Having difficulty understanding how to sell your house? Well, I am right there with you. Selling your home takes strategic planning, a basic understanding of the process and a lot of paperwork to fill out. So, I compiled six important steps involved to aid your home-selling process go a little easier.
The costs with the sale of your house that you are responsible for typically include:
First, is listing the property that you are putting up for sale. You would put your home for sale on the MLS, (otherwise known as the Multiple Listing Services) to maximize your home's exposure in your market. Afterward, you will need to pay for the cost of hiring a real estate agent and paying their commission. You will need to pay for any agreed-upon closing costs. You will also need to make any potential repairs as requested by the buying party.
Pricing your home sale right can be a difficult task. Of course, everyone wants to receive the highest price. So how do you decide how much your house is worth? Several elements are needed, including the market conditions and interest rate, but usually, sale prices are decided on:
You need to research how much similar properties in the same general area have recently sold for (this is called "comparables"). What is the supply and demand like in your area? This is something that also needs to be considered. You need to receive a fair market value of the home, based on what your appraiser tells you. The price may also depend on the owners current needs. If you are wanting to sell your home fast, selling it at a cheaper price would be helpful to you.You could also have an appraiser come do a run through of your home and tell you the fair market value of your home. Fair market value means the estimated price you could sell your property for to a willing buyer. If you are selling a used item, the amount of money the buyer is willing to pay for that item swiftly decides its fair market value. Get it?
There are ample steps that can transform your home into a warm and inviting place for potential home buyers. Here is a list of steps you can try:
● Do a little “spring cleaning” Double check that there are no issues with your home that could potentially become a larger one. It could be as simple as taking down some out of date wall decor or repairing your back door.
● Clean up any clutter that resides in your home. Trying to sell a home that still appears to be occupied can be a distraction for any potential home buyers that take a tour through your home. Deciding to clear off desks and organizing out closets help reveal how much space your home provides.
● Protect any private information hidden away in your home. Many strangers will be touring your home. Hide away any valuable personal information out of sight.
As the seller of the home, you can decide whether to accept or deny a buyers offer, or make a counter-offer explaining what needs to change in order to be accepted. The potential buyer can then accept or refuse your counter-offer, or decide to come up with another counter-offer to the new terms. Something important to keep in mind:
The offer doesn't become complete until both the buyer and the seller agree to the terms and sign the “offer to purchase” contract.
A lot of measures need to happen before you can “close” on your home. These steps usually include:
You need to organize a home inspection where an inspector will do a walk through of your home and do an examination of the physical structure of the house. The home inspector will conduct a title search to make sure that you really do own the property. The home inspector will do a survey of the home and certain certifications. The home inspector will do a final walk through where the buyer of the home is allowed to inspect the home within 24 hours prior to closing on the home.You need to disclose any information to the buyer that could potentially interfere with their decision to purchase your home.
Before your inspector arrives, check these items around your house:
● Wash stained siding and brick to get rid of discoloration
● Clean the gutters and repairs around the home
● Remove tree limbs away from your house
● Fix rotted wood and paint to match
● Take away any items against the house
● Fix dripping faucets
● Have all cracks fixed
● Swap out damaged screens
● Clean the heater and check for any needed repairs
● Deep clean your chimney
● Check and test the smoke detectors
● Toilets should not be wobbly
● Check the A/C; it should cool to twenty degrees below outside temperatures
The closing of your home is the final part of the selling process. During the closing of your home, the deed is given to the person who is buying your home, the title is given, financial documents and title insurance policies are transferred, and the costs are paid. This is what you are generally going to be required to pay at the time of your closing: Your real estate agent commissions, any loan fees, your title insurance charges and recording filing fees, and other costs.
And that’s it! Learning how to sell your home is a lengthy process with in-depth research involved. If you have any questions, your real estate agent would be happy to help you. Don't be afraid to ask questions, that’s what they’re there for. If you follow my list, you can gradually check off each step as you go and be one step closer to selling your home.