Home Selling Process – What Are The Vital Steps?
The home selling process is the same whether you sell your home on your own or with the help of a listing agent. Although some details may vary significantly from state to state, this checklist might serve as a starting point. Just make sure to get specific information about your state’s regulations from a local professional.
1- Select Real Estate Agent Who Knows Home Selling Process
A listing agent is your advocate and has a responsibility to protect your interests. As you make your decision, interview agents and meet with at least three of them. People with a lot of experience should be hired.
Inquire about the terms of your listing agreement, such as the amount of time the house will be on the market and the fee you will pay for the agent’s services. Will, you also be paying commissions to the buyer’s agent? (Most traditional contracts demand it)
2- Find out the value of your home.
Overpricing a home is the most typical mistake made by a seller. Maintain comparable pricing to sold homes as revealed in a comparative market analysis report. When pricing your home, consider whether your market is hot, cool, or neutral. Also read our blog on How to sell a home?
3- Prepare Your House for Sale
Cleaning and arranging your home, as well as increasing its curb appeal, will help you sell it more quickly. Consider hiring a professional stager to help you prepare your home for showings, or ask your real estate agent for suggestions. You may put your furniture to good use on a regular basis.
Make any essential repairs and consider a seller’s inspection prior to listing to discover any potential issues. If you’re selling a home with pets, plan temporary living arrangements while the house is being seen. Remember, you only get one chance to make a good first impression—and sometimes that chance is only three seconds or less. Make the most of it.
4- Sell Your House
The selling points of your home should be identified by you or your realtor, and the best advertising language to represent them should be used. Approve your agent’s marketing strategy or figure out how to sell your home on your own. Hire a virtual tour provider to shoot high-quality photos and, if possible, post a virtual tour online.
You should also double-check that your ad is online. You should saturate the internet and social media with images and descriptions of your property, either yourself or through your agent. According to the National Association of Realtors, 50 percent of homebuyers in 2018 found their home using the internet.
5- Showcase Your Residence during the home selling process
The home selling process will require allowing agents to show your home using a lockbox or keypad rather than forcing them to make appointments will result in more showings. If you must plan appointments, make every effort to be as flexible as possible. Some purchasers will want to visit the house after work on weeknights and over the weekend. As much as possible, be accommodating. Prepare for an open house, but only if absolutely necessary. If you do one, make sure to get feedback from the buyers so you can alter your price, condition, or marketing strategy accordingly.
6- Open Escrow and Place an Order for the Title
Your agent or transaction coordinator will open escrow on your behalf and place an order for a title policy. Make a note of the closing agent’s contact information, and set a closing date based on when the buyer’s loan will be funded.
7- Make an appointment for an appraisal
The day before the appraiser visits, clean the house. If your appraisal is poor, talk to your agent about other options. Because you didn’t pay for the appraisal, you are usually not entitled to a copy. Ask your agent or lawyer about your rights if the buyer decides to cancel the contract based on an appraisal. To get out of the contract, they’ll need an appraisal contingency.
8- Seller Disclosures should be delivered during the home selling process
You must disclose any other material facts or concerns with the property using a seller’s disclosure form if you are aware of them. If necessary, your title firm should supply the buyer with your community’s or homeowner’s association’s covenants, conditions, and restrictions (CC&Rs).
9- Repair Requests Should Be Negotiated
You don’t have to agree to a buyer’s request for repairs, but if you don’t, they may pull out of the contract (as long as they have an inspection contingency in place). A buyer may accept a closing cost credit rather of an actual repair in specific instances. This credit effectively lowers the purchase price, allowing customers to pay for the repairs themselves after they take possession.
10- Request that the buyer releases the contingencies.
If the buyer’s contract includes any conditions, ask them to “release” them, which means to confirm that they have been met. If you don’t demand it, the buyer isn’t compelled to offer a contingency release. If the buyer refuses to submit a release, you may have the authority to cancel the contract in several states.
11- Sign the Escrow and Title Documents during the home selling process
Depending on where you live, you may sign escrow documents soon after opening escrow or closer to the closing date. In some areas, it’s normal for both buyers and sellers to sit at the same table, so inquire with your agent about the custom in your area.
12- The escrow must be closed
Finally, show up for your closing, sign the final papers, and hand over your keys. Your property deed, reconveyance, and deed of trust will be recorded in the public record, and you may be obliged to move on or before the closing date, depending on the buyer’s possession rights. This stipulation should be included in the contract. After everything is said and done, the profits of the sale will be sent to your bank account, less any agent commissions, repair credits, and other costs mentioned on the closing documents.
Connect With Regentology – The Home Selling Process Experts
Our agent partners at regentology simplify the steps of buying a home so you can start the home-selling process feeling confident and prepared. Our mission is to understand your needs, budget, and timeline while being available to assist every step of the way. Fill the form out and get started today with a FREE consultation from the best real estate agents in your area to find your dream home.
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1- The Right Way Of Listing And Selling Your Home
3- How To Choose the Best Real Estate Agents
4- Buying A House Before Selling Your Home
5- How To Set Up Your Home-Buying Budget