SELLING A HOME
From the point you decide to move to the closing table, here's 8 steps that will help you with a successful transaction. For a comprehensive guide on selling your home, click here.
Determine How Much Your House is Worth
A
seller's greatest mistake is often overpricing their home. Keep your price in
line with sold homes that have been identified in a comparative market analysis
(CMA) report prepared by your listing agent. A CMA is an evaluation of a home's
value based on similar, recently sold homes (called comparables) in the same
neighborhood or area. Consider whether your market is hot, cold, or neutral and
price the home accordingly.
Preparing Your Home to Sell
Your
home has just one chance to make a great impression with each potential buyer.
And it can! These “tricks
of the trade” will help you keep track of what needs to be done. The whole
idea is to present a clean, spacious clutter-free home – the kind of home you’d
like to buy. Accomplish a little every day, and before long your home will be
ready to make the impression that can make the sale.
Market Your Home
You or your agent should identify the selling points of your home and choose the best advertising words to convey them. Approve your agent's marketing and also consider hiring a virtual tour company to take quality photographs and put a virtual tour online if possible. You should also confirm that your listing is posted online such as on Realtor.com or BrightMLSHomes.com. You—or your agent—should saturate the internet and social media with photographs and descriptions of your property. According to stats from the National Association of Realtors, 50% of 2018 homebuyers found their home online.
Make Your Home Available for Showings
To best protect the security of your home, ask your agent to use an electronic lockbox system providing access to buyer’s agents. Some buyers will want to see the home on weeknights (after work) and on the weekend. Be as accommodating as possible. Prepare for an open house; however, use this approach sparingly. If you do one, be sure to ask for buyer feedback so you can adjust your price, condition, or marketing campaign accordingly.
Receive Purchase Offers
Be prepared to receive multiple offers if your home is priced right. Don't ignore any offers, even if it seems too low. Negotiate by making a counteroffer. Consider making a counteroffer that's contingent on you buying a home if market conditions warrant it. And don't be afraid to make a full-price counteroffer if your price is competitive and it's backed up by comparable sales. You can also ask for a kick-out clause or right of first refusal if the buyer's offer is contingent on selling a home. This contingency ensures you’re not waiting around too long if the buyer can’t offload their property.
Open Escrow and Order Title
Your agent or transaction coordinator will open escrow and order a title policy for you. Write down the contact information for the closing agent and select a date to close based on when the buyer's loan will fund.
Schedule an Appraisal
Clean
the house the day before the appraiser arrives. If you receive a low appraisal,
ask your agent about alternatives. You're typically not entitled to receive a
copy of the appraisal because you didn't pay for it. If the buyer decides to
cancel the contract based on an appraisal, ask your agent or lawyer about your
rights. They’ll need an appraisal contingency in the contract to pull out.