SELLER’S GUIDE ADIRONDACKS
PLACE YOUR TRUST IN US
Our team of experienced agents have rep resented thousands of sellers of Adirondack real estate over the past 30 years. Whether you are looking to sell your condominium, home, great camp, land, or commercial property our seasoned professionals will competently guide you through a successful transaction. We are committed to meeting your expectations and offer our pledge to fulfill your needs. Our local knowledge of the market and superior service have made Merrill L. Thomas, Inc Real Estate the consis tent leader in Adirondack sales transactions.
Step One.... Partner with a Professional
The MLT Advantage
We offer our buyers a distinctive showcase of some of the finest properties in the Adirondack re gion. Our marketing history includes the sale of Great Camps such as Camp Topridge, Wenonah Lodge, The Wawbeek, Camp Carolina, Camp Katia, Cheery Lodge, the Preserve at Green Bay and Victor Herbert’s Camp Joyland.
What to ask your agent
How do you advocate for your clients?
Look for an agent who is a skilled negotiator and who pushes for the best terms and conditions for you. Feel empowered to ask for examples of success stories or client testimonials.
What is your marketing plan?
Ask what strategies your agent will use (e.g., advertising, social media, open houses) to promote your property to the right audience.
Important Terms in the Transaction
Exclusive Right to Sell
An exclusive right-to-sell listing agreement specifies that the selected agent now has the sole right to list, market and sell your property for the duration of the agreement, even if you find a buyer yourself.
Marketing Plan
Our marketing plan will highlight the strategies we will use to sell the property including digital, print, social, open houses etc.
Signing a Listing Agreement with an Agent
The first step in the process of listing your property starts with an Exclusive Right to Sell Agreement. This will ensure that your property gets proper exposure in the regional multiple listing service. The listing agent or team will be working with for you in the process of selling your home. This one point of contact is important as the listing agent will be the gatekeeper to the transaction and will work to achieve the best possible outcome. Our listing agreements typically run for a mini mum of 6 months and our commission is based upon marketing costs and co-brokerage arrangements.
Timing
Timing is everything in the Adiron dacks as it’s a very seasonal place to live or visit. Our summer seasons are typically the strongest times to market but we typically sell the most properties in July, August, Septem ber and October.
Commission
In exchange for the brokerage’s services, sellers pay a percentage of the property’s sales price at the closing table. The listing company then compensates any co-broker age arrangements so the seller only pays one (1) commission.
Step Two Pricing Your Property
MARKET DATA
A well-priced home is the difference between a savvy sale and a costly setback. It is the fastest route to generating competitive offers, the best terms and the highest price. Your real estate agent will provide a Comparative Market Analysis (CMA)—an evaluation of comparable properties—to determine arealistic price for your home.
Our Advice Understand the Comparables
Prime locations are often priced higher than developing ones. Your real estate agent will evaluate comparable homes that have recently sold to make sure that yours is priced correctly.
Location. Location. Location
Proximity to amenities, restaurants and parks can make your property more desirable and will usually increase its value.
Current Condition
Upgrades and quality renovations often raise your property’s sales price and desirability
Layout, Design and Size
Square footage, layout and the number of bedrooms and bathrooms are important factors in determining a competitive sales price.
Market Conditions
Consider the state of the market when deciding whether it is a good time to sell. Analyze the sales of similar homes in your neighborhood over the past six months, and look specifically at days on market and list-to-sale price ratios.
Online Home Valuations
Online tools, such as Zestimates, often base your home’s worth on zip codes rather than comparable data. Your real estate agent will advise on the most accurate home price based on a combination of comparable properties and the above factors.
Step Three Preparing Your Home
Staging & Personal Property
The process of designing and filling your home with aesthetically pleasing furniture, accessories, and décor – is sometimes the final push buyers need to help them envision a home as “theirs.” While not every home needs a complete makeover try to limit clutter and remove personal items. Remember, usually less is more.
What to ask your agent
Do Seller’s typically include the furniture?
Most vacation homes in the Adirondacks are sold furnished or offer the furniture in the negotiation of the home sale. In an area where furniture is hard to find, it’s a convenience to offer the property furnished and an enhancement to the sale of the home.
Step Four Launching Your Listing
Steps to Success
When it’s time for your property to go on the market, it’s important that you prepare yourself for a range of possible pathways to get to a signed contract. Whether your listing instantly receives multiple competitive bids or takes time to get traction after multiple showings, a trusted agent can be a powerful ally and source of guidance at critical moments of the sales process. The successful marketing tech niques of properly displaying your home are noted next.
