Have you been considering the sale of your home. If so, you’re not alone. Our current market is very favorable for sellers and many homeowners believe that now is the right time to sell. According to Zillow, the average home owner lives in their home for thirteen years before listing it for sale, and they spend an average of seven months thinking about selling their home before they take action.
Whether you are selling your home because you need more space, relocating for your job, downsizing or have become an empty-nester it is important to prepare for the home selling process. Selling a home can be a stressful and emotional process, and the more you know the better you can prepare.
These are a few of the tips that we share with our clients to make the moving/selling process go a bit smoother:
Establish Why You are Selling: It is a good idea to spend some time exploring your motivation for selling your home.
Contact your lender to find the exact outstanding balance of your loan. Knowing your equity position is the first step in deciding if selling your home makes financial sense.
Make a list of positives and negatives. What are some of the good point of selling your home, and what are some minuses. You can also take time time to establish some “deal-breakers” that may arise during the process and determine what is your best timeframe for moving.
Research Your Current Market: We can help you to determine when the best time is to sell your home in our current local market. We can also provide a comparative market analysis that can assist you in establishing the best list price for your home. Having all of the information necessary to make an educated decision can allow you to enter the process feeling more confident in negotiations.
Prepare Your Home for Buyers: Take the time in the weeks before your home goes active on the market to get it “buyer ready.” Paint touch-ups, clean windows and refreshed landscaping can go a long way in helping buyers to choose your home over your neighbors. If there are some maintenance items that you have been putting off, now is the time to complete them. Buyers often over-estimate the cost to complete basic maintenance items. Completing these items before buyers visit your home will help your home not only show better, but give buyers confidence in choosing your home.
Be Prepared for the Unexpected: After the acceptance an offer there are still some hurdles that you may have to clear before closing day.
The buyers inspector could find something that you were unaware of. Some of the moe expensive items to repair/replace are: roof, HVAC, termites or radon.
You could receive an under sale price appraisal. If the buyer is obtaining a loan, they will have to perform an appraisal on your home to insure that the value of the home is at sale price or above. If your home under appraises, the buyer can bring in more funds or ask to opt out of the contract or the seller can lower the sale price to meet appraised value (there are many steps to the process).
The buyer could not receive financing. Our contract sets a timeframe for buyers to confirm that they will be able to procure financing for the purchase of your home. The Loan Contingency Date sets a date the buyer and their lender must confirm that they will be able to obtain a loan to purchase your home. After this date passes, the contingency for a loan is removed and it is assumed that the buyer is able to move forward. Your agent will confirm that this date does not pass without a loan commitment from the buyers’ lender.
Prepare for Your Move: Items that will not be making their way to your new home can be removed from your house prior to showings. After you have an accepted contract, preparing for your move becomes more important. You now have a deadline for move out. Be sure to keep your home tidy for the inspection and appraisal. The buyer will also perform a “final walk through” prior to closing to ensure that all repairs have been made and the home is in the same condition that it was at the time of the contract. Staying organized is the key to a successful move.
Closing Day: The actual sale of your home occurs on closing day. On that day, as a seller, you will sign documentation confirming your ownership of your home and your ability to sell it. You will receive a settlement statement that lists all of the debits and credits for the sale. Review those figures closely, paying attention to your share of property taxes, the loan payoff to your lender and any other amounts that you may be responsible for with the sale. You will be required to bring a government ID and it is important that you leave ant keys and garage remotes in your home when you leave for the last time. The actual closing of your home occurs when the funds from the buyer are delivered to your title company and made available to you. This is call funding.
While these are not all of the steps involved in selling a home, they are the processes that many of our clients have questions about. We would love to develop a specific plan for the sale of your home. Please contact us to schedule a time to meet to discuss how we can help you to reach all of your real estate goals.
Susan Brewer Service First Real Estate (636)936-8600
Published on 2023-07-06 19:10:04
