EIGHT STEPS TO SELLING YOUR HOME
Here are a list of things you may want to consider when thinking of selling your home.
1. Define your needs.
Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move.
For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale. ?
2. Hire a professional with a proven track record.
The typical real estate transaction involves at least two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.?
3. Prepare your home.
Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important.
Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers.
- Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.
- Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
4. Get the word out
Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your Aldo’s Realty agent will use a combination of these tactics to bring the most qualified buyers to your home. Aldo’s Realty will structure the marketing plan so that the first three to six weeks are the busiest.
5. Receive an offer.
When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:
- Legal description of the property
- Offer price
- Down payment
- Financing arrangements
- Deposit amount
- Inspection rights
- Appliances and furnishings that will stay with the home
- Closing date
At this point, you have three options:
- Accept the contract as is
- Accept it with changes (a counteroffer)
- Reject it.
Remember: Once both parties have signed a written offer the contract will then be reviewed by your attorney.
6. Negotiate to sell.
Most offers to purchase your home will require some negotiating. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate.
- Some negotiable items:
- Appliances and fixtures
- Move-in date
7. Prepare to close.
Once you accept an offer to sell your house, you will need to make a list of all the things you and your agent must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items.
If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing.
8. Close the deal.
“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise.