Decision to Sell
Clarify your motivations for selling:
Why sell?
Is this the correct timing?
How is the market?
Can you optimize finances?
Selecting a Real Estate Professional and Listing Price
Choose your agent based on comfort level and review comparable properties to determine the listing price for your property.
Preparing Because Your First Offers are Your Best Offers
You only get one opportunity to make a good first impression, so make it count. By following these guidelines, you will enhance the attractiveness of your property and reduce the time it takes to generate serious offers.
First Impressions
How your property appears from the outside is important. Here are a few tips ~ clean driveway, freshly mowed lawn or a trimmed hedge will work wonders.
Inspect the exterior of your property ~ paying special attention to the condition of your windows, shutters, screens and gutters. One of the first things a buyer will notice is the need for painting. If your property looks like it needs painting, many buyers will form an unfavorable impression. Make sure the front door is spotless, including the doorknob, and that the windows gleam.
~ You only get 1 chance to make a first impression ~
Cleanliness Counts
Once inside your property, one of the key factors that influence the appeal to a buyer is cleanliness. Most important is front hallway, kitchen and the bathrooms. Do a room-by-room cleaning and remember all the out-of-sight areas.
Carpet can also be a determining factor, at the very least, have your carpets cleaned. Replace the carpets if they are worn or remove if hardwood is underneath.
Clutter makes a poor impression. Examine closets, cabinets, kitchen countertops and other storage areas like basements, and remove anything not needed for daily housekeeping in order to make each room look larger. Walk through your property and think ~
~ Less is more ~
Repairs
Everything should be in good working order. Dripping faucets, squeaky steps and loose doorknobs can easily create a bad impression and reduce the value of your property. A few hours spent on repairs, whether by yourself or a tradesman, can pay big dividends when an offer is made.
Little Things Mean Everything
Replace worn rugs or small pillows, put new towels in the bathroom or brighten up a room with a vase of flowers.
Pull Together
Have all the members of your household to pull together when it comes to getting and keeping your property ready to view.
~ If you wait too long for the perfect moment, the perfect moment will pass you by ~
Reviewing/Negotiating/Accepting Offers
Whether you have one real estate offer or several to consider, you should take a moment to congratulate yourself that you have got a buyer interested in purchasing your home.
Ideally, the potential buyer has offered you full price or more, along with the perfect terms for the sale. However, the reality is that not every offer will be immediately acceptable. You will need to carefully evaluate each offer with your agent.
Once you know the buyer can legitimately qualify for a loan, you should begin to evaluate the offer by looking at these factors:
How close is the offer to your asking price?
Will your home appraise for the contract price?
Did the buyer ask for assistance with closing costs?
Is there a non-refundable deposit offered?
Does the buyer want a survey or appliances?
Was a home warranty requested?
Do they have other contingencies?
Is the closing date fewer than 45 days (the sooner the better)?
If you are not immediately satisfied with the offer or are uncertain about whether to accept it, consider your options:
Do you have other offers?
Can you wait for more offers to come in?
How will you handle it if no other offers come in after a particular deadline?
~ First offers are usually your best offers ~
Making a Counteroffer
You as the seller have the options of accepting the offer as is, declining the offer, or making a counteroffer. Your realtor can give you specific advice about your negotiating stance based on your home and your market, but generally you will need to be prepared to compromise.
Negotiations proceed best when both you and your buyer respect each other’s needs and interests and come to an appropriate compromise with the help of your realtor.
Home Inspection
Here is how home inspections tend to roll out:
The buyer places an offer and the seller accepts.
The buyer’s offer is likely to be contingent on the home passing a certified inspection.
The home inspector will set up the inspection time with the seller's agent.
Inspections last between 3 and 4 hours, and the inspector will examine both the interior and the exterior of the home.
The inspector is not looking for perfection ~ normal wear and tear is expected for any home that is a few years old. Inspectors are looking for serious issues that may affect the safety, functionality, or overall appearance of the home.
The inspector will complete a report with photos and the buyer’s agent will submit an Inspection Addendum to the seller’s agent.
This can be a make or break point in the transaction, yet with the correct negotiating skills this can be a smooth process.
~ Now is when your professional realtor will show their value ~
Appraisal
Appraisal reports tell lenders exactly how much the property is worth in its current condition.
Why is it Necessary
Home appraisals are necessary because lenders want to know what the property is worth. They don’t want to be stuck holding the bag on a property worth less than the loan they extended. The appraiser who performs the appraisal views the property and decides on the final value of the home by comparing the subject property to similar properties that have recently sold in the immediate vicinity.
What to Expect at Closing
Closing is an important day for you as the home seller. You will transfer the property to the buyer, fully pay off any mortgages, and receive your sales proceeds. Closing is when the homebuyer and seller fulfill all of the agreements made in the sales contract.
Closing will take place at the Title Company and the closing agent will take in all of the documents, money, and other items needed to close from the buyer and seller. Now...