The Selling Process
1. List your Property
a) The first thing to be done is the signing of a listing agreement. This contract will outline the details of your property, the commission rate and the period of time you will agree to allow the Realtor to sell your home.
b) The documents you sign will also involve disclosure of your personal information, a Property Disclosure Statement and sundry forms including the concept of Agency and working with a Realtor.
2. Price it Right!
a.) Setting the right price is critical. Regardless of what you originally paid for your home and the cost of improvements you have made, the only price that matters is what the market will bear at the time you decide to sell. Don’t rely on the Assessed Value made for tax purposes. This valuation is not a reliable indicator of market value.
b.) In determining value, you have two options. For a fee, you can hire a real estate Appraiser or your Realtor can develop a comparative market analysis (CMA) for you that will outline recent home sales and what’s currently happening in the market. It’s important to price it right. Too high and you may not find a buyer. Too low and you may be leaving money on the table.
3. Dress Your Home For Success
You need to see your home like a prospective buyer. See the article under the “Selling Tips” tab and follow these simple steps. You’ll be glad you did.
4. Marketing and Showing Your Home
a.) Your Realtor will arrange a Realtors' Open House and if you agree, an open house for the public. Your Realtor will also create a marketing strategy and advertise in local newspapers and web sites.
b.) Before showing your home, your Realtor will provide advance warning. If people drop by unexpectedly and are not with a Realtor, it’s best not to show them your home. Ask for their name and phone number and refer them to your Realtor.
c.) During showings, it’s best if you are not there. Many buyers feel like intruders when the owner is present and they may hurry through the viewing. Allowing the prospective buyer to view your home at their own pace will put them at ease to look around and ask questions.
5. Offers and Negotiation
a.) When an offer comes in, you’ll be contacted immediately. The offer will be reviewed with you carefully and your questions will be answered. Your Realtor® will counsel you on your three options: accept, reject or make a counteroffer and will then negotiate on your behalf and in your best interests.
b.) Once you and the buyer agree on terms and sign the contract, your Realtor® will monitor the financing process and help coordinate other arrangements to prepare for completion of the sale. i.e. inspections and repairs.
6. Closing the Deal
a.) The sale consists of two transactions: transferring the property to the buyer and paying off the existing mortgage on your home (or allowing the buyer to assume your mortgage). Your lawyer will receive all paperwork required to complete the closing.
b.) Proceeds of the sale will be disbursed.
c.) And finally, you’ll hand over the keys to the new owners and move to your new home!