licensed inspectors, although buyers may use whomever they wish. In Westchester and certain parts of Dutchess, the seller is responsible for testing private well water.

Appraisal – This occurs early in the mortgage process, and is required for mortgage approval.

Written Mortgage Commitment – The borrower will receive a commitment letter with various conditions that must be cleared prior to scheduling a closing date.

The Closing Date – This must accommodate you and the purchasers, as well as the three attorneys involved: yours, the purchasers, and the attorney representing the lending institution. Your Houlihan Lawrence agent will make every effort to attend the closing.

The Walk-Through – Customarily performed 24-48 hours prior to closing after the premises have been vacated, ensuring that all fixtures previously agreed upon remain and that the overall condition of the property is acceptable.

The Closing – Your attorney can explain the closing process.