Steps To Selling Your Home

If you are thinking of selling your home in 2003, the following list may help you develop a plan of action. Our two strongest sales periods for Sellers on the Coastside are Spring and Fall. With some planning now, you can increase the likelihood of a smooth transaction and maximized profit.

  1. What is your goal in selling? Is selling the best option? Whether spouse, other family or an investment partner, it is to everyone’s advantage to have clarity of purpose and goals.
  2. Interview and choose an agent who is a REALTOR® and who actively sells property in the area in which you live.
  3. Review and evaluate the Comparable Market Analysis with your Agent.
  4. Make a plan with your Agent and schedule inspections, disclosures, and reports that are needed to effect a beneficial sale, i.e.: Termite, Home, Environmental Hazard, Hot Water Heater, Smoke Detectors, Well, and other reports that apply specifically to your property.
  5. A check into the homeowners insurance records on your property is advisable and nominal in cost. If you have filed any claim on your homeowners insurance policy during the last 5 years, or, if you have not owned the property for 5 years, this could dramatically impact the Buyers ability to get insurance coverage, and therefore a loan. Having this information surface at the last minute can be detrimental.
  6. Review your inspections, disclosures and reports to determine if major or minor work is needed prior to marketing, such as roof, deck, and termite.
  7. With your Agent evaluate the advantage of major or minor staging, such as painting, furniture re-arrangement, furniture rental or the like.
  8. Review ad deadlines, holiday dates, and other events that can impact your initial marketing impact.
  9. With your Agent, update and evaluate the general market place and any additional comparable property sales that have taken place. Strategize on price, repairs or repair allowances, and how to integrate these into your marketing plan.
  10. Schedule any work, repairs, hauling, cleaning, fix up projects, photos, and virtual tour photography. Order mandated reports, gather your records on any major improvements done on the property for inclusion into an information notebook at the property.
  11. Determine asking price, listing date, and other initial important dates, such as realtor property tour and public open houses.
  12. Fill out and complete the mandated disclosures and listing agreement.
  13. List the account numbers, names, and addresses of mortgage, or loan accounts, to assist the escrow and title company in getting accurate records.
  14. Do your final fussing, wash windows, and put out fresh flowers.
  15. Some Sellers schedule a vacation to coincide with the first week or tow of marketing. This makes the property easily available for viewing and you get some rest.
  16. Schedule a target date for hearing offers, if your property has immediate response.
  17. On reviewing offers, most will provide a "contingency" period for the buyers to approve the condition, title, and loan (or loan appraisal). Understand you have not wasted time or money if the Buyer does additional inspections. What you have done is reduce the necessary time and number of investigations for most Buyers. It is to your advantage to have a Buyer inspect and investigate, and not usually to your advantage to have a Buyer make an offer with no contingencies, since there can be more liability on your part.
  18. Once you have an accepted offer "time is of the essence", and there are deadlines.
  19. Buyers, or Buyer’s representatives, now make investigations and inspections.
  20. Your property is appraised by the Buyer’s Lender’s appraiser.
  21. Buyers sometimes request mitigation before removing contingencies. This usually happens if new discoveries are made in the inspection period; this is the last negotiation point in the sale.
  22. Removal of all Contingencies by Buyers - most contracts call for formal written.
  23. Now you can schedule movers, notify utility companies of new ownership and transfer date. Never cancel your homeowners insurance until the day after close of escrow.
  24. Schedule time with Agent, Lender and Escrow company to sign closing papers
  25. "Congratulations", provide Buyer’s key and collect your check from escrow!

Go Coastal With Ara!