Tips On Selling

Kendra understands that selling a home is one of the largest financial transactions you will make in a lifetime. To maximize the return on your investment and to help you navigate what can be a complex process, it is important to acquaint yourself on the basics of the home selling process.

Kendra will educate you on your unique local market trends that impact the fair market value of your property, marketing fundamentals that maximize the return on your investment and provide you with a Seller’s guide with each step outlined so that there are no surprises along the way.

Kendra’s business selling approach is that standard assistance is obsolete and only the highest calibre of service is acceptable; together you will achieve the optimal result not the typical result.

Kendra will showcase your home to more quality buyers than any other real estate company in the world, regardless of your home's size, neighbourhood or price point.

Kendra understands that selling a home is one of the largest financial transactions you will make in a lifetime. To maximize the return on your investment and to help you navigate what can be a complex process, it is important to acquaint yourself on the basics of the home selling process.

Kendra will educate you on your unique local market trends that impact the fair market value of your property, marketing fundamentals that maximize the return on your investment and provide you with a Seller’s guide with each step outlined so that there are no surprises along the way.

Kendra’s business selling approach is that standard assistance is obsolete and only the highest calibre of service is acceptable; together you will achieve the optimal result not the typical result.

Kendra will showcase your home to more quality buyers than any other real estate company in the world, regardless of your home's size, neighbourhood or price point.

Step 1: Prepare Your Home for Sale

Before you determine the listing price for your property and place it on the market you will need to meet with Kendra. She will provide you with advice on the required updates and repairs specific to your property type and neighbourhood.

In some cases it is important for essential property repairs, cosmetic improvements or even major renovations to take place. This will help you maximize your financial return and increase the chance of it selling faster.

To ensure you prioritize your time and financial resources on projects that will maximize the value of your property, and avoid “over-improvements” that will do little or nothing to improve your home's value, consider Kendra’s general guidelines below.

Note: Kendra’s Seller’s Guide includes a more comprehensive list.

General Guidelines

In general, homebuyers and real estate investors seek the least expensive property in the best neighborhood they can afford. Repairs and improvements should be made so the property shows well and is consistent with the neighborhood's standards and preferences. At the same time you should minimize capital investments and over-improvements that may not be recovered from the sale.

If you have an older property, you may wish to get a professional home inspection before putting your home on the market. This will help you identify and address any major repairs that may be required. And instill buyer confidence to interested parties.

Unless you are prepared to significantly compromise on price, some home repairs are essential. These include repairs to broken mechanical and heating systems, siding and gutters, broken appliances, major fixtures and structural deficiencies such as leaky roofs.

Cosmetic improvements, including fresh paint and landscaping, are quick and affordable ways to help a home “show” better and often result in positive returns.

Exterior Updates

  • Repair loose siding, damaged roof shingles, eaves, gutters and cracked windows for your home and garage.
  • Secure loose shutters and awnings.
  • Wash windows, gutters, mailboxes and doors.
  • Repair cracked pavement and walkways on your property.
  • Ensure lawns and gardens are attractive and well maintained.
  • Sweep the entryway, porch and sidewalks daily.

Interior Updates

  • One of the fastest and most cost effective ways to update a home is with a fresh coat of paint. Repaint walls in a neutral colour with broad consumer appeal.
  • Kitchen and bathroom renovations often result in a positive return on dollars invested. Consult your Sotheby's International Realty Canada associate for advice based on your property type and neighbourhood.
  • Repair all broken appliances, fixtures, lighting and hardware, such as dripping faucets and showerheads, sticky doors, cracked tiles and broken appliances.
  • Steam clean carpets or replace if necessary.
  • Depersonalize your home so potential buyers can envision living in it. Remove personal photos, memorabilia and collections.
  • Keep in mind that cluttered rooms and storage areas give the impression that they are much smaller than their actual size. Remove clutter from all areas and if necessary, put furniture and personal items into offsite storage.
  • Clean every room thoroughly.
  • Remove all items that won't be included in the sale of the home. This includes lighting fixtures or hardware.
Step 2: Your Property's Value and Pricing Strategy

Determining your home's listing price is one of the most critical decisions you will make in your sales transaction. And ensuring your home sells within a reasonable period of time is dependent on your pricing strategy. Kendra will provide and present to you a fair market value assessment. Fair market value is the price a buyer is willing to pay for a home given its condition, recent comparable sales and listings, and your local real estate market.

