Steps To Selling A House

If you’re considering selling your home, you probably have a lot of questions. Selling a home requires a lot of the seller including preparation, keeping the house clean, accommodating showing requests, and even patience. From listing to close, here are the steps to selling a house.

Representation

Selling a home is not something you want to do alone. You want to interview and choose a full-service REALTOR® to sell your home. Your agent should be an expert in the market conditions, negotiations, contracts, financing options, marketing, and in today’s internet based commerce, technology.

Price

The most critical item in the selling process is determining the price, because when you price it just right, you’ll have a bona fide offer quickly. Price it too high, and no one will come see your home, much less make an offer. If the price is low, you’ll always wonder if you gave it away. There are a lot of factors that go into the pricing of a home including the sales price of nearby homes that have recently sold, and the condition of a home. Your REALTOR® will prepare a Comparative Market Analysis to determine the market value of your home.

Preparation

First impressions are incredibly important in the sale process, and today’s first impression is the online listing photos. Gone are the days where curb appeal and open houses cookies were the first impression of the home. Today, buyers are shopping online, and if the photos aren’t perfect, they aren’t coming to see the home. It is imperative that you prepare your home for photos by de-cluttering, staging, cleaning, painting, and landscaping to make your home look like a million bucks!

Marketing

Your REALTOR® will put together a marketing plan that should include direct mail, newsletters, blogs, e-blasts, professional flyers, open houses and much more. Most importantly, in 2018, a good marketing plan includes a significant amount of online marketing with social media and other platforms.

Showings

You must be flexible with your schedule, and open to showings any time with possibly very little notice. Keep the house tidy and clean with made beds, empty sinks, cleared counters, and a groomed yard. This will allow you to jump and go when a potential buyer wants to see your home.

Offer

If your home is priced correctly and marketed well, an offer should come along in a reasonable amount of time. The buyer and seller will likely negotiate the terms of the offer until an agreement is reached. Both parties will execute a purchase agreement, and earnest money will be deposited in escrow.

Inspection

In Texas, it is common for a buyer to have an Option Period; a set number of days where the buyer can conduct their due diligence. Before the option period expires, the buyer can terminate the purchase agreement for any reason. The seller is required to allow the buyer into the home to have inspections. The inspector will evaluate components such as the roof, foundation, electrical, plumbing, heating and cooling, water heater, and more. The buyer may come back to the seller asking for repairs to be completed before closing, or a reduction in purchase price to pay for repairs after closing.

Negotiations

Buyers and sellers both want to get the best deal for themselves, and negotiating is a big part of that. It’s important that you have a skilled negotiator such as a Master Certified Negotiation Expert on your side to work towards a win-win for both parties. When both parties feel like they have won (even if one party has won more), they’re less likely to fight future negotiations.

Escrow

Escrowing the transaction is having an outside party manage all parts of the transaction to ensure everything is complete. In Texas, the escrow party is a title company, and the individual that manages the transaction is the escrow officer. The title company also holds the earnest money, and any wired purchasing funds in escrow to disperse according to the contract at closing.

Closing

At closing, both parties sign paperwork, and pay settlement fees. After all forms are signed, the escrow officer releases funds, and the buyer receives keys to their new home. In rare cases, the seller might lease the home back from the buyer after closing, but only if this was arranged in advance.

Are you ready to sell your home? Do you have questions about the selling process? Are you looking for a Master Certified Negotiation Expert? Leave a message in the comments below or contact me directly at 832-513-9931.