How the home selling process works, in 10 steps
Sticking a ‘for sale’ sign in front of your property might be a straightforward task, but the process that follows after that demands patience, dedication and know-how of real estate market. Gear up as we tell you 10 steps that will make your home selling process manageable while assisting you in making the best possible decision:
- Think and affirm your decision
Before making the decision to sell your home, you should consider your options. If you are selling because you need more space, consider whether or not you can build extensions, convert the attic or dig out the basement. Renting out your home is another option.
It is imperative to work with a licensed professional when selling your home. A professional and reputed realtor knows your area and market trends around it. They will negotiate on your behalf, audit proof your paperwork (there’s a lot of it!) and consistently put your best interest first.
- Figure out your financial options
Assess the minimum amount you would need to sell your home for to make it worth it (i.e to pay off the mortgage, compensate real estate Brokers, and afford a new home).
- Set the list price
Several factors like market conditions, interest rates, and your home’s condition will determine the price you can get for your home. Also, there are various other factors that might affect the list price of your home. These are amenities, location advantages, supply, neighborhood and local and global market conditions. Your realtor will help you throughout the process of market analysis so that you can establish a competitive and realistic strategy for your property. Be sure to ask your Realtor for a comprehensive CMA.
- Don’t forget to market your house
Just like a product needs promotion and marketing, your home also requires proper marketing in order to attract potential buyers. Often scenarios involve a realtor establishing a marketing plan to sell your home fast and at a desired price.
- Make necessary repairs.
- Get onto negotiating terms
After receiving plenty of interest and an offer, negotiations are perhaps the core of a home selling process. Always negotiate seeking a “win-win” situation for both parties involved. The best transactions are those in which each party feels they were heard, and a fair compromise was made.
- Stage your home for the sale
If you prepare your home well, you are not only increasing its value, you are also increasing the chances of sale. A well-repaired home that is good to eyes has greater chance being sold. You can prepare your home for selling by tidying it up and getting rid of excess clutter. Giving your home a fresh look by painting neutral colors and hiring professional cleaners always helps.
- Things to keep in mind when presented with an offer
Understanding the transactional issues and standard procedure is key to getting the best terms to meet your individual needs. One should make sure that the buyers are qualified in order to carry out a clear transaction. Normally, the offer initiated by a buyer comprise of the following sections:
- Total amount buyer is willing to pay
- Closing and occupancy dates
- Mortgage amount, if any present
- Contingencies such as home inspections, mortgage commitment, termites, pest, radon, septic, tank, oil etc.
- Details of any personal property included or excluded specifically
- Closing the sale
To close the sale, you need to sign all the paperwork on settled terms and receive your payment from the Title company. Your Realtor will walk you through what’s needed on closing day, and help you with your new home purchase!
Want tips to get your home sold fast? Contact SCUDO Today!