How Kendra Completes a Comparative Market Analysis

Kendra will prepare a Comparative Market Analysis (CMA) report summarizing properties in your area with similar square footage, construction, age and condition that have recently sold or are currently on the market. Recent comparable sales and listings are two of the most important factors impacting fair market value. In situations where recent comparable are not available, Kendra will use a mathematical formula to calculate percentage increases or in some cases decreases over time.

Kendra will also provide comparable listings that expired before they had a chance to sell to also offer an indication of the fair market value of your property. Adjustments to your home's valuation will also be made given its location (e.g. proximity to parks, waterfront, schools and transportation), floor plan, home improvements, amenities, parking, storage and other variables.

What about my Tax Assessment Price?
Factors such as macro-economic trends, property appraisals or tax assessments may have some influence on the fair market value of your home; however, more often than not, this influence may be limited or inconsequential. For example, the assessed value of your property for tax purposes may be significantly higher or lower than its value on the real estate market. This is because buyers and investors will evaluate the value of your home against recent comparable sales listings, not against property tax assessments.

Extraordinary Homes and Estates
Some extraordinary homes and estates have few or no comparable(s). In these cases, preparing a CMA requires specialized expertise that only an experienced Sotheby's International Realty Canada associate such as Kendra can provide.

Other Factors
Markets in favour of trending towards a buyers' or sellers', number of similar homes on the market, interest rates, overall lending climate, average number of days similar properties are on the market, and whether similar properties are selling for above or below the asking price.

One factor that has no influence on your property's fair market value is the price you originally paid for your home. Even if you purchased your property recently, the local real estate market and the market value of your home may have dramatically changed.

Pricing Strategy

There are many influences and considerations here that Kendra will need to discuss with you that will determine your pricing strategy; your objective for selling, type of property being offered for sale, time lines, price range we decide to list in and life style factors such as children and work hours. Kendra will tailor the best strategy for optimal results.

Step 3: Marketing Plan Essentials

A decade ago, it may have been acceptable for a property's marketing strategy to be limited to a “For Sale” sign on a property, print advertising, local postcard drops and the loading of property details onto MLS. In today's era — where close to 90% of homebuyers are using the Internet in their real estate search this is no longer the case.

Today's real estate buyers in Toronto are local and a high number are also international. They are looking for homes through traditional and digital channels. To achieve top dollar for your home, it's essential that you maximize the exposure of your property to them.

Kendra will make a financial commitment to market your home.

Your Personalized Marketing Plan with Kendra and Sotheby’s International Canada

In addition to offering basic marketing services available through other real estate companies. Kendra will build a customized marketing plan for your home that is tailored to reach the most relevant and qualified buyers through online, social media, mobile, sign, print and traditional marketing.

Because Kendra is partnered with Sotheby's International Realty Canada, you home will be showcased to more quality buyers than any other real estate company in the world. When you list your home with Kendra you will automatically receive a VIP link that only you can access. Through this exclusive hub you will see every print (property brochures, postcards and MLS), social media, and website(s) that your home is being marketed on. You will even be able to track the number of views and the countries when international buyers are looking at your properties.

International Marketing for EVERY Listing

With Toronto now attracting buyers and investors from around the world, there comes a need for increasingly sophisticated international marketing. Kendra and her marketing team reaches buyers and real estate investors from coast to coast and from continent to continent with over 506 million annual online impressions and dozens of premier publications.

Unrelieved Online Marketing

Kendra goes above and beyond the basic lawn sign and MLS exposure offered by other companies. Through innovative online marketing programs, and exclusive relationships with global media outlets including; theglobalandmail.com, nytimes.com, wsj.com, jameslist.com, telegraph.com.uk, iht.com, ft.com and scmp.com, as well as on sothebysrealty.com, sothebysrealty.ca and sothebys.com.

