As seasons change so do our real estate needs. What at one time was the perfect home, now may be a little too small, a little too large, or just too much work for current lifestyle or the lifestyle you desire to have moving forward. If you have thought of making a change, let me help you with some suggestions.
- Contact a real estate agent and discuss the process for listing and selling your home.
- How will the agent market your home?
- Does the agent have any suggestions for staging your home?
- Are there any repairs you should make to your home that will make your home more attractive to potential buyers?
- How will your home be shown?
- What should you do when your home is scheduled to be shown to a prospective buyer?
The real estate agent should prepare a Comparative Market Analysis to help you determine the appropriate asking price for your home. You may have an idea what you feel the value of your home should be; however, you are not buying your home, you are selling it. A comparative market analysis is based on like type homes currently on the market, homes that have recently sold, and homes that were on the market for a certain period of time and did not sell. The most important thing to remember is: “The buyer will ultimately decide the price they are willing to pay”.
Once you have decided on an agent and the asking price, your agent should help you prepare and stage your home for showing.
You should not be present for any showings or open houses.
When an offer is received for your home, your agent will help you understand the offer, how it will affect you and advise you on a response. The decision is yours, but it is important to know all the facts before responding to any offer.
Once you have negotiated and accepted an offer, you should expect the potential buyer to request inspections. This is a normal procedure and you should not take this process personally, after all you know the condition of your home, the buyer doesn’t. Inspections should be done within 7-10 business days. Inspections will take about 2 hours. The people present for an inspection are the buyer, buyer’s agent and the inspector; you should not be present. Once inspections have been completed you will be notified through your agent as how the buyers plan to proceed.
The buyer’s lender will request an appraiser and this will be scheduled through your agent.
Once all the inspections have been completed to everyone’s satisfaction, the lender has received an acceptable appraisal, and the buyer has formally been approved for the loan, the transaction is ready to close.
Your agent will coordinate a closing with the buyer’s agent and all parties will meet at the title company for the closing. You will be required to bring identification, the keys to your home and in return you will receive a check.
I have made the process sound very easy; however, it can be very complicated and every situation is different. I have outlined the steps; the process however can vary depending on the circumstances of each transaction. Your agent should keep you informed and help you through the entire process.
You were probably thinking the asking price of your home is the most important factor in listing and selling your home. It is important; however as you can see, it is only one part of the equation. So take the time to ask the right questions, the answers you receive will help you select the right agent. The right agent will help make the process proceed more smoothly.
Loretta Spinrad
Broker/Owner and Accredited Staging Professional