Selling your home doesn’t have to be time consuming and complex. Stepping into the home selling process without proper preparation can be stressful, but with a bit of knowledge under your belt, you’ll find it easier to have a successful transaction without the headaches.
👥 Find the Right Real Estate Agent
Researching real estate agents before contacting them is prudent for sellers who want the best services. Take the time to sit down and verify the license number of the real estate agents you are considering. This number should be posted publicly, as per state law. Every state has a free Public License Lookup service online. Verification takes just a few seconds of your time but can save years of trouble down the road.
Choose an agent with a winning track record. Ask potential agents for their original list price to sales price ratios. Read online reviews from former clients. Most of all, make sure they listen to your needs and can meet your expectations when it comes to communication.
🏡 Staging Your Home for Buyers
Staging a home is all about movement and style. You would never want to show the average home in its normal lived-in state. It is vital to remove, store or hide personal items before showing a home. Only make basic furniture visible along with a few statement pieces. Art should accent and unite the home and furniture.
Remove all but the most essential cleaning supplies. Keep minimal dishes and pans in cupboards. The home should appear to be ready for the buyer to pack up their clothes and move in. They should be able to see themselves in the home and love what they see.
💲 Set the Right Asking Price
Do your due diligence and look up home sales prices in your neighborhood and look at homes’ listings to view and compare the condition. Of course, your real estate agent will be a wealth of information when it comes to this step in the selling process. They will prepare a report that gives you an idea of exactly how much your home is worth that is based on current market trends, upgrades, and recently sold homes in your area. The final decision is always yours, but their advice should help you find the right price.
📝 Accepting an Offer
You should know what price you would like to get out of your home. Then, you should figure out how much you are willing to accept. It is important to realize that your asking price is probably the highest price you will get. Most buyers will initially offer up to 5 percent less than the price you want.
🔎 What Happens After You Accept an Offer
The buyer has made an offer that meets your expectations and you have decided to accept. What comes next? You need to get a home inspection done as quickly as possible. A normal timeline to have an inspection completed is 10 days. If the buyers and their lender are still happy after the inspection, they will ask for an appraisal to ensure the property is worth the price. Depending on the inspection results, you might have to make concessions, like fixing a plumbing problem, to close the sale.
📆 What to Expect on Closing Day
On closing day, all parties will need to meet at the title company. There will be what seems like an endless stack of papers to sign. The buyers will fill out tax forms, loan papers, set up an escrow account for their taxes and insurance, go over the terms of the loan, and review every page of their contract with their lender. You will also go over every page of your contract as a seller, including affidavits on the condition of the property, a promise that concessions have been made, and more. The proceeds of the sale will be handed to you after any mortgage balance owed to your lender is repaid and any liens against the property are satisfied.