Exclusive Print Marketing

Even in the Internet age, online marketing is enhanced by traditional print marketing that is targeted, focused and custom-selected to reach the most relevant buyers.

Kendra will present prestigious print publications in your community. As well as national and international print advertising opportunities that are carefully curated to reach qualified audiences in publications such as The Globe and Mail, The New York Times, Wall Street Journal, Financial Times and the Sotheby's International Realty network.

The Sotheby’s brand is synonymous with quality and prestige, and the marketing for your home—from professional photography to video tours, property brochures and print advertising— reflects this tradition of excellence.

Step 4: Showings and Open Houses

One your home is listed on the market, Kendra will advise you on how showings and open houses fit into the marketing, your personalized selling strategy and life schedule.

To optimize the value of your home in the eyes of potential buyers and investors, it's important to ensure that your home is presented in the best possible light. Prior to any showings or open houses, complete the steps in the attached checklist.

Pre Showing Checklist

Is included in your listing package that you will receive when you have listed with Kendra to reference.

Property Interior

  • Ensure that every room is sparkling clean and tidy
    • Ensure fixtures and appliances are clean
    • Sweep floors and vacuum floor coverings
    • Clean window panes
    • Remove garbage from all bins
    • Clean the kitchen counters, sink and appliances
    • Empty the dishwasher and ensure dishes are put away
    • Put out clean towels in the kitchen and bathrooms
    • Make sure the bathrooms are extra clean
    • Remove clutter from countertops and coffee tables
    • Make all beds and tidy up the closets
  • Ensure that every room is well-lit
    • Open drapes and window coverings to maximize natural light during the daytime
    • Turn on all lights
    • Ensure that every room is well-aired and free
    • Avoid or eliminate offensive odors from pets or cooking
    • Keep your home 100% smoke-free when your house is on the market
    • If weather permits, open windows
  • Clear all stairways, hallways and foyers of clutter
  • Add finishing touches like fresh flowers and candles to main rooms, including the living room, dining room and master bedroom
  • Turn off TVs and radios
  • Keep pets out of your house, and preferably off the property, during the showing or open house

Property Exterior

  • Ensure entrance, garage and porch areas are free of clutter
  • Ensure driveways and walkways are clear of toys, bicycles, vehicles, garbage cans, snow, ice, etc.
  • Cut the lawn, weed and trim the yard, groom flower beds, hedges and garden
  • Clean the garage/work areas

Security

  • Keep money, jewellery, small electronics, personal documents and other valuables out of sight and secure.
Step 5: Offer Basics

Kendra will help you evaluate and negotiate offers from potential buyers in order to protect your legal interests, and to ensure you are optimizing the price and conditions surrounding the sale of your home.

Offer Details

The offer you receive will include: the legal name of the potential buyer(s), the legal name of the seller(s), the legal address of the property, the price the buyer(s) is offering to pay, desired inclusions (items in or around the home that the buyers wish to have included in the sale, such as appliances, lighting fixtures or window coverings), amount of the buyer's deposit, desired dates the potential buyer would like to take legal and physical possession of the home, legal “conditions” upon which the contract becomes final (such as satisfactory home inspection report or financing approval), and the date the offer expires.

How do I respond?

You can respond to an offer in one of three ways:

  1. Accept as is: your signature finalizes the contract and it becomes a binding legal contract.
  2. Counter offer: you may make changes to the offer, such as adjustments to the price, closing date or conditions. When you do so, the prospective buyer may accept, reject or make another counter offer in response. Only when one of the parties signs an unconditional acceptance of the other party's offer does it become legally binding.
  3. Rejection of the offer: you may simply reject the offer and the sale will not go through.

Offer Withdrawal

The buyer can withdraw an offer until the moment you accept in writing. If you are evaluating an attractive offer, it's important to note that timeliness is important.

Offer Acceptance

Once both parties come to an agreement the offer is considered “accepted” and they will have a set period of time in which to satisfy the legal conditions agreed to in the contract, such as completing a satisfactory home inspection report or securing financing. Only after all conditions are removed do you have a legally binding document and what is considered a firm offer.

