The Selling Process
Steps in the Selling Process
It Really Can Be As Easy as 1... 2... 3...
Making the Decision to Sell, and Listing Your Property
- Listing your property with a local Real Estate professional
- Agent researches property in county records
- Comparable sales compiled
- Area sales records reviewed
- Information compiled for properties that have been on the market for a long period of time
Making the decision to sell your home usually occurs because of many factors. Family size, job and life changes all impact our choice of a home. The same factors are considered when the time comes to make the decision to sell your home.
As most of us have heard, moving is supposedly one of the most stressful things that we will encounter in our lives. Because of this, having a good team available to assist you in this process is extremely important. Listing your home with a qualified Realtor® will give you the added benefits of:
- Market knowledge and research including:
Current Sales Trends including average time on market;
Area Sales Comparisons;
Knowledge of all current area listings;
Research of current county records for your property;
- Marketing your home
Multiple Listing Service
Area Real Estate Guides
Showing your property both to prospective buyers, and other local agents.
Compilation of property information and assistance in setting sales price;
Handling of all calls pertaining to property information requests;
Completion of necessary paperwork and negotiations for completion of sale when offer is received;
Working and meeting with outside vendors in completing repairs and inspections necessary;
Assist through escrow process, working with title, escrow and loan profession involved in sale transaction.
As you can see, the Realtor® that you choose to represent you in the sale of your home does a lot more than just show your home to prospective buyers. The knowledge and experience that a professional Realtor® brings goes a long way to making the entire process a lot easier on all involved.
Marketing Strategies / Setting a Sales Price
- Setting the sales price
- Agree on listing terms
- Review property marketing plan
- Review property information
- Review list of suggested repairs / improvements to aid in sale
The next step in the process involves combining the following factors that will be considered to set a sales price for your property:
- Area comparable sales;
- Current market trends;
Other factors that can affect the marketability of your property are:
- Property accessibility
- Current interest rates
- General economic conditions
To assist your agent with the background information needed to complete the value assessment, you should be prepared to provide the following:
- Current loan information;
- Legal description of the property;
- Number of rooms and size of each;
- A list of exactly what is being offered for sale. Make a list of any items to be included in the sale of the property that are not physically attached. Such items may include appliances, draperies, outdoor items such as play sets, etc..
- Utility records;
- Any liens against title;
- A list of both good and bad characteristics of your home, and neighborhood.
Marketing your home will require a partnership between you and your agent. At the time of your initial meeting, your agent will walk through your home, giving you some ideas for decorating, and possible repairs or touch up that may help show your home in its best light. At this time, you should both discuss and review any potential remodeling or upgrades to see where your investment may be best made. Your agent is a good source of information on those improvement types that will yield the best return.
**Please note that by law any known property defects will need to be disclosed to your agent, and to any buyer of your property.
Tips for Showing Your Home in Its Best Light...
Following is a list of home marketing tips that will help you to put your home's best face forward...
- Trim and edge lawn, trim any shrubs, rake and clear any debris from the yard, gutters, and curbs.
- Store any toys, lawn furniture, firewood etc. neatly.
- Walk the exterior of your home and touch up any worn or broken items, touch up paint where necessary.
- Touch up or clean siding, fences, etc.
- Fix broken windows and screens.
- Wash and clean driveways and sidewalks.
- Clean and/or paint front door, making sure entire entryway area is clean looking. Plants brighten this area, and are a good accent. Remember, this is the first impression a potential buyer has of your home.
- Give your house a good cleaning.
- Clear any daily clutter, discard any unused items. A clean uncluttered look is what you are trying to achieve.
- Organize and clean closets and cupboards.
- Check walls for smudges, chips in paint, and torn or loose wallpaper. Clean and make repairs where you can.
- Shampoo carpets and wax floors.
- Consider spraying for bugs.
- Check for loose doorknobs, banisters, check plumbing.
Decorating tips for showing day:
- Clear as much clutter as possible.
- Turn on all lights.
- Turn off television, stereo, etc..
- Put out fresh flowers.
- Hang out your best towels.
- Either remove, or if possible at least confine pets.
Most professionals will say that the two biggest things that you can do to enhance the look of your home is to either touch up or re-paint if you can get a good match. Clean floors and carpets are important as well.
An Offer is Made...
- Offer received
- Sale negotiations initiated
- Offer accepted – closing schedule set
- Buyer submits loan application
- Escrow Opened
- Title report received/reviewed by agent
- Appraisal ordered
- Home inspections ordered
- Loan approval received
- Closing Documents prepared by Escrow Officer
- All parties execute documents at title company
- Escrow closes
You've done your work... the house looks wonderful, and your agent just called to tell you that an offer has been made on your home. Now as at all times throughout this process, your agent is there to review the offer, prepare any necessary documents pertaining to negotiations/counter offers, and keep abreast of anything that needs to be addressed during escrow. A quick overview of this process is:
- Offer made by potential buyer to agent. The offer will include the offering price, along with any contingencies such as sale of existing home, or negotiating items, for example, items included in sale.
- Agent reviews offer with you, preparing any counter offers required.
- Once agreement reached, the agent opens escrow, reviewing preliminary title report on property to insure all items listed are acceptable.
- Closing timeframe set.
- Buyer initiates loan application process. Your agent will keep informed of the status of the loan process during escrow period.
- Property appraisal is ordered by the buyer's lender.
- Home inspections ordered and scheduled, if requested.
- If necessary, contingency items are addressed and cleared.
- Loan approval received.
- Closing documents prepared by escrow officer. Appointment is scheduled with buyer and seller for signing of all necessary documents. Buyer's lender funds the loan, placing appropriate funds into escrow.
- Escrow closes. Title documents recorded in the office of the County Recorder.
- Funds disbursed to all parties as outlined in closing statement.