If you're like most people, your home may be your single biggest investment in your lifetime. So when you sell, you want to get the best price and the most desirable terms. However, there is so much more to marketing your home than placing an ad and a "For Sale" sign in the yard. There are many marketing options, legalities and details that comprise your transaction from setting the price, to the final closing.
Step 1 - Find an agent
Nothing is quite so important as finding an experienced agent that you can trust to look out for your best interests. Before employing an agent to list your home, here are a few things to consider. Request referrals of past clients and past listing history. Designations DO make a difference. Designations let you know that the agent is serious about furthering education. Find out how the agent runs their business and manages your negotiations for price, inspections, appraisals, and possible multiple offers. Communication is key and so is a written marketing plan for your home.
Step 2 - Setting your price
There is a difference between "appraised" value and "market" value. According to technical terms, fair market value is, " the price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market, assuming there is a reasonable period of time for an agreement to arise". So when you have a Market Analysis completed on your home, it will be homes that are most similar to yours and will include recent sales. Be active with your agent in determining the price on your home. Ask questions if something doesn't appear to make sense with any of the comparables. Research is very important in determining fair market value on your property.
Step 3 - Preparing your home to sell
As they say, you never get a second chance to make a first impression. A clean and tidy home with minimal need of repairs will sell faster and at a higher price than one that is run down. To give your home its best possible presentation, give it a general clean up from yard debris to paint, if need be. Take the time to de-clutter and clear walking paths from room to room. Clean the garage and closets. Make it sparkle and smell very pleasing. Eliminate any obvious pet odors when possible. You may want to consider boxing extra items up for temporary storage.
Step 4 - Read all of the purchase and sale documents before hand if possible
Having a clear understanding of the basic terms and conditions of the paperwork will enable you to focus on the details of the offer once presented. These documents usually consist of earnest money receipt, financing addendum, inspection addendum, conditions/disclosure addendum, contingency addendum-when appropriate, special conditions addendum, lead-based paint notification-when appropriate, agency disclosure (form 17) and this is but a partial list. Never hesitate to ask questions.
Step 5 - The offer
Once an offer is presented and the price negotiated, your realtor will navigate you through the home inspection and response process, check up on the Buyer's financing, the appraisal and the escrow closing. Many deadlines appear at this time and it's important to have a timeline so that you stay within contract. Once again, don't be afraid to ask if something doesn't seem quite right.