Step 6: Negotiating Offers

With some investigation it may be possible for Kendra to help assess the potential buyer's background and goals for purchasing a property, which may assist you in negotiating a competitive price. For example, a buyer who has already sold his/her home and needs to move within a certain time frame may be willing to compromise on price if they can negotiate a date that coincides with the completion of their home sale.

Price is only one of many factors to weigh as you evaluate and negotiate an offer. Every situation is different. While you may be motivated to secure the optimal price given current market conditions, you may also need to weigh other considerations such as the convenience of the buyers' desired completion, possession and adjustment dates, their desired inclusions, the number of subjects or conditions attached to the offer, and the amount of the deposit.

What about Multiple Offers?

In high-demand, low-inventory areas, you may find yourself in a situation where there are several offers for your home. Some sellers in high-demand niche markets may also intentionally list their home at a low price hoping to stimulate multiple offers. Kendra will strategize with you to see if this is the best route to take. This doesn't necessarily mean the price will be bid up significantly over the asking price, but it does mean that due diligence will be required on your part with Kendra to ensure you properly assess the strength and limitation of each offer, negotiate strategically to maximize the value you are able to get for your property, and to ensure you are protecting your legal interests in what may be a time-sensitive and complex negotiation process.

Step 7: Closing the Transaction

The closing or completion day is the day the buyer takes legal possession of the property.

Preparing for the Closing Day

You will need to select a lawyer to help you complete the sale. If required, Kendra can provide recommendations. Once you have a lawyer chosen, you will provide Kendra with their contact information and she will provide the lawyer with a signed copy of the contract.

As closing day nears, your Kendra will monitor the progress of your transaction to ensure there are no last minute issues and address concerns. You will need to arrange to meet with your legal counsel before the completion date to review and sign documents. Remember to bring photo identification and a personal cheque to this meeting to pay for legal costs.

Kendra will provide you with further step by step information to ensure there are no surprises along the way.

Tips On Selling

Kendra understands that selling a home is one of the largest financial transactions you will make in a lifetime. To maximize the return on your investment and to help you navigate what can be a complex process, it is important to acquaint yourself on the basics of the home selling process.

Kendra will educate you on your unique local market trends that impact the fair market value of your property, marketing fundamentals that maximize the return on your investment and provide you with a Seller’s guide with each step outlined so that there are no surprises along the way.

Kendra’s business selling approach is that standard assistance is obsolete and only the highest calibre of service is acceptable; together you will achieve the optimal result not the typical result.

Kendra will showcase your home to more quality buyers than any other real estate company in the world, regardless of your home's size, neighbourhood or price point.

Kendra understands that selling a home is one of the largest financial transactions you will make in a lifetime. To maximize the return on your investment and to help you navigate what can be a complex process, it is important to acquaint yourself on the basics of the home selling process.

Kendra will educate you on your unique local market trends that impact the fair market value of your property, marketing fundamentals that maximize the return on your investment and provide you with a Seller’s guide with each step outlined so that there are no surprises along the way.

Kendra’s business selling approach is that standard assistance is obsolete and only the highest calibre of service is acceptable; together you will achieve the optimal result not the typical result.

Kendra will showcase your home to more quality buyers than any other real estate company in the world, regardless of your home's size, neighbourhood or price point.

Step 1: Prepare Your Home for Sale

Before you determine the listing price for your property and place it on the market you will need to meet with Kendra. She will provide you with advice on the required updates and repairs specific to your property type and neighbourhood.

In some cases it is important for essential property repairs, cosmetic improvements or even major renovations to take place. This will help you maximize your financial return and increase the chance of it selling faster.

To ensure you prioritize your time and financial resources on projects that will maximize the value of your property, and avoid “over-improvements” that will do little or nothing to improve your home's value, consider Kendra’s general guidelines below.

Note: Kendra’s Seller’s Guide includes a more comprehensive list.

