Selling Your Home

For most families, their home is their largest financial asset, and deciding to sell it is a big decision that involves a lot of preparation and work. When you're ready to sell it's important to have an experienced real estate professional handle the details involved in the successful sale of a home for top dollar.

As an experienced professional who has helped many Austin residents sell their homes, I know how to handle every aspect of the sales process - from strategically marketing and showcasing your home to making sure everything's signed, sealed and delivered by the closing date.

Providing you with comprehensive, high-quality listing service is my top priority. So when you decide to sell your home, please contact me and let's get started!

The following articles are a great place to start if you're looking for information about the sales process and how you can get more for your home when you decide to sell.

     SELLING PROCESS

STEP 1:  VALUE OF YOUR HOUSE

It is important to price your home right for the following reasons: 

1.  If price to high it will not sell.  Normally, sellers find themselves

     reducing the price, and losing money due to additional time on the

     market.  If a buyer's market, the seller will find himself chasing the

     market because the market is getting further away from his listing

     price.

2.  If price to low, normally the seller will be receiving many offers very 

     quickly.  In this situation, most likely you will end up less receiving

     less than fair market value.

As a realtor, I can help you determine the fair market value.  This can be done one of two ways:  have your home appraised by a license appraiser and/or your realtor can develop a Comparative Market Analysis "CMA".  Usually an experienced realtor can provide you an accurate appraisal, but beware there are realtors that overlook important factors of your home and neighborhood and give you a incorrect value of your property.    

How is a CMA done correctly?  A CMA should be looking at similar properties in your neighborhood that have sold recently and identifies what the buyer paid for these homes.  A good CMA factors into account the following items when determining market value: square footage, bedrooms, bathrooms, condition of property, etc.  By doing this, they are making adjustments on the price.  In addition, within your CMA you should identify your competition, namely similar homes that are currently on the market.  Another, outstanding feature of a CMA should include an Absorption Schedule for a minimum of 2 years, that identifies the average number of days homes have been on the market and fast homes are selling.  Finally, a good idea to include a chart that shows whether the home prices are either increasing or decreasing in the neighborhood.       

STEP 2:  LISTING OF HOME

Once you have determine what you property is worth, price the home 2-5% above market price depending on the market conditions.  At this point in time, most likely you are still not ready to put your home on the market.  The next thing is to insure your home is ready to show.  Most buyers want a home that is move-in ready.  Recommend professional staging follow by taking professional quality photos and virtual tour.  Also, recommend having easy to read signs within the home that advertise outstanding features and things of value within the home.

Now you are ready to list your home.  Look luck!

STEP 3:  CONTRACT AND OFFERS

People will call you and want to tour your home.  Then contracts will be written and sent to you.  At this point, you can either accept, reject or counter offer.  Once you receive an offer make sure the buyer has been pre-qualified in writing.  Your realtor should verify the pre-qualification letter with the lender versus the contract language. 

STEP 4:  INSPECTIONS

With the contract delivered to both title company and lender, any inspections will be scheduled. The buyer will select a home inspector based on their personal choice. Following is a list of the main inspections:

1. General inspection: This inspection is not required, but is highly

    recommended to every buyer. This inspection will undercover

    minor and major defects within the home.

2. Appraisal: This inspection is normally required by the lender. This

    inspection determines the market value of the property. The market

    value must be equal to greater than loan amount approved for the  

    buyer.

3. Pest Inspection: This inspection is not required, but is highly

    recommended to every buyer. This inspection is for Wood

    Destroying Insects such as termites, fungus, etc.

4. Special Inspections: These inspections are not required, but are

    highly recommended if there are major construction problems

    with the home.

STEP 5:  POST INSPECTIONS

Immediately after inspection, if necessary, I will negotiate with the buyer any repair adjustment. This means, I will receive a written request for repairs, or a financial adjustment for repairs to be credited to the buyer at closing.

Concerning appraisal, most likely the new appraisal value will satisfy lender requirements. If there is a disagreement, then supporting evidence will need to be found and/or seek other professional advice. If this does not meet lender requirements, then there needs to be negotiations between seller and buyer.

STEP 6:  CLOSING

The closing date is normally defined within the contract. Providing everything goes well, the buyer delivers the financial instrument (cashier's check or funds wired), and all inspection items have been satisfied, then you are ready for closing. The closing is normally held at a title company or attorney's office. This is where both the buyer and seller will sign the appropriate documents for the transaction. Once this has been complete, and the proceeds have been funded, the buyer will receive the keys to their new home, and the seller will receive the funds from the sale of their property. Congratulations!

The following articles are a great place to start if you're looking for information about the sales process and how you can get more for your home when you decide to sell.

The Basics of Marketing Your Home How to Set a List Price for Your Home
Get Your House Ready to Show Buyers Why Use a Realtor when Selling a Home