Selling a Home in Today's Market
Selling your Home and moving to another location, whether in the same town or city, or interstate, or even internationally, is a very exciting time. However, it can also be a very trying time. Safety is one serious consideration during this process, both for the family and for those percious belongings within the property. Selling your home is not something you do everyday, yet that is exactly what a Realtor(r) does - sell homes every day! Another very important issue to keep in mind is that every real estate market is local - just like the weather! We hope these simple tips will make your transition easier, should you decide to make a move!
1) The Initial Interview with a Realtor(r) The real estate professional you choose to work with should be a comfort for you during this time. The first meeting at your home should be an opportunity to get to know them and to let them tell you what they can do for you and your property, let them learn all about your property noting any special features. It is also a time for them to go over any needed repairs or suggestions for helping sell your property. These suggested repairs may bring you a quicker sale and often times brings back more than they cost to do.
2) Pricing Your Realtor(r) should give you a written Comparative Market Analysis showing you how your property compares with other similar or like properties in your area that have previously sold. This will help you arrive at a marketable price for marketing the property and also allows you to see the properties that an appraiser may use for financing purposes. If a property is over-priced and won't appraise for the sale price, it tends to create a slower market for the property and also can cause a sale to fall through.
3) Execution of Documents Once everyone is comfortable with the presentation and the sales price has been agreed upon, there are many documents that must be signed by all individuals who hold an interest in the property. Husband, wife, heirs, can be title holders. We do not want to get to the tiutle search and find out that we do not have legally executed documents. You Realtor(c) direct you with regard to this. There will be a listing agreement, Seller's Disclosure, and various other pertinent agreements. The listing agreement wuil stipulate the Commission to be paid to the Realtor(c).
4) Promotion and Marketing Now, your Realtor(r) can get to work. Marketing your property via many venues. There will be a sing on your property advertising it for sale to all who pass by, a lockbox on or near your front door for ease of access for other Realtor(s). Your property will be enetered into the Lexington Bluegrass Association of Realtors Multiple Listing Service, making 2000+ Realtors(c) aware that it is for sale; it will be entered into any number of web sites on the internet and of course advertised in all media that your Realtor(c) deems appropriate. Home highights booklets will be placed in the property which will usually include some pictures and a breif description of the property along with a copy of your Seller's Disclosure and other pertinent information.
5) Showings and Feedback Depending on how you and your Realtor(r) have things set up, you will most likely receive a call prior to every showing for your approval. (If the property is vacant, this may not be necessary.) Appointments will be set up for showing and it is suggested that you leave for a few minutes while the property is being shown. Most Realtors(s) will repond with feedback to your sales associate and that information will then be passed along to you so you will know what the prospective buyers thought about price, location, etc. and with any questions.
6) Offer to Purchase/Negotiations Hopefully, there won't be too many showings and suddenly you are getting a call from your Realtor(r) that an offer is coming! There can be any multitude of conditions to the sale. The financing and the other details need to be considered carefully. This is again where the expertise of your Realtor comes into play as you are trying to negotiate to hopefully have a successful sale that is agreeable to all parties. Of course, the inspection phase is also another point of negotiation, should there be any necessary repairs found by the inspector for the buyers. The offer may be countered several times, depending on the conditions.
7) Contract Acceptance Once all of the condition and terms in the contract are agreeable, all parties to the contract sign, date, and initial where appropriate and the contract is then a legal, binding document. There may be some contingencies that still need to be met, but the document is legal at this point.
8) Appraisal and Inspections The property inspection will need to be done as soon as possible, usually within 14 days of an executed contract. This is not a repair list, but a time to make sure that the mechanicals and functionality of the property are as they should be. The buyers representative will present a list of any necessary repairs, and at this time negotiations of those issues could cause a contract to fall apart. Consider these carefully.
9) Sale Pending Once all inspection items are agreed to, the property is "Sale Pending". Showings will pretty much stop at this point, unless it is someone wanting to put in a backup contract, in case the origial one falls apart.
10) Loan Approval Title Search and Closing Scheduled. A copy of the contract now is given to the buyers' lender for their underwriting department to examine and approve or deny the loan based on the purchase price, appraisal, and financing capability of the buyer. If all goes as it should, closing is set by a Closing Attorney or Title Company.
11) Moving and FINAL walk-through Based on the negotiated contract, the Buyers have the right to a Final Walk-through, typically within 24 hours prior to closing to make sure that everything is still intact as they remembered and expected. The Seller is usually moved out by this time.
12) Closing (Sign and Lockbox removed) At the appointed time and place, the Buyer and the Seller arrive to sign all of the necessary papers to transfer title, tranfer keys and any other pertinent items for access to the property.