The Home Selling Process
The Home Selling Process
The home selling process varies from state to state. However the basic process is the same.
Homeowners must decide whether to hire a listing agent or sell their homes FSBO (for sale by owner).
Choose your agent
A listing agent should guide you through the home selling process and be your advocate.
It is recommended that you interview at least 3 agents and negotiate your contract.
Prepare to sell
Ask and use advice from your real estate agent on staging and arranging your home.
De-clutter and clean from the outside in.
Make repairs before listing the property.
If you have pets, make arrangements for them when showing.
Determine sales price
Do not overprice the property.
Use a comparative market analysis to determine market value.
Don’t forget to also consider the market movement and discount for slow times.
Market
If using an agent, approve the copy and pictures that will be used.
Check the home in advertising sources in print and online.
If you are a FSBO, check out sources to sell your home.
Showings
Make sure your home is ready for showing at all times.
Ask for feedback from buyers for adjustments in condition or price.
Have an open house.
Receive offers and negotiate
Your agents should check required offer paperwork and preapproval status of buyer.
Counter offer even lowball offers that come in.
If there is a contingency on the offer, ask for a kickoff clause.
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Escrow and acceptance
Your agent or buyer’s agent will deposit escrow check.
You will receive a copy of contract.
Check off or select a closing date and chosen attorney.
Get a receipt for Ernest money deposit.
Schedule Appraiser
Make sure property is in best condition before appointment.
If appraisal is low, ask your agent about resources.
If appraisal price is lower than offer, purchaser may cancel.
Home Inspection
Before inspection, ask your agent to provide home inspection checklist.
The inspection will need access to attic and crawlspace.
There will be a final walkthrough inspection so be prepared for that as well.
Other Inspections may be required
Use reputable companies for Termite inspections and roof certifications.
If your home was built before 1950, a sewer inspection may be required.
Fees for these inspections and repairs are negotiable.
Seller Disclosures
Sellers must complete a disclosure and should be honest about material facts.
There may be a lead based paint disclosure on older homes
Title companies should take care of CC&R’s.
There may be additional information needed on some homeowners associations.
Repairs
Sellers are not required to accept a buyer’s repair request, however this can negotiated.
If buyer’s request repairs, then the seller is entitled to the home inspection report.
If a seller does not want to make repairs, the price of repairs can be a closing credit.
Closing
The timeframes may vary state to state on these items, but they are required.
Sign escrow documents
Seller must bring a valid picture ID
Property deed, deed of trust and conveyance record in public records
Title will be recorded.
You may be required to move out before closing day, be prepared.
The home selling process is not a grueling feat with realtor guidance. If you are selling your home by owner, consult with your closing attorney for guidelines for your state and location.
Categories: Selling
Tags: The Home Selling Process The Steps to selling a home
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