General Guidelines

In general, homebuyers and real estate investors seek the least expensive property in the best neighborhood they can afford. Repairs and improvements should be made so the property shows well and is consistent with the neighborhood's standards and preferences. At the same time you should minimize capital investments and over-improvements that may not be recovered from the sale.

If you have an older property, you may wish to get a professional home inspection before putting your home on the market. This will help you identify and address any major repairs that may be required. And instill buyer confidence to interested parties.

Unless you are prepared to significantly compromise on price, some home repairs are essential. These include repairs to broken mechanical and heating systems, siding and gutters, broken appliances, major fixtures and structural deficiencies such as leaky roofs.

Cosmetic improvements, including fresh paint and landscaping, are quick and affordable ways to help a home “show” better and often result in positive returns.

Exterior Updates

  • Repair loose siding, damaged roof shingles, eaves, gutters and cracked windows for your home and garage.
  • Secure loose shutters and awnings.
  • Wash windows, gutters, mailboxes and doors.
  • Repair cracked pavement and walkways on your property.
  • Ensure lawns and gardens are attractive and well maintained.
  • Sweep the entryway, porch and sidewalks daily.

Interior Updates

  • One of the fastest and most cost effective ways to update a home is with a fresh coat of paint. Repaint walls in a neutral colour with broad consumer appeal.
  • Kitchen and bathroom renovations often result in a positive return on dollars invested. Consult your Sotheby's International Realty Canada associate for advice based on your property type and neighbourhood.
  • Repair all broken appliances, fixtures, lighting and hardware, such as dripping faucets and showerheads, sticky doors, cracked tiles and broken appliances.
  • Steam clean carpets or replace if necessary.
  • Depersonalize your home so potential buyers can envision living in it. Remove personal photos, memorabilia and collections.
  • Keep in mind that cluttered rooms and storage areas give the impression that they are much smaller than their actual size. Remove clutter from all areas and if necessary, put furniture and personal items into offsite storage.
  • Clean every room thoroughly.
  • Remove all items that won't be included in the sale of the home. This includes lighting fixtures or hardware.
Step 2: Your Property's Value and Pricing Strategy

Determining your home's listing price is one of the most critical decisions you will make in your sales transaction. And ensuring your home sells within a reasonable period of time is dependent on your pricing strategy. Kendra will provide and present to you a fair market value assessment. Fair market value is the price a buyer is willing to pay for a home given its condition, recent comparable sales and listings, and your local real estate market.

How Kendra Completes a Comparative Market Analysis

Kendra will prepare a Comparative Market Analysis (CMA) report summarizing properties in your area with similar square footage, construction, age and condition that have recently sold or are currently on the market. Recent comparable sales and listings are two of the most important factors impacting fair market value. In situations where recent comparable are not available, Kendra will use a mathematical formula to calculate percentage increases or in some cases decreases over time.

Kendra will also provide comparable listings that expired before they had a chance to sell to also offer an indication of the fair market value of your property. Adjustments to your home's valuation will also be made given its location (e.g. proximity to parks, waterfront, schools and transportation), floor plan, home improvements, amenities, parking, storage and other variables.

What about my Tax Assessment Price?
Factors such as macro-economic trends, property appraisals or tax assessments may have some influence on the fair market value of your home; however, more often than not, this influence may be limited or inconsequential. For example, the assessed value of your property for tax purposes may be significantly higher or lower than its value on the real estate market. This is because buyers and investors will evaluate the value of your home against recent comparable sales listings, not against property tax assessments.

Extraordinary Homes and Estates
Some extraordinary homes and estates have few or no comparable(s). In these cases, preparing a CMA requires specialized expertise that only an experienced Sotheby's International Realty Canada associate such as Kendra can provide.

Other Factors
Markets in favour of trending towards a buyers' or sellers', number of similar homes on the market, interest rates, overall lending climate, average number of days similar properties are on the market, and whether similar properties are selling for above or below the asking price.

One factor that has no influence on your property's fair market value is the price you originally paid for your home. Even if you purchased your property recently, the local real estate market and the market value of your home may have dramatically changed.

