Getting Ready To Sell Your Home (Summary)
As a seller, you should expect to maintain an active role in the sale of you home. Communication and cooperation with your real estate professional will ensure a smooth transaction from start to finish. To know what your Realtor expects or needs from you, it is a good idea to initiate that conversation during your first meeting with them. The right professional will encourage ongoing communication all the way through the process and you should watch for this starting with your very first initial meeting
You have a great home that you feel holds a certain value. Sometimes we find that sellers place emotional value that may exceed a realistic market price. Before your first meeting with your real estate professional, I suggest you research recently sold homes (not currently active homes on the market) in your area. There are a lot of variables that determine what your home’s value is, but this will give you a starting point for a conversation you will have with your Realtor.
Once you have listed with a realtor, you should receive guidance regarding how to prepare your home in terms of any repairs that might be needed. Certain items can be an immediate turnoff for many buyers during showings. Leaking roofs, damaged cabinetry, broken or poorly functioning HVAC, stained carpeting, holes in walls, etc. can all be items which make buyers think they need to invest a lot of money in the home if they wish to buy it. Work with your agent to determine what should be fixed before listing. Not all repairs are necessary, and it varies on a case-by-case basis. You should also be given guidance as to what items might make a big difference in perceived value, such as kitchen and bath changes, window treatments, energy efficiency upgrades, etc. Your Realtor should be able to help you determine which changes you should consider, if any.
Your realtor should provide you specific guidance for your property regarding cleanliness of the home and how the home will show best in terms of decor, furniture placement, clutter, showing of personal items and maintaining closets. Guidance should be provided in these areas in order to put your house in the best possible light for showings.
So hopefully soon your Realtor calls and presents you with an offer. Your Realtor should have already received proof from the buyer about their qualifications to purchase your home. This means either bank confirmation of sufficient cash to buy at the price offered, or a bank from a reputable lender stating the buyer is pre-qualified or pre-approved for a loan that is equal to or higher than the offer price.
There will be contingencies. These are stipulations in the contract that must be met in order for the sale to proceed and close. Common contingencies include inspection, financing, appraisal (usually part of the financing), and/or sale of current home. Only after you review all the contingencies should you determine how “strong” an offer is.
After signing a contract, the Realtor should continue to work behind the scenes to make sure deadlines are met by you and the buyer. The Realtor should work with lenders, inspectors, appraisers, title companies, etc. to ensure everyone has what they need to complete an efficient sale.