Selling Your Home – The Process
Selling your home is an exciting time, and we are committed to helping make your real estate transaction as smooth and enjoyable as possible. To facilitate this, we are providing you with this overview of the process of selling your home.* Please review the following steps and let us know if you have questions. We will guide you through this process. We look forward to working with you!
You’re ready to sell your home!
Your first step is to have us assist you with practical ideas on how to successfully prepare your house for sale. We stand ready to come and evaluate your home, and give you our researched opinion on your home’s value. We will also give you our opinion on what you can do to enhance the curb appeal and salability of your home. Nothing compares to a personal valuation by a real estate agent, but if you want a ballpark estimate, you can look up a rough estimate of your home’s value HERE.
This is also a good time to gather all your paperwork that you will need to expedite the closing once you have an acceptable offer. We can provide you with a list of these items. In addition, you may wish to begin the process of selecting a local settlement company to assist in the settlement once you have an accepted offer on your home. If needed, we will provide you with a list of settlement companies, and other vendors that you may need to prepare your home for sale. Of course, the final decision on which settlement company to use rests with you. We will work with anyone you choose.
What should you list your home for?
There are many factors that affect the list price of a home: location, condition, amenities, supply and demand, and local and global market conditions. We will assist you by providing a thorough market analysis of your home so you will be able to come up with a realistic, competitive pricing strategy on your home.
What is the Property Condition Disclosure Form?
Most sellers of single – and multi – family residential homes are required to provide potential buyers with a completed and signed property condition disclosure form. It will be important to note any known defects in or needed repairs to the home on this form. Other forms you may need to complete involve disclosing any lead based paint or verifying the condition of the septic system.
Full-service marketing and personally customized service:
During the market analysis presentation we will explain every aspect of the selling process to you. Once you list your home, we will begin managing the sale of your home with implementation of our Complete Home Marketing Plan. This includes a robust internet marketing strategy, along with conventional marketing methods. The plan will be customized to meet your needs.
Your home will begin to be shown to buyers. It will be important to keep the home as uncluttered as possible during this process. We will set parameters in place for home showings to minimize the inconvenience to you and your family if you will be occupying the home during this time.
When an offer is presented, we will advise and help you to obtain the best possible price and terms. Understanding the standard forms and the many transaction related issues is key to negotiating the best terms to meet your individual needs. Making sure buyers are pre-qualified is of utmost importance in negotiating a successful sale. We will promote your interests and assist in developing a clear and binding transaction.
Typically an offer is initiated by the buyer through the buyers agent and includes the following information:
- The amount the buyer is willing to pay
- Mortgage amount, if any
- Closing and occupancy dates
- Contingencies, such as mortgage commitment, building inspections and pest inspections to include where appropriate (but not limited to): termite, pest, radon, water potability, well, lead, septic, oil tank.
- Any personal property specifically included or excluded
If the offer is not acceptable to you, further negotiations may be necessary to reach terms agreeable to both you and the buyer. Because counter-offers are common (any change in the offer can be considered a counter-offer) it is important that you remain in close contact with us during the negotiation process so that proposed changes can be reviewed and responded to quickly.
Once you have an acceptable offer:
Once you accept an offer we have a ratified, binding contract. Throughout the transaction, we will need to closely monitor the progress of all contingencies to make certain that all deadline dates are met. If deadlines are not met, the contract may be voided. Some key events to be aware of are:
- The inspection – The buyer will likely request a home inspection. This is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems, and large and small repairs that are needed. The buyer will likely request that any major repairs be completed by the seller. If there are home inspection items that must be addressed, we will need to resolve them promptly. We will negotiate on your behalf to accomplish a resolution acceptable to all.
- The appraisal – The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan to the buyer unless the sale price is renegotiated. If the home appraises at the contract price, the lender will make the loan and we can move toward the closing.
On the day of closing, the buyer will have a “final walkthrough” to make certain that the house is left in “broom clean” condition and has been thoroughly vacated.
What to expect at the Closing:
The closing is a formal process where all parties sign all of the necessary paperwork needed to complete the transaction. Title to the property is transferred from you to the buyer. The buyer receives the house keys and you receive payment for the house! Actual payment may not arrive immediately, but will be received in a reasonable time frame. (Perhaps only the time it takes for wired funds to clear the bank.) Remember that, from the amount credited to you, the title representative subtracts the funds to pay off the existing mortgage and other transaction costs, including agent commissions. Deeds, loan papers, and other documents are prepared, signed and ultimately filed with local property record office.
After the Closing:
Our Client Appreciation Program starts after the closing. We are here to assist you with the services you need before, during, and after your move. We will stay in touch with you over time, and will be happy to assist you, family members, and associates with any subsequent real estate transactions. Also, we are never too busy for your referrals!
*portions derived from http://www.coldwellbankermoves.com/sell-your-home/home-selling-process.aspx