Home Selling Checklist:
The Process Of Selling Your Home
Once you've made the
decision to sell your home, it's time to think about what comes next. Throughout the process, you may find it
beneficial to have a checklist to help guide you in some very important choices
that you will be making in the coming months.
Interview Several
REALTORS®
A REALTOR® is a person who
you will enlist to help with the selling of your home. Just like no two homes are alike, no two
owners are alike and each has different needs when it comes to real estate. The REALTOR® that you ultimately choose will
have access to your home at any time and will be responsible for marketing it
to potential buyers. As such, you should
choose someone that you feel comfortable with and will do the best job for
you. The only way to know which REALTOR®
this will be is to speak with more than one, ask plenty of questions and get a
feel for how they do business.
Get An Appraisal
When you list your home
for sale, an appraisal will be helpful for a number of reasons. As the seller, you may wonder why you would
need to have your home appraised, but here's why. As a seller, you do not want to overprice or
underprice your home. If you ask for
more than the home is actually worth, lenders won't likely grant a loan even if
you find a willing buyer. If you price
your home too low, not only will you be taking away from your own profit, but
potential buyers may wonder what's wrong with the home that it's priced so far
below market value.
With an appraisal, you can
list your home with the knowledge that you need to make sure the price is
right. If you want to advertise the home
as a bargain, sell it somewhat below the appraised value. Buyers will know they are getting instant equity
in the home and lenders will see the investment as a good one.
As a final thought to
choosing an asking price, note that your REALTOR® will require a commission and
possibly other fees in connection with listing your home on the market. It's perfectly acceptable to ask the REALTOR®
for a written summary of these fees, as opposed to just a mention of them in
the contract, and how much they will be.
With this information, you will know exactly how much money you will
have left in your pocket from the sale of your home.
Decide How Quickly You
Want To Sell
Believe it or not, your
schedule could greatly impact the listing price. If you are in a hurry to sell, you may find
that a competitive asking price will help you to get the cash you need much
quicker. A price that reflects the
higher end of a buyer's budget may take some time to sell, so consider these
factors when pricing your home.
Make Time For Updates
Your REALTOR® will offer
advice as to what needs updated, repaired or changed in order to maximize the
potential of your home. When a buyer
looks at a house, they are looking at the cost, needed repairs or upgrades,
decor, etc. Once your REALTOR® does a
walkthrough and explains what, if anything, needs updated, you will commit to
an asking price and sign the listing agreement.
Field Offers
As a seller, you are probably
already aware that potential buyers will make an offer that could be less than
your actual asking price. Most REALTORS®
will tell you that if you ask for 'X' amount of dollars, buyers will probably
offer you 'X' amount instead. That's the
name of the game, and you will need to decide whether or not your asking price
is firm or negotiable. If an offer comes
your way, you will always have the option of making a counteroffer or simply
rejecting the deal altogether.
As a final thought to the
negotiation process, keep in mind that buyers typically offer less than they
are actually willing to pay initially.
Most offers are time sensitive, which means you may have to make some
quick decisions. Of course, your
REALTOR® will be there to guide you through every step of the process and will
likely offer an opinion as to whether or not an offer is fair in the current
market.
Close The Deal
When the price is right
and you agree to the terms, it's time to say goodbye to your former home and
hello to a brand new life. Letting go is
not always easy, but moving forward is a part of life. If you still live in the home, most contracts
will require that you move within 30 days.
If you no longer live in the home, most buyers will want to move in
immediately.
