Putting your home on the market can be a stressful process, especially when you don’t know what to expect. Fortunately, with the help of an experienced agent and this easy to follow guide, you can smoothly complete the process. Following these steps will help you prepare so you can get organized and sell your home for the best price possible.
What are your primary goals with the sale of your home? Is your goal to maximize the sales proceeds to put towards a larger home or to cash out into your retirement nest egg? Is your goal to sell as quickly as possible to facilitate a move to a new city or area? Once you understand your needs, you can better craft your home sale strategy. For example, if you need to sell quickly, you might want to price your home lower than if your goal is to make a certain profit margin. Make sure to convey these needs to your Real Estate Agent so he or she can work with you to adjust the selling price and marketing strategy accordingly.
Knowing how to price your home is one of the most important parts of the selling process. When you set a fair price in the beginning, you’ll get the most interest from Real Estate Agents and prospective buyers. Overpricing your home could lead to reduced interest and no offers. Which leads to the need for a price reduction. Working with a Real Estate Agent is the best way to determine the right selling price for your home. An agent with experience can determine what other comparable homes are selling for, evaluate the current market, and will give you advice on how to get your home sold quickly and for the highest price.
If you’ve kept your home in showroom condition since you’ve lived in it, you’re in the minority of homeowners. Once you price your home, it’s time to start getting it ready to be shown to potential buyers. This includes getting rid of clutter, depersonalizing the space so that buyers can envision themselves in the space, making any small repairs, and doing a deep clean to make sure your home is in pristine condition.
I will develop a marketing strategy that is perfect for advertising your home. This involves listing the home and then driving the right people to that listing through social media campaigns, agent-to-agent referrals, traditional media, or SEO advertising. I will create a marketing campaign that aims to get the most possible traffic to your listing in the first three weeks after your listing becomes active.
Receiving an offer is an exciting part of the process, but it doesn’t mean the journey is over. I will evaluate each offer and make sure the party making the offer is prequalified or pre-approved by a mortgage lender and that their offer is acceptable to you. If the offer is too low, you can make a counter-offer or offer other ways to bridge the gap, such as covering some or all of the closing costs, making repairs, adjusting the move-in date, or leaving some fixtures for the new buyer.
Once we deem the offer is acceptable, we will review the proposed purchase agreement to make sure it’s all in order and includes the necessary components such as deposit amount, down payment, financing, inspection rights and repair allowances, contingencies and closing date. When both parties have agreed to the terms, a final contract will be prepared by your attorney.
The accepted buyers will most likely hire a home inspector to do a full inspection of your home and its systems. The inspection is intended to look for hidden structural, health and safety issues with your home. If any such issues are found, the buyers will likely ask you to either repair them or to provide them with a closing cost credit to pay for what it will cost the buyers to make the repair after they own your home. If you don’t agree to remediate their issues of concern, the buyers have the option to cancel their purchase. Many home sales fall apart during this phase. I will be there to guide you and to handle any negotiations with the buyer’s agent. Once we get through this phase you can breathe a sigh of relief!
Once any inspection concerns have been successfully negotiated, your attorney will prepare the contract and will send it to the buyer’s attorney. Your attorney will ensure the contract protects your interests. The buyer’s attorney will conduct a title search and a municipal search to ensure the buyers are purchasing a home with no liens or municipal violations. The buyers will provide the initial deposit on their purchase (usually 10%) when they sign the contract. Once the deposit is received by your attorney, you will sign the contract. At this point you will officially be “in contract” and your home will be off the market.
In some cases, major or minor repairs will need to be made before the house can close. Other than that, your primary goals at this stage are to secure your next home and to pack up your belongings. You also need to make arrangements to move out of the home so the new buyer can take possession.
You’ve reached the last step in the seller’s process. When you close on a home you are selling, you are legally transferring ownership of the property to the new buyer. You will meet you’re your attorney to sign the final paperwork and go over any issues that have not yet been taken care of. During this time, you can also handle final details such as canceling utilities, cable, and lawn or trash services, changing the name on accounts that the new owner is retaining and ensuring the new owner has instructions for all appliances that will remain in the home. On closing day you will have vacated your home and the buyers and their Real Estate Agent will do a final walkthrough of the property. Then the buyers meet their attorney to sign all of the closing mortgage paperwork. Their attorney will wire funds to your attorney. Once your attorney confirms receipt of the funds, the sale has closed!
Once you have sold your home, you’re free to take the next step on your journey. Whether this is relocating to a new city, moving into a larger home, or downsizing and enjoying your life as empty-nesters, knowing all your selling responsibilities have been taken care of will help you achieve peace of mind for your new path.
Linda is dedicated to helping you find your dream home and assisting with any selling needs you may have. Contact her today so she can guide you through the buying and selling process.