Welcome to the club.
You’re not alone. In fact, 55% of homeowners in a recent HSF survey listed they would be more likely to sell if they had additional information on the home selling process.
So, today we’re going to extinguish your home-selling fears by explaining the process in plain english.
You’ll want to start by finding a good agent. Someone who’s easy to communicate with, has experience in your market place and is actually eager to help you sell your home.
WARNING: Some agents will tell you your home will sell for an unrealistically high number. Don’t fall under the spell of the “highest price tag.” An overpriced home, tells buyers and agents your not serious about selling, and it often doesn’t sell.
Next, your agent will make suggestions on staging and renovations to consider before putting the house on the market.
While those projects are under way, you and your agent will schedule an appraisal and start to gather important documents such as HOA or Condo Association documents, past home surveys and building permits for the property.
You and your agent will agree upon a listing price that is close to the market value of your home. The market value is determine by the appraisal value, the market conditions and comparable homes in your area.
It’s time to list it! Your agent will put a For Sale sign in your yard, enter your home into the MLS, and start to market your home online.
Soon, your agent’s phone will be ringing off the hook, with buyers and agents who want to see your pad.
When a buyer falls in love with your home, they will place an offer. Your agent will review the offer with you, and help you negotiate the contract to your satisfaction.
Once you accept an offer, your home is now considered pending with contingency. This means the potential buyers have a certain amount of time (agreed upon in the contract) to have your home thoroughly inspected.
You’ll sit tight, as your home undergoes structural and pest inspections, a survey to verify boundaries, a title review and an appraisal for the buyers lenders to see.
Meanwhile, the buyer’s deposit will sit in an escrow account and the title company will prepare title report, property deeds and the other million papers you will sign at closing.
You can breathe a sigh of relief, because your contingency period is cover and your home sale is now pending!
On the day before your closing, the buyers will do a final walk-through to make sure all of your belongs are out and the home is in the condition agreed upon.
Finally, the day you’ve been waiting for… closing day! Off you go, to sign your life away – or at least your old home.
Happy day. Happy day!