So Let’s Get Ready!
Photography
All great advertising starts with professional photography; and we are lucky enough work with some of the area’s leading photographers, including our very own Whit Bissell, who has taken the majority of the photos you see on our site.
Videography
Telling a story is a great way to show buyer’s the emotional side of your experience in the property.
3D Matterport Tour
3D tours enhance our special properties and allow poten tial buyers to step inside our listings from anywhere in the world. . Details
Good decisions are based on good facts. Please ensure you speak to your agent about all the accurate details and improvements you have made over the years.
Description
Over the years we have perfected the way your property is marketed and presented. We always advise though that owners write their own description to help us portray property the way they portray it.
Our strength lies in the success of our associates who form the corner stone of our business. We total some 35 professional agents including 17 designated brokers. Each agent has an outstanding reputation and maintains a consistent presence in the real estate business. Each is skilled in all aspects of the profession from marketing to financing, negotiations to closings. We are confident that any of our salespeople will meet your real estate needs.
Step Five From Contract to Closing
1
Sign Sales Contract
Once you have an agreement on price and terms the next step is to sign a purchase and sale agreement. Typically, your agent will put together a draft document which will be reviewed by NYS real estate attorney. WE advise using a local attorney as they are most knowledgeable of local title and customs.
2 Review Sales Contract
Most purchase and sales agreements con tain an “Attorney Review” clause which provides your real estate attorney 3 to 5 business days to review the sales contract once it’s signed.
3 Prepare for Inspections
Most contracts call for a licensed NYS home inspector to look at your home to find out if there are potential code violations or issues. They will inspect the foundation, structure, fixtures, plumbing, electricity, appliances, and more. In most cases, the home in spection is paid for by the Purchaser.
4 Appraisal
If the sales contract is contingent on the Purchaser obtaining bank financing then the bank will order an appraisal. The purpose of an appraisal is to establish a value that a bank will finance. Typically, residential mortgage terms are 30 years with a loan to value ratio of 80%.
5 Title Review
Title reviews are the heartbeat of the due diligence process. When a buyer is considering acquiring a property, it is the title review process that confirms the seller actually owns the property and provides an overview of all rights affecting such property.
6 Close
Closing is the phase in the home selling process when money and documents are transferred in order to transfer ownership of the property to the buyer. The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it’s an exciting moment.
Closing Cost Breakdown
Typical Estimated Seller Closing Costs and Responsibilities
1. Provides for an up-to-date abstract of title or title policy with up-to-date stub search.
2. Provides a 5-year tax search and most recent tax receipts. (Essex County $20 - Franklin County $15 - $20)
3. Prepares the closing statement
4. Prepares the deed and bill of sale
Prepares the sales tax return
6. Prepares the transfer gains affidavit and filing fee of $5
7. Records the discharge of mortgage, if any ($50 - $60 std.)
8. Pays final abstract continuation in Franklin Co. and Malone. Essex Co. $81
9. Pays for all necessary expenses to clear title
10. Pays for deed revenue stamps of $6 per $1,000 of sales price Essex Co., $4 per $1,000 Franklin Co.
11. Pays mortgagee share of mortgage tax if Seller financing ($2.50 per $1,000 of principal). If with residence only, $5 for tax affidavit (individuals only)
12. Seller’s attorney’s fees
13. Real estate commission
14. Pays nonresidential personal income tax requirement
15. Mansion Tax: An additional tax of 1% of the sale price (mansion tax) applies to residences where consideration is $1 million or more.
5.
KEY TERMS
Appraisal
An estimate of the fair market value of a home, delivered by a NYS licesned appraiser.
Capital
The sum of a buyer’s savings, investments or assets.
Escrow
The sellers attorney will hold money (typically a 10% deposit) in an escrow account to secure the sale until the transaction is complete.
Inspection
A careful examination of the property by a NYS licensed property inspector.
Financial Statement
A formal written record of a buyer’s financial activities, including their assets, debts and liabilities.
Lender
A person or company that manages loans for real estate purchases (typically a bank).
Market Value
Theoretically, the highest price a buyer would pay and the lowest price a seller would accept.
Mortgage
A legal agreement by which a bank or other creditor lends money (at interest) in exchange for the title of a debtor’s property.
Staging
Styling and furnishing a property for sale to enhance its appeal to potential buyers.
Transfer Tax
A tax imposed when the title of a property changes hands from one entity/individual to another.
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