While almost 100,000 existing homes are sold each week nationally, the process is not as easy for sellers as it was five or 10 years ago. Surviving in today’s real estate world requires experience and training in such fields as real estate marketing, financing, negotiating, networking and closing. While part of the “getting ready” phase relates to repairs, painting and other home improvements, this is a good time to ask yourself why you want to sell. Overbey Real Estate has outlined below are important steps in the selling process.
The home selling process typically starts months before a property is made available for sale. It is necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired, or discarded.
1. THE DECISION TO SELL
Selling a home is a significant matter. There should be good reasons for the decision, such as a job change to a new community or the need for more space. Your reason for selling can impact the negotiating process so it is important to discuss your needs and wants privately.
2. SET THE PRICE – CREATE A MARKETING PLAN – REVIEW SELLER’S DISCLOSURE STATEMENT
Many factors affect the price of a home: location, condition, and amenities of a home, supply and demand, and real estate conditions in the local marketplace. To find out what your property is worth CLICK HERE!
3. PREPARE FOR THE SHOWINGS
A house that “sparkles” on the surface will sell faster than one which is shabby, even though both are in the same neighborhood and structurally sound. Additionally, buyers feel more comfortable purchasing a well cared for home. It gives them confidence that the owner has performed careful maintenance on what cannot be seen during a showing as well as what can. In preparing your house for sale, consider how much you should spend to enhance the exterior of the home for curb appeal and the interior for appearance.
4. FIND THE RIGHT BUYER
5. THE PRESENTATION AND NEGOTIATION OF OFFERS
At times, in an extremely competitive market, a multiple offer situation can arise. Typically, multiple offers can be presented to you all at once, and then a blanket counter offer can be made. At that time your agent will review strategy, price terms, conditions, closing date, inclusions/exclusions and other pertinent issues in the offer. In addition, at this time it is extremely important to review the buyers’ Mortgage pre-approval, or other pre-approval, to determine that they can afford to purchase your home.
Once a meeting of the minds has occurred between all parties, the official signing of the contract proceeds..
6. THE CONTRACT
It is typical to provide a $500 or more earnest money deposit with an offer. Original copies are normally available for the buyer, the buyer’s closing agent, the seller and seller’s closing agent, and both real estate sales associates.
7. REVIEW AND ACCEPTANCE
Review is considered to be one to three business days.
8. HOME INSPECTIONS – 2ND DEPOSIT – FOLLOW-UP MORTGAGE APPROVAL AND CONTINGENCIES
Home inspections and a second deposit should now be provided according to the terms of the contract. Home inspections are typically ordered within 10 business days. Any issues that arise as a result of the home inspection should be discussed. A written mortgage commitment for the buyers takes approximately 30 to 45 days.
9. THE WALK-THROUGH – THE CLOSING
The buyers, along with their agent, will perform a “walk through” of the home to ascertain that it has been left in “broom-swept condition” and that items were not left behind that should have been removed and that items agreed to in the contract have remained in place. Refer to your contract of sale for specifics.
The closing typically occurs at the buyer’s closing agent’s office.
10. THE MOVE –
Before, during and after the sale you will have a Relocation services available to you.