In today’s ever changing market the home selling process can be challenging, even if you have purchased or sold a home in the past. There are many steps involved and having the right tools will you get the right results.
Here are just a few steps to selling your home:
- Hire and list your home with an experienced agent.
- Your agent will research and present to you a price and marketing plan that best fits your home by providing a comparative market analysis. This tool can show you homes with similar features in your area that are currently listed, under contract or that have sold in last six months. A lot goes into determining the right price. Evaluating supply and demand, craftsmanship, amenities, condition and any other circumstances can effect the price.
- Listing your home doesn’t just mean putting a sign in your yard. Your agent will have access to various tools to market your home. For instance, listing the home in the local MLS, open houses, advertising on the Internet (Facebook, Craiglist and many more), property brochures/flyers and exposing the listing to other brokers and referral networks.
- An offer is submitted. A buyer will make an offer through their agent. When your real estate professional presents the offer to you, there will be several things to take into consideration.
- Do the buyers have a home to sell?
- Are the buyers financially qualified and have a letter of pre-approval from a lender?
- Is there enough earnest money to communicate a serious offer?
- Are there any contingencies?
- Based on current market conditions, is this a viable offer?
- If there are multiple offers, how do they compare?
All of these questions should be discussed with your agent to insure you are making an informed decision.
- Now the negotiating begins and the offer is accepted. Depending on if there are any counter offers this process can go back and forth until all parties reach an acceptable contract.
- Buyer’s arrange their home inspection and submit their loan application. The loan approval is usually contingent upon a satisfactory inspection and appraisal.
- The loan is approved and coordination to move to closing can occur.
- Finalize and close of the transaction. Funds are handled by the escrow officer who will meet with the seller and the buyer at a scheduled time to sign all necessary documents. Once this happens everyone can breathe a sigh of relief.