Selling a home is not as easy as putting up a FOR SALE sign on your lawn. It can be a daunting process with home preparations and paperwork. Yet, the home-selling process can be less intimidating if you know what’s going to happen in advance. Here are the three stages of the home selling process.
Stage 1: Pre-listing
Find a listing agent –Not just any listing agent but the right listing agent. You will need someone who is knowledgeable and experienced in selling homes around your area. Find someone who you can trust. Ask tons of questions. How they plan to sell your home? What kind of marketing will they be doing? What is their pricing strategy?
Get the house ready – Tour the house and look at it from a buyer’s perspective. Do this with your agent so you will get an objective opinion on what needs to be repaired or improved to command top dollar for your home. Get your inspections done. Most buyers will want to know what they’re getting when they’re buying. It’s better to have all the information upfront so the buyer doesn’t come back to you once you’re in contract asking for a lower price because something turned up during their inspection process.
If you want to increase your home’s selling price, most often you will need to put in some work (painting, landscaping, deep cleaning, staging, etc). These projects will cost money but will bring back many times your investment in your increased selling price. Use a program like Compass Concierge to help with the costs. With Compass Concierge, I will assess what improvements give you the most bang for the buck, work with you to choose vendors to do the work, and handle payment. At close of escrow, you will reimburse Compass – no out of pocket costs for you. No interest, no hidden fees!
Once you’ve completed the work and staged your property, it’s time to take some great pictures. Make sure your agent hires a professional photographer to take pictures of your property. There’s no greater turnoff than a property listing with photos that were clearly taken with the agent’s iPhone.
Establish the price – Your listing agent will create a CMA (Comparable Market Analysis) by looking at comparable homes in the market. This will be the basis for their pricing decision. The goal is to get you max price in the quickest time possible.
Stage 2: Selling
List the property – This is an important aspect of a home-selling process. It is an announcement that you are in the market. A well-written listing will attract more potential buyers. Your listing agent post your property on MLS which will get picked up by sites like Trulia and Zillow.
Implement A Marketing Strategy – San Francisco is a very competitive market but just listing a home does not mean it will get sold. Your listing agent should have a solid marketing plan to get the most exposure for your home.
Show to sell – First impressions last! This is true for your home, too. Before you schedule an open house, make sure that your home is clutter free. Hire a staging expert if necessary. A well-presented home is more attractive for potential buyers.
Negotiate and Accept Offer – This is the most critical part and is where your listing agent plays a vital role. Offers may include contingencies so be ready to accept or counter them. This may go on until both parties arrive with an acceptable contract.
Stage 3: Closing
Sign a Purchase and Sale Agreement – Once both parties agree on an offer, they both sign a legal contract. This is when all the necessary documents are processed.
Enter Escrow – This is the final part in completing the sales transaction. During this part, all the paperwork and all parts of the contract are completed.
Cooperate with inspections – If you haven’t paid for your own inspections, at this point, the buyer will hire an inspector to understand the condition of the property. A buyer may back out of the deal if they find any major issues. Otherwise, the buyer will lift the contingencies (in writing) once they are met. Then proceed with the sale.
Finalize the sale – On the closing date, you, the buyer, and your respective agents sign all the papers. All fees are to be paid at this point. You relinquish your keys and the property is officially SOLD.
Are you planning on selling your home? Do you have questions? Please fill out the form below and let me know if you need help. I can give you a call and discuss the home-selling process with you.
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