The home selling process involves 10 key steps. Here is an overview to give you a basic understanding of the home selling process.
10 Steps to Selling Your Home
1. Analyze Your Needs/Objectives– Identify your reasons for selling (e.g. job transfer, need larger/smaller house, and life-style changes). Determine your time frame and what profit you would like to make off the sale. As your Realtor®, I will assist you in determining the best solutions to meet your objectives and set realistic expectations so as to minimize stress.
2. Prepare Your Home– At this step you want to get your home in “showroom” condition. Think like a buyer because first impressions are crucial to getting top dollar and selling it quickly. So start with making minor repairs and replacements. Clean your house and start packing non-essential (e.g. photos, knick-knacks, mementos).
3. Establish Price– The price is determined by market conditions…the law of supply and demand. You want a fair market price that will attract the most buyers quickly. Once again you need to think like a buyer and not like a seller with emotional ties to the house. I will prepare a Comparable Market Analysis Report to help you be able to determine an unbiased price based on data and statistics.
4. Market Your Home– Now it’s time to aggressively get the word out about your home. In this digital era your marketing strategy needs to include both traditional and online methods of selling a home. Your marketing campaigns need to go beyond yard signs, print advertising, and open houses.
5. Show Your Home– You’ve priced your home and your marketing strategy is working so now buyers are starting to schedule appointments to see your home. Remember make the home inviting and keep it clean and uncluttered. Make accommodations for your pet(s) and eliminate any odors. It’s best to leave the house temporarily so the buyers can view your home uninhabited and talk openly. However, you will want to store your valuables in a safe place and out of sight.
6. Offer & Negotiations– All your hard work has paid off and you have received an offer (or maybe multiple offers). Now you need to scrutinize the offer(s) and the buyer to pick the best one. You decision will be based on a multiple of factors, such as the offer price, terms, concessions, and most importantly the financial strength of the buyer. At this point your options are to either accept, negotiate changes (a counter offer), or reject. As your Realtor® your interest is my top priority by evaluating the financial qualifications of the buyer, explaining the contract and pointing out potential problems.
7. Open Escrow– Both you and the buyer have come to an agreement and signed the offer so now you have legally binding contract. In California, escrow services are usually done by a title company. The title company is a neutral third party and protects the interest of each party in the transaction. This is a crucial phase because all stakeholder must perform various tasks such as: the title company orders a preliminary title report; the seller must provide disclosures and reports to the buyer and make any agreed to repairs; the buyer most conduct all necessary inspections and read all disclosures and reports to remove contingencies; the lender must start the loan process and order an appraisal. All of this must be done within the time frames spelled out in the contract otherwise the transaction will not close on time. To facilitate this process as your Realtor®, I will coordinate all these tasks, communicate with all stakeholders and service providers and make sure everything is done on a timely basis.
8. Moving Preparations– At this step it’s time to start planning your move, because the close of escrow is quickly approaching. You need to decide whether you will use professional movers or DIY, but either way you need to schedule a moving truck. You’ll need to start gathering boxes and decide what to take, give away, sell at a yard sale, or store. Gather all owner’s manuals and garage door openers and store in a safe place so you don’t accidentally pack. Notify utility companies of your shut-off date and put in a change of address with the post office to inform creditors, subscriptions, family, and friends or your new address.
9. Sign Title/Escrow Documents– This occurs approximately 7 – 10 days prior to the scheduled closing date. You will be signing such documents as the HUD-1, statement of information, and of course the grant deed. Also, during this time the buyer will do a final walk-through of the property.
10. Close Escrow– The time has come to legally transfer ownership to the buyers. The escrow officer will notify us when the deed records. At that time you officially sold your house. You will provide us with the keys to the property and I will remove the lockbox. The keys will be delivered to buyer as specified in the contract to officially take possession of the property.
As you can see the sale of a house is a very detailed and demanding process. However, with our assistance it doesn’t need to be stressful. I handle the details and coordinate all the tasks so you can focus on planning you next phase in life.
Congratulations, you’ve sold your home!
Posted on April 1, 2017 at 9:08 am by Kim Campbell