With A Real Estate Professional
real estate is a complex and major transaction that involves
many details. An experienced real estate agent can guide you
through the process and help you avoid costly mistakes. A
Seller's Agent is the one who represents your needs in the
transaction. Most likely the buyer will have a Buyer's Agent
to represent them.
Determine The Asking Price
Obtain a "Comparable Market Analysis,". This report
will show you homes in your area that are similar to yours
that have sold or are currently on the market. Before you
determine a price, decide first how long you are willing to
wait before you get an offer to purchase from a buyer.
you pick will strongly influence how long your home is on
the market. The first question a buyer should ask prior to
making an offer is," How long has the home been on the
market?" The other issue is that you don't want to put
yourself in a position of needing to sell. Approximately 80
percent of your showings will be during the first 3 weeks
on the market. So pricing is very important and you should
base it on the following:
Overall Market Conditions
The Listing Agreement is an agreement between you and your
real estate agent that allows the agent to represent you as
your exclusive Seller's Agent. It covers the services to be
performed, the fiduciary duties, the length of the agreement,
the listing price and terms, inclusions, exclusions, any special
instructions you might have as far as showing your home, or
special needs for your animals while your home is on the market,
The objective will be to sell your home for the highest price
in the shortest possible time. In order to achieve this objective,
consider the following:
a realistic listing price for your property based on the Comparable
Prepare your home for showing -- do any repairs, replace,
paint, and clean if necessary.
Gain maximum exposure by placing your home in the Multiple
Determine all possible avenues of advertising to gain maximum
exposure locally, regionally, nationally, and worldwide: newspaper,
magazine, and placements in numerous locations on the Internet,
with pictures of the inside and outside.
Preparing and Staging Your Home
To ensure success you must prepare your home for the sale.
It is important to view your home objectively if you want
to maximize your profits. First impressions are lasting impressions.
The exterior of your home often determines how the buyers
will view the interior, so make sure your front entrance is
clean and inviting. Paint or replace your front door if it
is faded or worn. Paint any shutters, trim, or any other outside
features showing signs of wear.
often see the surface condition of your home as a sign of
what's underneath, so keep windows and floors clean. Refinish
or replace worn woodwork. If you can, repaint any colored
walls with a neutral color. Check and replace caulking in
bathtubs and showers. Accentuate the positive, open draperies
and curtains to let in the most light, and remove all unnecessary
clutter. This will make your home appear larger and it will
be easier for the buyer to visualize their things in your
very important if at all possible for you to be gone when
there are showings. This will allow the buyer to feel more
comfortable and they will spend more time looking. It is important
to have a place for your animals during the showings.
happen to be there when the buyer and their agent come, do
not discuss the price, terms, possession, or other factors
with the buyers.
are any major issues you are concerned about, it might be
a good idea to have a professional Home Inspector come out
and give any recommendations before starting to market your
home. This will put your mind at ease.
an Offer and Negotiation
Buyer's Realtor will bring the offer to your agent who will
present it to you. It is recommended that your agent inquire
about the current status of the Purchaser's loan and other
financial information to help you make a decision.
either accept, reject, or counter the offer. Once you have
accepted an offer, a formal contract of sale will be negotiated
and signed to form a binding agreement. Your home will then
be put "Under Contract." You may continue to show
the home if you wish and take back-up offers.
The buyer of your home will probably want to hire a Property
Inspector to inspect the condition of your home. The contract
will state how long the buyer has to complete the inspection
and inform you of any unsatisfactory conditions. Allow about
2 hours for the inspection. It is better if you leave while
the inspection is taking place.
Agent will assure that your home is secured after the inspection.
There are sometimes some items the buyer will request you
to take care of prior to closing. You will have to come to
an agreement with the buyer to keep the contract in force.
The contract states that the sale is subject to a clean and
marketable title. Sunset Title Agency will review the title
work and you should have an attorney review the title report
to see if there are any problems that arise regarding the
condition of the title.
company will also provide the buyer with a set of covenants,
if there are any, and a Tax Certificate will be provided by
the title company on your behalf showing the status of all
your responsibility to provide the buyer a clean and marketable
title and therefore any liens, judgments, payoffs, unpaid
bills etc' have to be settled prior to or at closing.
Appraisal, Survey, and Final Loan Approval
The buyer's lender will order an appraisal to determine the
value of your home. The appraiser will measure your home and
take pictures of the exterior, front, and back. The appraiser
will need to come inside to measure rooms and will look at
the condition of your home.
estate agent will be present when the appraiser comes to answer
any questions he might have regarding current sales in your
neighborhood. Your agent will provide him with these comparable
sales before he comes.
is a cost paid for by the buyer or buyer's lender on their
lenders require a survey of the property prior to closing.
The survey will confirm that the property's boundaries are
as described in the purchase and sales agreement. The surveyor
will not normally need to come inside your home; he will be
able to do all his work from the outside. He will then issue
a certificate based on his finding. This will also show if
you have any encroachments of any kind. The survey is the
buyer's responsibility to pay for.
items are complete, the lender will then issue a final Loan
Commitment Letter as stated in the contract.
The Final Walk-Through and The Closing
The buyer and their agent will do a final walk through either
the day of closing or the day before. This is so the buyer
can make sure everything is in working order and in the same
condition as when the contract was signed.
the closing agent will:
and disburse funds.
Prepare and deliver documents.
Notarize and record documents.
Overnight your mortgage payoff and update addresses.