SELLERS
The Start….
Once you’ve decided to sell, set a time frame or target date. Allow some time to go through the home, this is a great time to spring clean and remove any items you no longer use. That “good” box you got from Amazon? Toss it. Stuffed animal collection? Pack it. The goal is to make the home look open and spotless. Buyers want to see the home has been well maintained. Replace any burned out bulbs, the air filter. Outdated bath? Fixtures are so inexpensive now online, in stores. Replace outdated cabinet knobs, wipe out drawers. Even the fridge: buyers look! Don’t remove everything: you still live there.
The Agent….
You don’t need that “neighborhood specialist”. A great agent does their due diligence and researches the neighborhood and surroundings thoroughly. The agent will run a CMA (comparative market analysis) which will show any recent sales (usually within the last 6 months), and take a look at what is currently active. This gives an average price per square foot. The analysis will look at items such as: pool? updated/upgraded? 2 car vs 3 car? Listen to the agent: What it ‘could have’ sold for in 2020 isn’t what it’s going to sell for today. If it’s overpriced, it is going to sit on the market.
The Listing….
Once you’ve decided on a price with your agent, you will sign “listing” documents. This contract is legally binding: READ IT. Ask questions. What are the terms? What is the commission? How is it split? (with a buyer agent). Where will it be advertised? Open houses? (Open houses are very overrated. They are great for your neighbors to walk through but most buyers have an agent that will schedule a showing outside of an open house). Generally an agent will put a “lockbox” on the house that is accessible only during set hours and only accessible by a licensed agent.
The Showings….
Ahhhh, the fun part. Be prepared to have to vacate with 15 minutes notice even if you’ve requested an hour notice. Try to maintain the house so you don’t have to scramble to wipe the counters, toss the clean laundry back in the dryer and take out the garbage with last nights dinner in it. I’m going to be honest: showings are not actually fun. They are stressful, especially with young children and pets. I remember trying to get 2 kids and 3 small dogs in the car and rushing to put dinner back in the oven in 8 1/2 minutes. You will survive, I promise.
The Contract….
Your agent will receive a purchase contract sent by a buyer’s agent. They will take a look and then reach out to you. Items to consider: what purchase price are they offering? How soon do they want to “close” the sale? What type of financing? Are they asking for anything such as closing costs, home warranty, your Aunt Mildred’s buffet? The main thing to remember: it’s real estate, everything is negotiable. If they want 3% closing costs, counter back with 2% (as an example). They want a $1000 home warranty? Offer $500 at closing. Your agent will help you negotiate. Don’t take the offer price personally. The buyer wants the best deal for them and you want the best deal for you.
The Inspections….
The buyer has the opportunity to conduct whatever inspections they want to: home inspections: they will run certain appliances, flush toilets, check under sinks for leaks, open windows. Inspectors are certified and bonded. Some lenders require a termite inspector. The buyer may have an HVAC vendor look at an older system. Make access easy, they need to do their job. Change the AC filter. Change burned out bulbs. The buyer agent will send a “BINSR” (buyer inspection notice to the seller) of items they want repaired. Again, real estate is negotiable. Your agent will work with you to come up with a response you can live with.
As you move towards the closing date, the title company will reach out for documents and set up a time for you to sign the final paperwork. These days: this can be done at the title company or they can send a notary to you. Allow ample time, there are a lot of forms and again, ask questions. And then?
Congratulations, you sold the house!