In a perfect world, the idea of selling a house or condo should be as easy as throwing up a sign, accepting an offer, handing over keys, and voila! You’ve sold a home. Unfortunately, that isn’t the case and there are a few steps that need to be taken in order to sell your home successfully.
Prior to beginning the selling process, you want to be sure to do a little bit of homework. Two huge keys to selling your home lie with the current real estate market and hiring a qualified real estate agent. While it is true that you can sell your home in any market, by not selling at the “right” time, you might not get the amount you were hoping for. Due to this, it is highly recommended to do your research and look at the current market to see if it is a buyers or seller’s market, how quickly local real estate is currently being sold, etc.
Related: The 5 Most Important Steps to Selling a House – Marcus Brown
Luckily, by hiring the right agent to assist you, they will also be able to help you with the research and let you know of any issues they see as potential threats to having a successful listing and sale. Once you’ve found the proper agent, completed your research, and decided on the ample time frame to list your home, it is now time to start the process of the sale. There are two parts to selling a home, first is the process to list your home and accept an offer, and the second is to open and close escrow.
More: Should you Rent or Just Sell a Vacation Home? ~ Knieper Team
#1 Get a Home Inspection and Establish your Home’s Value
By getting a home inspection you can more accurately determine your home’s value without any sentimental attachments. The current market will also play a role in the current value. Having an accurate value assessment ensures listing according to the “true” value.
#2 Market Your Home
This is one of the most important steps to a successful real estate sale. Professional listing photos are key. Make sure that you are using multiple different marketing avenues and your agent is tech-savvy and can list your home on multiple different online platforms, this boosts the number of views, thus leading to more tours and potential offers.
More: How to Market and Sell Your Home to Millennials ~ Dale Corpus
#3 Schedule Tours/Viewings
Time to start the tours! Be flexible and ready for last-minute tours to be scheduled. Keeping your home tour ready 24/7 is key.
Additional: Guide to Buying and Selling in Different States – Mitzi Cameron
#4 Accept Offers or Negotiate
You can choose to accept an offer or negotiate if desired. Pending on what you choose, this step can take a day or two or can last for up to a few weeks of negotiating before reaching a final number.
Related: How to Navigate a Solid Offer – Don Payne
#1 Open Escrow
Luckily this is handled mainly by your agent. Aside from communicating and settling on a closing date, your agent will handle the rest.
More: Can a Seller Get Out of a Deal Once an Offer is Accepted?~ Erika Rogers
An appraisal will be ordered, and this is to help protect the buyer from overpaying. Should your appraisal come in far below the agreed offer, the offer may be reduced, so be sure to have your home clean and ready for inspection as this is an important step in closing the deal.
#3 Home Inspection
Much like an appraisal, you should ensure that your home is clean and ready for the home inspection. This will help identify any repairs that need to be made, locate any presence of mold, pests, etc. This inspection will allow buyers to request repairs are made prior to closing if needed, so be prepared to negotiate should potential repair requests arise.
#4 Disclosures, Repairs, and Contingencies
Should there be any issues or damages that have not yet been found or discussed, you must now disclose them to the buyer, discuss any repairs that are being requested, and finally the buyer will release any contingencies that were placed with the initial offer. Once these items are all completed, the true “closing” begins.
Related: How to Sell a House During a Pandemic ~ Lea Plotkin
#5 Sign Documents and Close
Now that you have listed and marketed your home, accepted an offer, completed inspections, and gone through disclosures and contingencies it is now time to sign your escrow documents. You will sign these forms in front of a Notary and will need a government-issued ID to do so.
Related: A Seller’s Guide to Closing ~ Jean Wawrzyniak-Fry
#6 Receive Funds
Once you have signed the last of your escrow documents, you will then be able to receive any proceeds from the sale. This is generally sent to your bank account through a wired transaction, however, remember that the amount you net is fewer fees and commissions that were billed throughout the selling process.
You’ve now completed the process of selling a home! Every sale is different, so working closely with your agent throughout the whole process is vital in a successful sale.
More Great Resources and Advice for Home Sellers:
10 Tricks to Selling Your House for a Larger Profit ~ Derek Bergstrom
20 Things that can Kill a Real Estate Deal ~ Ellen Bruya
Top Pitfalls with FSBO (For Sale By Owner) Sales ~ Ryan Coleman
10 Easy Ways to Rejuvenate Your Home ~ Quorum Realty Group
5 Home Fixes to Complete Before Listing ~ Tina Saporito
Wondering Why One Home Sold Faster Than Another? ~ Aaron Shumway
4 Most Common Questions From Home Sellers ~ Kenny Raymond
Can I Give Money to the Buyers at Closing for Repairs? – Condo Sales