The home selling process can be daunting for first-timers because it can feel like plunging into the unknown. But when you look at it as a process that can be divided into manageable steps, then it becomes doable!
Know your home’s market value
Avoid overpricing and underpricing your home, which is the first common mistake among sellers. You have to look at the factors affecting your home’s market value, such as its age, current condition, and location.
Get your property ready
You might think, “I need to sell my house fast Miramar” so you list it on a website that promises fast results. But you will likely be disappointed if your house isn’t ready for buyers yet. You have to make it as attractive as possible by:
- Cleaning its interiors and exterior
- Removing clutter
- Making improvements
Your goal is to make an excellent first impression on potential buyers. You only have one opportunity, and it lasts for just three seconds, so make it good.
Tell the world about it
You should also post photos and descriptions of the property on social media and niche websites. You may also want to consider posting flyers on bulletin boards.
Show the property
You and your agent will consider whether an open house, by appointment, or a lockbox approach is suitable for your home. Your goal here is to allow potential buyers to make a physical tour of the property.
Receive offers of purchase
You should ideally accommodate all purchase offers, even the ones that are too low. You can always make a counteroffer and negotiate with potential buyers.
Open an escrow account
You or your agent will then open an escrow account, followed by a title policy on your behalf. Be sure to take note of the closing agent’s contact information and the closing date based on the availability of the buyer’s funds. Ask for the receipt of the money deposit and option fee, if any.
Schedule the appraisal and home inspection
The buyer will ask his/her appraiser to make an appraisal of your property and submit an appraisal report. Also, expect a home inspection and a final walk-through inspection made by the buyer. You and the buyer may also negotiate the price based on the repairs needed.
Deliver the seller disclosures form
You have to file a Seller’s Disclosure form in case of material facts related to the property. Other documents may also be required; coordinate with your agent about these matters.
Ask for a release from contingencies
If the contract has contingencies, you should ask the buyer to make a release for them. You have to expressly demand it since the buyer isn’t obligated to provide it otherwise.
Sign the documents transferring the property ownership
These documents can include the property deed and escrow documents. You should then hand over the keys once you receive the agreed payment.
While the home selling process has numerous steps and documents involved, it becomes easier with each sale. Better yet, hire an agent!