Sellers | The Home Selling Process in a Nutshell
Thursday Jan 21st, 2021Share
Thinking about selling your home? Awesome – let’s do it! But first, I want to take you through the home selling process, so you know what to expect.
Selling your home is kind of a big deal. It’s an important financial transaction and a bit of a complicated process. But don’t worry, that’s why I’m here! I’ll have your back every step of the way.
Although each sale is different, the process is about the same every time. I’ve broken down the home selling process into 7 manageable steps, so you have a greater understanding of the chain of events and know what to expect. The process will go something like this:
1. MEET WITH A PRO
We’ll start by discussing your short- and long-term goals, especially your bottom line take-home dollars. I’ll introduce you to my home selling system and present my marketing plan. The purpose of this zero-obligation meeting is for you to feel knowledgeable and confident as you step into your home selling journey.
I know it’s tempting to flirt with the idea of saving money by hitting the market as a “For Sale by Owner,” but I assure you that agent representation is essential to a timely and top-dollar sale. The protection ensured to you by hiring an experienced, educated agent is priceless. Plus, a number of studies show that agent-sold properties sell for more than those listed as a FSBO!
2. ESTABLISH A PRICE
After I tour your home, I’ll do my homework so I can help you establish a fair, competitive asking price. I’ll look at the prices of comparable properties that have recently sold, call listing agents of recently sold properties in the area, and tour active listings that would be considered “competition.” Once I’m done with my research, I’ll present you with my findings. Together, we’ll crunch the numbers and set a list price!
It’s important to review the market analysis and consider your list price objectively. Tricky, I know – but the biggest mistake you can make as a home seller is to overprice your listing. Remember, this is no longer your home but an asset you need to sell.
3. GET YOUR HOUSE READY TO SELL
Prepping your home for buyers is one of the most important steps to selling a house. It might give you a bit of a workout, but making necessary repairs, cleaning, organizing, and decluttering is a MUST. First impressions matter!
I’ll give you some guidance on what repairs are most urgent and which can be left for negotiation, as well as offer you tips and tricks on what you can do to make your listing as attractive as possible.
Pro tip: Walk through your home and look at it through a buyer’s lens. Declutter. Depersonalize. Repeat. This will help prospective buyers imagine living in the home and making it their own.
4. HIT THE MARKET
Once you’ve signed the seller’s disclosures (this is where you’ll provide full disclosure of anything that has been a problem in the house and explain how the situation has been corrected) – it’s go time.
It’s my job to market your home with intriguing advertising. This includes professional photos and conveying the selling points of your home through compelling advertising words. As for making sure your listing is as accessible as possible, that’s where you come in. Potential buyers may ask to view your home on short notice. Do your best to accommodate these requests, because you never know which showing will bring you your buyer! From there, we’ll collect buyer feedback and pivot our strategy as necessary.
5. OFFERS AND NEGOTIATION
After a buyer submits an offer, you have the opportunity to accept, decline, or respond with your counteroffer. As offers come in, I’ll walk you through the pros and cons, but the decision is ultimately yours.
The negotiation process will be much easier if you know what is most important to you – and what’s not as crucial. That way, you know when to stand firm and when to compromise. The goal is to meet a buyer in the middle so that both parties walk away happy.
5. UNDER CONTRACT
At this point, you and the buyer have agreed to a sales prices and acceptable terms. Yay! The buyer will work with their lender to finalize financing – which may include an appraisal – and will perform a physical inspection of the home. Be prepared for them to ask you to make certain repairs, but I’ll review any objections with you and advise you on how to proceed.
6. AND FINALLY… CLOSING!
Be prepared for a heck of a lot of paperwork but hang in there – this is a very exciting day! Facilitated by an independent third party (usually a title company), closing is the time you’ll transfer the funds and ownership and relinquish your keys to the new owner. And don’t forget the mailbox keys and garage door openers!
Pro tip: I recommend receiving your funds via check to avoid any wire fraud issues.
Thinking of selling and don't know where to start? Get in Touch