Home selling process is exciting but it also involves some work. You will have to decide whether to sell on your own or take help of a professional real estate agent.
The selling process differs from one state to another but some common points are there which most home sellers need to take before listing their house or selling it by themselves.
The first thing to do is to get the house ready to sell . This involves the job of un-cluttering the house. After years of use, clutter collects in number of places and it affects the way buyers sees your home. So it is important to clear space up as much as possible.
Another part of making the house ready to sell is to fix up the interiors. Make the required improvements but do not do anything expensive such as remodeling. To pay for the repairs/improvements use savings and do not start obtaining new loans or charge up credit cards. If you have plans of buying your next home then these measures to make improvement on the house should not affect your future home buying plans.
Next comes, fixing up exteriors of the house. Any homebuyer’s first impression is normally based on his view of the house from the agent’s car, called the “curb appeal”. So you need to make sure that it is good. Do the necessary landscaping, exterior painting, & make the back yard look as tidy as possible.
After all the preparations are complete, you need to decide about the price to set for the house. Contact few local listing agents and get an estimate of home much price similar houses are selling for in the locality. Get Competitive Market Analysis (CMA) from them to develop an idea of the house prices.
Now you have to get the house listed. There are many types of listing contracts like-
- Open Listings
- One time Show
- Exclusive Agency Listings
- Exclusive Rights to Sell
Of all these options the most commonly used is Exclusive Right to Sell type of listing contract. In this type of listing the agent has the job of marketing your house to other agents who work with buyers. Those agents will show the house to their clients and find a buyer. Agents with exclusive rights to sell will advertise your home, market it to other agents, hold open houses and place it in MLS.
After you have decided on which agent to go with, particulars of listing contract are to be carefully looked into. Some of the things are like setting the terms of the sale in the contract and price that you expect to get from the sale. Decide about the percentage real estate agent will be getting as commission and whether the house will be listed with the local MLS. The contract should also specify how the agent will work, as only seller’s agent or will he also be representing buyer in the transaction. Another important thing is to decide how disputes will be resolved between you and the agent. It is possible to select between the method of binding arbitration and pursuing disputes in civil court.
After the buyer has been found, making the sales contract correctly is necessary. As part of the sale contract you will have to provide 3 disclosures to the buyer. These are:
- Seller disclosure of property condition
- Lead based paint disclosure
- Termite disclosure
In the contract the asking price, terms of sale, financing terms, earnest money requirement, settlement and possession specifics, and contingencies clauses will also need to be included.
The last step in the home selling process is closing & settlement. But before closing, buyer will get a thorough inspection of your home to detect any faults in the house. If serious flaws are found then buyer will probably walk away on the basis of contingency clause of the contract you will have with the buyer.
Closing usually occurs 30 to 45 days after the sales contract is signed. The closing can be handled by a title company or attorney and at the time of closing all money will be collected, any liens or loans will be repaid, formalities for transfer of house deed will be completed and insurance will be issued to insure free & clear title. And within one or two days you will be getting the proceeds of your home.
Selling the home is one of the biggest events in your life so you need to make sure that no mistakes occur in the whole process. Plan it properly and you will be able to complete the sale without any obstacles. Learn thoroughly about how to prepare the home for the market, which repairs are essential, how to stage the home, and how to price the home correctly so that it sells in the shortest period.
Useful resources:
XPX – We are Canada’s first integrated real estate network where Builders, Realtors, FSBOs and Landlords can Sell or Rent out multiple properties on a do-it yourself interface. XPX.ca | A Real Estate & Mortgage Company and public MLS. Now That’s Real Estate!
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