Pricing Strategy

There are many influences and considerations here that Kendra will need to discuss with you that will determine your pricing strategy; your objective for selling, type of property being offered for sale, time lines, price range we decide to list in and life style factors such as children and work hours. Kendra will tailor the best strategy for optimal results.

Step 3: Marketing Plan Essentials

A decade ago, it may have been acceptable for a property's marketing strategy to be limited to a “For Sale” sign on a property, print advertising, local postcard drops and the loading of property details onto MLS. In today's era — where close to 90% of homebuyers are using the Internet in their real estate search this is no longer the case.

Today's real estate buyers in Toronto are local and a high number are also international. They are looking for homes through traditional and digital channels. To achieve top dollar for your home, it's essential that you maximize the exposure of your property to them.

Kendra will make a financial commitment to market your home.

Your Personalized Marketing Plan with Kendra and Sotheby’s International Canada

In addition to offering basic marketing services available through other real estate companies. Kendra will build a customized marketing plan for your home that is tailored to reach the most relevant and qualified buyers through online, social media, mobile, sign, print and traditional marketing.

Because Kendra is partnered with Sotheby's International Realty Canada, you home will be showcased to more quality buyers than any other real estate company in the world. When you list your home with Kendra you will automatically receive a VIP link that only you can access. Through this exclusive hub you will see every print (property brochures, postcards and MLS), social media, and website(s) that your home is being marketed on. You will even be able to track the number of views and the countries when international buyers are looking at your properties.

International Marketing for EVERY Listing

With Toronto now attracting buyers and investors from around the world, there comes a need for increasingly sophisticated international marketing. Kendra and her marketing team reaches buyers and real estate investors from coast to coast and from continent to continent with over 506 million annual online impressions and dozens of premier publications.

Unrelieved Online Marketing

Kendra goes above and beyond the basic lawn sign and MLS exposure offered by other companies. Through innovative online marketing programs, and exclusive relationships with global media outlets including; theglobalandmail.com, nytimes.com, wsj.com, jameslist.com, telegraph.com.uk, iht.com, ft.com and scmp.com, as well as on sothebysrealty.com, sothebysrealty.ca and sothebys.com.

Exclusive Print Marketing

Even in the Internet age, online marketing is enhanced by traditional print marketing that is targeted, focused and custom-selected to reach the most relevant buyers.

Kendra will present prestigious print publications in your community. As well as national and international print advertising opportunities that are carefully curated to reach qualified audiences in publications such as The Globe and Mail, The New York Times, Wall Street Journal, Financial Times and the Sotheby's International Realty network.

The Sotheby’s brand is synonymous with quality and prestige, and the marketing for your home—from professional photography to video tours, property brochures and print advertising— reflects this tradition of excellence.

Step 4: Showings and Open Houses

One your home is listed on the market, Kendra will advise you on how showings and open houses fit into the marketing, your personalized selling strategy and life schedule.

To optimize the value of your home in the eyes of potential buyers and investors, it's important to ensure that your home is presented in the best possible light. Prior to any showings or open houses, complete the steps in the attached checklist.

Pre Showing Checklist

Is included in your listing package that you will receive when you have listed with Kendra to reference.

Property Interior

  • Ensure that every room is sparkling clean and tidy
    • Ensure fixtures and appliances are clean
    • Sweep floors and vacuum floor coverings
    • Clean window panes
    • Remove garbage from all bins
    • Clean the kitchen counters, sink and appliances
    • Empty the dishwasher and ensure dishes are put away
    • Put out clean towels in the kitchen and bathrooms
    • Make sure the bathrooms are extra clean
    • Remove clutter from countertops and coffee tables
    • Make all beds and tidy up the closets
  • Ensure that every room is well-lit
    • Open drapes and window coverings to maximize natural light during the daytime
    • Turn on all lights
    • Ensure that every room is well-aired and free
    • Avoid or eliminate offensive odors from pets or cooking
    • Keep your home 100% smoke-free when your house is on the market
    • If weather permits, open windows
  • Clear all stairways, hallways and foyers of clutter
  • Add finishing touches like fresh flowers and candles to main rooms, including the living room, dining room and master bedroom
  • Turn off TVs and radios
  • Keep pets out of your house, and preferably off the property, during the showing or open house

