It is time to sell your home. Maybe this is your first time or maybe you've done this a few times before. Either way, having the right Realtor by your side and a solid understanding of the selling process can really make your life easier!
1. Meet With a Real Estate Professional
Once you're ready to sell your home, your next step is to find a professional who can assist you. It seems obvious but look for a Realtor who you can trust, who can answer your questions, help you set an appropriate listing price, guide you through the process, and successfully negotiate a sale.
When meeting with a Realtor they will likely have a few questions for you, which may include your motivation for selling, your preferred timing, and if you are planning to buy a home (or have already bought a home).
2. Establish a List Price
Once you've decided on a Realtor to work with, it will be time to sign a listing agreement. Within the listing agreement, you'll also be deciding on the listing price of your home. Listing prices are obviously very important in regards to selling your home because the first week that it is on the market is crucial to its success.
Your Realtor will provide you with a Comparative Market Analysis (CMA) for your home. This will help you get an idea of similar homes that have sold recently in your area, as well homes that are currently on the market.
A CMA paints a picture of the current real estate market and demonstrates what you can expect for your current home. It is an invaluable tool when deciding on the listing price.
Ultimately, it is your home and the price is your decision. That being said, it is always advised that you trust your Realtor as they know how to price your home best. Remember the listing price is not necessarily your takeaway price, but pricing competitively can lead to you getting the best price for your home.
3. Listing the Home
As stated, it is a crucial time when your home enters the market. Other agents will begin to book showing appointments for their buyer clients. It will be up to you to make sure the house is as easy to show as possible.
Try to accept each showing, even if there is only slight notice beforehand. The more people seeing your home, the better chances of you selling it at a competitive price.
Make sure your house is clean and decluttered to allow for easy walk throughs and a pleasant viewing experience. Also, make sure rooms and living spaces are well-lit and/or allow for as much natural light as possible.
4. Receiving an Offer/Negotiations
After your house is on the market, you will then be waiting for offers (Agreement of Purchase and Sale forms) from potential buyers.
Your Realtor will either be taking offers and any time or they have requested to hold offers until a certain date (usually in hopes of generating a multiple offer scenario). Once you receive an offer, your Realtor will go over it with you including any pros and cons.
There are multiple things to focus on regarding an offer, but for many the biggest factor is price. Other terms for important for consideration can include: the deposit amount, closing date (when the buyer takes possession), inclusions/exclusions of appliances, and conditions such as mortgage financing or home inspections.
Usually, the buyer's offer will be conditional upon receiving proper mortgage financing and/or getting a home inspection. Your Realtor may want to negotiate these out to get you a firm deal. If these conditions are kept in the offer, your offer will be conditional on the buyer preforming these tasks, only upon completion will the offer be firm.
There may be some back and forth during this time, so stay patient. Be willing to negotiate and put forth some level of compromise if need be to get the best deal possible.
5. Under Contract
Upon the acceptance of an offer, the buyer will have 24 hours to hand in their deposit to be held in trust by your Realtor's brokerage (the listing brokerage).
If the offer was conditional, the buyer will have to complete and waive their conditions by the date agreed upon. Once this is done, or if there were no conditions to begin with, the house is sold firm.
You will need to hire a real estate lawyer to finalize the transaction. To ensure that everything is in order, you should have a lawyer prepared once the offer is signed, well before the actual closing date.
Final Steps
On closing day, the buyer will receive the keys and take possession of the home. As a seller, your lawyer will be given the complete finances for the home.
Ensure that the property is clean and reasonable efforts were taken to leave the home in good standing. At this point, congratulations are in order!