There are important steps in the process of selling a house. Familiarize yourself with them to make this process fast and easy.
*Receiving an Offer and Negotiating to Sell
*Congratulation on the successful sale of your home!
Selling Real Estate property is very complex process. As a first step you should consult with your real estate agent to determine the best possible selling price of your home. You will need to take into account the state of the local market, the condition of your home, and sales of comparable homes in your neighborhood. He or she will create a comparative market analysis by taking into consideration the type of market you are in and recent sales of comparable properties. Your agent will then guide you to the best fair market price that will help sell your home within your desired time frame. Usually, real estate agents have a clearer and more objective sense of market value than anyone else- including appraisers!
Often, it can be hard for you, as a seller, to also maintain objectivity, so remember to be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price high expecting that someone will come along and be willing to pay it. If your home stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price.
It's time to get your home in "showing and selling" condition. Most of us don't keep our homes in the condition it would need to be in to sell. Over the years those boxes in the corner of the garage just seem to multiply on their own. Things have broken that we just never get around to fixing and some things have just worn out. We just accept the fact that they will always be this way. It is this frame of mind that you have to break out of in order to get your house ready to show. How your home looks will have an immense impact on how quickly it sells and whether or not you get full market value for it. Now that your home is ready, it's time to put it up for sale and market it. Establishing a marketing strategy with your real estate agent is a must. Your agent will expose your home to the most potential buyers possible using a marketing plan that will have the highest possibility of bringing not only the most buyers, but also the most qualified buyers, to your doorstep.
There are many different ways to get the word out there that your home is for sale. A yard sign, flyers, and direct marketing are just a few of the many options available. If you are in a buyer's market you will have to be extra careful when choosing a plan. You don't want your home to sit with no one showing interest. You and your agent should structure your marketing strategy so that the first 3-6 weeks that your house is on the market will be the busiest.
Receiving an Offer and Negotiating to Sell
When a buyer decides to buy your home, an offer will be presented. Your real estate agent will advise you as to whether or not the prospective buyer is qualified to purchase your home. You and your real estate agent will then review the written document, taking care to note what is required of both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature.
Remember that the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with your real estate agent right away.
Most offers to purchase your home will require some level of negotiation to come to a win-win agreement. Your agent will review the written offer with you to make sure that you thoroughly understand what the buyers are offering and what they are asking in return.
Once both parties have reached a point where the deal is acceptable, your agent will be certain that you have a legally executable contract.
Once you have accepted an offer to sell your home, your real estate agent will inform you of all the procedures involved in order to proceed successfully to closing, as well as the parties responsible for completing those procedures and estimates of completion. For instance, the property may need to be formally appraised, surveyed, inspected or repaired. Depending on the specifics reached during the negotiations, you may pay for all, some, or none of these items.
Your agent will then coordinate with all the parties and keep you informed as to the results of the various procedures. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the property the terms set forth in the contract will dictate your next step. Depending on the contract, you or the buyer may decide to walk away, open a new round of negotiations, or close. Your agent will advise you throughout this process and will help you coordinate any actions you must take to keep the sale moving forward.
There are some sales that go smoothly and some that require a lot of work to get to the closing table. Until you get into it, you won't know which one you have on your hands. Either way, your agent will be there with you every step of the way. Your agent will also prepare you in advance for the process of the closing, advising you of any documents you must bring to the closing, how much time to block off for the closing, and any other information that is pertinent to the closing meeting itself.
"Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. Your real estate agent will be present during the closing to help explain the process and forms to you 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.
As the seller, you will need to be prepared to give over any necessary documentation regarding the property and, depending on the arrangements made during negotiations, you may be required to have done something specific in order to close. Be sure to read all the documents and ask any questions you may have. It is important that you understand every document you are signing.
Congratulation on the successful sale of your home!
Hopefully, everything went smoothly and you will be vacating your house in the time frame that you had anticipated. Your real estate agent will help you create a checklist of all the things you will need to do to turn the property over to the new owners. You will need to make sure that all of the local services (i.e. electricity, gas, lawn care, cable, etc.) have been cancelled or, if the new owner is going to retain some of the services, the name for the account should be changed. The property and anything assigned to the buyer according to the contract should be prepared appropriately for the new owners. This will make the transition as smooth and effortless as possible.