Selling with Bass Point Realty
The Bass Point Realty Selling Primer
Of course we would love to work with you to sell your property, Of the many brokers and agents who bring experience and high standards to the Nantucket market, the most important thing is that you find a Broker you trust. Bass Point Realty offers you a dedicated single agency representationto work on your behalf. We suggest the steps outlined below to prepare for a successful transaction. We will guide you through the process below and keep you in the loop on all aspects of the transaction - nothing, nothing is hidden behind the curtain.
And a small piece of advice from experience: If you are interviewing several prospective listing agents, do bear in mind that we live in a very small town and that anyone you are talking with may wind up representing your buyer, or knowing someone who is representing your buyer. Some things are best left unsaid until you have established a binding agency relationship, assuring confidentiality.
1. Prepare your property for sale. A buyer will need to project their own life onto your property.
- Clear out clutter and personal items. Be brutal.
- Make the décor simple and neutral.
- Tackle any repairs that need to be done and be mindful of any evidence of pets.
2. Determine the listing price. A broker advises, YOU decide.
- The two pieces of the pricing puzzle are market value and strategy.
- Market value derives from the possibilities inherent in a particular property.
Bass Point Realty will help you:
- Review the possibilities and limitations your property carries. Land use regulations, covenants, easements and private deed restrictions all determine the possibilities and limitations of a subject property.
- Identify your property’s unique factors (no two properties are identical)
- Examine similar properties that have sold recently (A Buyer’s financiers will require such a review) and others that are on the market currently.
- Strategy derives from market conditions and seller motivations
3. Execute a listing agreement with the broker of your choice
At Bass Point Realty:
- On seller approval we will enter your property into LINK Nantucket, the local multiple listing service available to island brokers and their buyer clients; and into The Cape Cod and Islands Multiple Listing Service. Your property will be available world-wide notifying many prospective brokerages and potential buyers. Custom photography, video and print advertising have their place.
- We will schedule regular broker open houses so that Nantucket real estate brokers and sales agents can see your property up close. Oftentimes, a buyer agent knows of a potential buyer for your property.
- Show it, show it, and show it. Let's ignite some interest!
4. Offer to Purchase
- A potential buyer will submit a written offer to purchase your property, outlining what they propose to pay, and when they would like to transfer ownership. Such contingencies as professional inspection, appraisals, repairs and financing may be a part of an offer.
- Seller may accept, reject, or offer a counterproposal. Typically within a specified time limit. This is where negotiations happen. Experience, skill and a strong grasp of the regulatory and ethical standards are vital.
- Ultimately, when a seller accepts a written offer along with a good faith deposit, a binding contract exists. The seller is obligated to sell in accordance with the offer terms and the buyer is obligated to buy.
- Seller's attorney will draft a Purchase and Sale contract, to be executed as soon as possible (ideally within two weeks). Such a contract will spell out many of the legal technicalities, and, importantly for the seller, will specify the amount of deposit (typically 10% of purchase price) to be held in escrow while any remaining contingencies are addressed.
- Closing on a property is the legal step of recording a transfer of ownership at the county's Registry of Deeds.