When selling a home, please bear in mind the following:
Best Practices for Selling
- Make sure your home is clean and in top condition. Display fresh flowers to add warmth to the environment.
- Allow us to schedule showings at the time of day when your property looks best.
- Remove any jittery pets and arrange to be elsewhere when your home is being shown.
- If selling a condominium, obtain rules and regulations, financials, meeting minutes, condo guidelines, etc. from the managing agent.
- Find out if your building has a working capital deposit.
- Speak with your accountant to understand your tax liabilities.
Bidding and Negotiating
This is how the bidding process typically works:
- The bid or offer from a buyer is made in writing through your real estate broker or co-broker, along with the presentation of the buyer's qualifications when provided.
- You may accept or counter the offer as part of a price negotiation.
- In the case of multiple bids, you and your broker will execute a strategy to obtain the best price and terms from the most qualified buyer. Frequently, the strategy will involve sealed bids or a deadline for highest and best offers from various bidders.
- You will work closely with us to identify the offer that best satisfies your needs.
- The conclusion of the process will result in agreement upon the price, terms and closing date.
Going to Contract
Once you have accepted an offer, you will enter the contract stage.
- The buyer will wire earnest funds to the local title company within a predetermined time.
- We will provide you with standard disclsoure forms (Seller's Property Disclosure, Square Footage Disclosure, Water Addendum, etc.) which you will fill out and will be provided to the buyer.
- We will compile a list of appliances, funtiure and accessories to be provided to the Buyer if the proeprty is being offered furnished.
- We will provide all of the HOA Documents and Financials to the Buyer for their review.
- The buyer will complete an inspection of the property and appraisal which they may deliver to us for review and consideration.
With the completion of due dilligence, the final step is the closing. Ordinarily, the buyer will ask to perform a final inspection of the property immediately prior to the closing. Barring any terms in the contract to the contrary, all fixtures and appliances that are scheduled to convey should be in good working order at this inspection. The closing usually occurs in the office of the title company. The exact date should be flexible to accommodate everyone (you, the buyer, the attorneys, the banks). If you are unable to be present for the closing the title company will courier the closing documents to you in advance to review and execute. Once the closing is complete you will notify the utiltiy companies that you have sold the proeprty and also contact your insurance company to termiante any policies you have for the property.
Estimated Closing Costs:
- Broker: Typically 6% (3% Listing Broker / 3% Selling Broker)
- Seller's attorney (negotiated flat rate) $2,500±
- Title Commitment: TBD based on Sales Price
- Transfer Fee/Tax: Vail: 1% | Beaver Creek: 2.375% | Avon: 2% | Bachelor Gulch: 2% | Arrowhead: 1% of sales price
- Colorado Witholding for non-residents: 2% of sales price unless no capital gain
- Miscellaneous title company fees : $450±
These figures are presented as a general guideline only. Actual closings
costs will vary for every transaction. Before signing any contract, sellers
should have all closing costs explained to them by their broker.