Real Estate Tips-Newsletter
Best Preparation = Best Price!
Before Listing Your Home, Issues to Consider...
Best Preparation = Best Price!
- The State of MA requires that when a property is sold it's septic system
must comply with Title V regulations. There are many possible scenarios. You
may have a cesspool or system in place that passes inspection. You may have
a system that fails due to water table, performance, age, inadequate size
for home, etc. The only way to determine this is to have it inspected by a
licensed septic inspector (approximately $250) who will prepare an 11 page
report for you. If your system passes, you will provide the Certificate of
Compliance to close the sale. If it fails, buyer and seller may negotiate to
bring the system into compliance. Many sellers opt to handle the expense, as
it is hard for buyers to get financing on a property with a failed septic.
It is best in the long run to take care of this before listing. It will be
easier to sell with a passing septic and you will get a higher price. If
system does fail, you would need an engineered septic plan (usually
$1000-$2000 depending on requirements) before you could get estimates from
installers. This engineering can take a couple of months as they are very
busy, so it's wise to handle all of this before listing and setting a price.
Many buyers would prefer to see the plan before they make an offer, so it is
in your best interest to have it ready, especially if it will be a raised
- Disclose any defects, work needed, past history of problems to us before
listing.We can show the house, disclosing the information and telling buyer
what has been done, or what needs to be done. Not disclosing a defect that
you are aware of can come back to haunt you legally and financially. Also,
if these items are disclosed, the buyers cannot come back to you after an
inspection and ask for money off the price because of them.
- Be aware of the timetable in which you need to sell. If you are in a
hurry, over pricing will hurt you as the property may sit there while you
are testing the market. If we know you need to sell quickly we can word
advertisements to alert buyers. If you are not in a hurry we can work with
you on price, testing the market, etc. The best way to price is not only by
"comps". A combination of comps and a review of current competition works
better. If you meet with 4 agents and one quotes you a price substantially
higher, be careful. They do not have any "insider info", and the comps and
competition are the same no matter what office lists it. A small office can
often give you more personal attention and more advertising.
Seller Responsibilities before closing:
- Property must have working smoke detectors and be inspected by Fire
Department who will issue a Certificate of Compliance.
- Final Water Reading needs to be done-bills are pro-rated at closing.
- A Deed must be prepared with all the new information/buyer's name, etc.
- Seller pays tax stamps on the purchase price ($5.70 per $1000)
- If you have a mortgage on property, they will want the lender, account
number, contact person to obtain the final pay off before closing.
- Seller must arrange to have all utilities transferred/shut off so the
buyer can arrange to put them in their name and have them working by