Property Exterior

  • Ensure entrance, garage and porch areas are free of clutter
  • Ensure driveways and walkways are clear of toys, bicycles, vehicles, garbage cans, snow, ice, etc.
  • Cut the lawn, weed and trim the yard, groom flower beds, hedges and garden
  • Clean the garage/work areas

Security

  • Keep money, jewellery, small electronics, personal documents and other valuables out of sight and secure.
Step 5: Offer Basics

Kendra will help you evaluate and negotiate offers from potential buyers in order to protect your legal interests, and to ensure you are optimizing the price and conditions surrounding the sale of your home.

Offer Details

The offer you receive will include: the legal name of the potential buyer(s), the legal name of the seller(s), the legal address of the property, the price the buyer(s) is offering to pay, desired inclusions (items in or around the home that the buyers wish to have included in the sale, such as appliances, lighting fixtures or window coverings), amount of the buyer's deposit, desired dates the potential buyer would like to take legal and physical possession of the home, legal “conditions” upon which the contract becomes final (such as satisfactory home inspection report or financing approval), and the date the offer expires.

How do I respond?

You can respond to an offer in one of three ways:

  1. Accept as is: your signature finalizes the contract and it becomes a binding legal contract.
  2. Counter offer: you may make changes to the offer, such as adjustments to the price, closing date or conditions. When you do so, the prospective buyer may accept, reject or make another counter offer in response. Only when one of the parties signs an unconditional acceptance of the other party's offer does it become legally binding.
  3. Rejection of the offer: you may simply reject the offer and the sale will not go through.

Offer Withdrawal

The buyer can withdraw an offer until the moment you accept in writing. If you are evaluating an attractive offer, it's important to note that timeliness is important.

Offer Acceptance

Once both parties come to an agreement the offer is considered “accepted” and they will have a set period of time in which to satisfy the legal conditions agreed to in the contract, such as completing a satisfactory home inspection report or securing financing. Only after all conditions are removed do you have a legally binding document and what is considered a firm offer.

Step 6: Negotiating Offers

With some investigation it may be possible for Kendra to help assess the potential buyer's background and goals for purchasing a property, which may assist you in negotiating a competitive price. For example, a buyer who has already sold his/her home and needs to move within a certain time frame may be willing to compromise on price if they can negotiate a date that coincides with the completion of their home sale.

Price is only one of many factors to weigh as you evaluate and negotiate an offer. Every situation is different. While you may be motivated to secure the optimal price given current market conditions, you may also need to weigh other considerations such as the convenience of the buyers' desired completion, possession and adjustment dates, their desired inclusions, the number of subjects or conditions attached to the offer, and the amount of the deposit.

What about Multiple Offers?

In high-demand, low-inventory areas, you may find yourself in a situation where there are several offers for your home. Some sellers in high-demand niche markets may also intentionally list their home at a low price hoping to stimulate multiple offers. Kendra will strategize with you to see if this is the best route to take. This doesn't necessarily mean the price will be bid up significantly over the asking price, but it does mean that due diligence will be required on your part with Kendra to ensure you properly assess the strength and limitation of each offer, negotiate strategically to maximize the value you are able to get for your property, and to ensure you are protecting your legal interests in what may be a time-sensitive and complex negotiation process.

Step 7: Closing the Transaction

The closing or completion day is the day the buyer takes legal possession of the property.

Preparing for the Closing Day

You will need to select a lawyer to help you complete the sale. If required, Kendra can provide recommendations. Once you have a lawyer chosen, you will provide Kendra with their contact information and she will provide the lawyer with a signed copy of the contract.

As closing day nears, your Kendra will monitor the progress of your transaction to ensure there are no last minute issues and address concerns. You will need to arrange to meet with your legal counsel before the completion date to review and sign documents. Remember to bring photo identification and a personal cheque to this meeting to pay for legal costs.

Kendra will provide you with further step by step information to ensure there are no surprises along the way.