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The Selling Process
Step 1: Select a broker
The relationship you will have with your broker during the course of the sale can be very close: it is important to select a broker who not only provides you the most professional service and achieves the highest selling price (that closes!), but also one with whom you feel comfortable inter-acting with on a regular basis.
Step 2: Pricing the apartment
Meet with a professional broker who can give you all pertinent information regarding recent sales in the neighborhood, current competing listings, recent sales in your building, most current market trends, etc. The broker establishes a selling price that he or she feels comfortable achieving, and that you are comfortable selling for based on your specific time parameters.
REMEMBER: the market determines what your property will ultimately sell for (either higher or lower than the asking price). It is therefore most important to select a broker who has access to the most far-reaching marketing systems to expose your listing to the widest possible audience.
Step 3: Listing
Establishing all the facts and figures surrounding your apartment, floor plans, photographs, etc, and SHARING the listing with all other brokerage companies, so that every professional broker is aware of the listing. The vast majority of apartments are sold with the co-operation of 2 brokers.
Step 4: Advertising
selective, well targeted advertising is the key to success, letting as many appropriate buyers know about your listing. Your broker will identify the numerous options and how appropriate they are for your type of apartment.
Step 5: Showings
Either in the form of open houses, broker’s open houses or private appointments. Most showings are through private appointments.
Step 6: Negotiating an accepted offer
The strong techniques and mannerism of your broker can affect the selling price. Your broker will reach a meeting of minds between you (the seller) and the buyer. If you are selling a co-op, your broker will pre-screen the financial status of the prospective buyer to qualify their chances for passing the board. A strong offer from a financially weak buyer is often worthless.
Step 7: Executing the Contract of Sale
Your broker will co-ordinate the efforts of both lawyer’s and assist in the full execution of a contract.
Step 8: Board approval/ Condo Application
Often, the broker’s most important work begins here, assisting the buyer (or monitoring and helping the buyer's broker) in presenting their best possible Board Application Package (representing the buyer's financial and personal credentials) for review by the board. Most better Condominiums have some type of Board approval process (waiver of right of first refusal). Virtually all co-ops have this process, which is much more comprehensive, and often stipulates minimum financial requirements to pass the board. Most board's primary concern is whether the buyer has sufficient assets to continue paying their monthly maintenance in the event they were to lose their job or monthly salary.
Step 9: Closing
Once Board Approval/Waiver of right of first refusal has been granted by the Board of the building, a closing can be scheduled.