A Step-by-Step Guide to Selling Your Home
Selling your property would be as simple as a grin and a handshake in an ideal world. However, until then, meticulous planning, an awareness of the procedure, and a great deal of patience with paperwork are required. Here are six basic measures to follow to make the process of selling your house go more smoothly.
Know your responsibilities and costs
The following are typical costs involved with the selling of a home:
- Putting the house on the market.
- Paying a commission to a real estate agent.
- Paying any closing charges that have been agreed upon.
- Making any necessary repairs as specified by the buyer.
One of the first considerations you’ll have to make as you prepare to sell is whether you want to employ a real estate agent or pursue the sell-by-owner way. Keep in mind that if you decide to sell your home on your own, you’ll be in charge of scheduling showings, contacting directly with possible purchasers, and completing any necessary paperwork, among other things.
Set a price
It takes a combination of science, marketing, and instinct to price your house correctly. While your house is on the market, you want to secure the greatest price and terms possible. Market circumstances and interest rates are only two of the elements that come into play.
- Based on the local economy, the supply and demand in your region.
- Based on an appraisal, a reasonable market value for the home.
- Owner needs.
Furthermore, as the seller, you have the option of having the home appraised to determine its fair market worth.
Show your home
During the house selling process, there are a few basic and very affordable things you can do to make your home appear as attractive as possible to potential buyers.
- Make sure a minor visual or technical flaw does not turn into a major one. It might be as simple as repairing a squeaky front door or changing a toilet paper holder.
- There’s a good chance you’ll have a slew of potential purchasers walking through your door. Keep valuables hidden and sensitive information (such as mail, private documents, or images) hidden.
As the seller, you have the option of accepting or rejecting an offer, or making a counter-offer specifying what has to be changed in order for it to be acceptable. After that, the buyer can accept or reject your counter-offer, or make a new counter-offer based on the revised parameters.
- The offer is not considered binding unless both parties agree to the terms and sign the “offer to purchase” contract, which is subject to certain conditions.
- An expiry date, purchase price, initial deposit, buyer down payment, financing conditions and contingencies, warranties, and fees should all be included in the contract.
Prepare for closing
Before you can finalize or “close” the sale of your house, you must go through a number of steps. The following are typical steps:
- A home inspection is a detailed study of a house’s physical structure and systems by an inspector.
- A property survey is a technical depiction of a property’s structure and its contents.
- If your property contains a septic tank or a well, you’ll need a septic certification and well testing, which is required in some states.
- A final walkthrough allows the buyer to see the property within 24 hours of closing.
Attend the closing
The procedure comes to an end with the closing. The buyer receives the deed, the title is transferred, financing paperwork and title insurance policies are exchanged, and the agreed-upon charges are paid during the closing.
The proper parties sign some of the final paperwork, such as the deed and mortgage or deed of trust, and then send them to the county recorder to be registered. Keep in mind what you might have to pay in the end:
- Agent commissions, loan fees, title insurance fees, and recording filing fees are all part of the closing expenses.
- Other fees and transaction taxes.