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! |
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. On the other hand, buyers may get into
bidding war benefiting the seller.
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 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 how 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 determined what your property is worth, price the home at least 5% above market price based on current 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 prefer 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. Buyers will normally tour the property then write an offer that will be sent to you. Once you receive an offer, make sure the buyer has been pre-qualified in writing, received copy of earnest and option money check. The realtor should verify the pre-qualification letter with the lender versus the contract language. At this point, you can either accept, reject or counteroffer.
STEP 4: INSPECTIONS
Contract is now delivered to both title company and lender, and then inspections need to 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 concerning any repair adjustments. This means, I will confer with buyer concerning repairs, and/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 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 completed, 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!