SELLING A HOME
Getting Started
The home selling process is the same regardless of home price or location. Your real estate professional who assist you through each phase of this eight part process.
1.
CHOOSE A LISTING AGENT
A listing agent will represent you and have a fiduciary responsibility for looking out for your best interests. Negotiate your listing agreement, including the length of time the home will be listed.
2.
FIND OUT HOW MUCH YOUR HOME IS WORTH
A seller's biggest mistake is to overprice a home. Your real estate agent will assist you in pricing your home in line with sold homes identified in a comparative market analysis report. Consider whether your market is hot, cold or neutral, and price according to the market temperature.
3.
MARKET AND SHOW YOUR HOME
Your listing agreement will identify the various ways your home will be marketed. You may choose whether or not you want a sign in the yard or a lockbox on your door. You can also choose the times your home is available for viewing and whether or not you want your real estate agent present at the showings. Make sure you protect your privacy while your home is on the market. Your real estate agent can provide you with home showing tips as well as buyer feedback.
4.
RECEIVE PURCHASE OFFERS AND NEGOTIATE
Even if you receive a lowball offer, negotiate by issuing a counter offer. Ask for a kickout clause or first right of refusal if the buyer's offer is contingent on selling a home. Don't be afraid to make a full-price counter offer, if you are priced competitively. If your home is priced right, be prepared for multiple offers.
5.
COOPERATE WITH THE APPRAISER AND HOME INSPECTOR
The appraiser and home inspector will contact you or your agent to schedule an appointment. Make sure your home is presentable. If you get a low appraisal, ask your real estate agent about your options. Since you did not pay for the appraisal you are not entitled to receive a copy. Be mindful that a buyer may choose to cancel the contract if the house does not appraise for the sales price. The home inspection report will be sent to the buyer and may or may not be shared with the seller.
6.
NEGOTIATE REQUEST FOR REPAIR AND ASK BUYER TO RELEASE CONTINGENCIES
It is not uncommon for the buyer to request certain repairs based on the home inspection report. Sellers do not need to accept a buyer's request for repair; however, it may be wise to consider the request since buyers can cancel the contract. If you do not choose to make repairs, a buyer might instead accept a closing cost credit. If repairs are requested you are entitled to a copy of the home inspection report. Contingencies are clauses that let the buyer out of the deal. They specify any event that will need to take place in order for the buyer to fulfill the contract. You want contingencies removed, in writing, as soon as possible.
7.
CLOSE ON THE PROPERTY
The closing attorney will contact you to schedule the date and time of the closing. Depending on buyer's possession rights specified in the contract, you may be required to move on the day the home closes.