10 STEPS TO SELLING

This is essential for initiating the process of selling your property. 

Each realtor will have their plan, and while some aspects may be similar, others may vary. Realtors will commonly discuss their marketing plan, pricing and the cost of selling (including commission). 

Depending on the amount of work required to prepare for the market, it's advisable to start this step about two months before listing the property. 

Let’s continue to break down what you need to know.

Keeping your house in its current condition is easy, but when you decide to list your property, it's important to make it appealing to as many buyers as possible. 

Two key areas to focus on are decluttering and cleanliness. Decluttering helps maximize your property's features and space. You'll know you're on the right track when your home starts to feel less personal and more like a model property. Cleanliness is also crucial and can easily be overlooked; now is the time to pay attention to dust in places like baseboards and ceiling fans. Your realtor will provide guidance on any additional items to address, which may vary from case to case.

Congratulations! Your house is now ready for photographs! According to the National Association of Realtors (NAR), 43% of buyers in 2024 started their home search online, highlighting the importance of a solid first impression. Professional photography effectively showcases your property. While some agents may use smartphones, the quality can differ significantly. Be sure to ask if they use professional photography services or if any videos are included in their package.

A due diligence period is when buyers conduct property inspections and, for condominiums, review HOA documents like the master deed and bylaws. This period, typically lasting 1 to 10 days, is set during negotiations and varies based on market conditions.

In a hyperactive seller's market, it usually lasts 3 to 5 days, while 5 to 7 days is common in a stable market. In a buyer's market, it can extend to 7 to 10 days.

During this time, buyers may request repairs, seller credits (concessions), no requests, or even a release from the contract, depending on their findings and the market type.

As a seller, you will have a list of conditions that must be fulfilled for the title company to issue a clear Warranty Deed to the new homeowner. These conditions will be outlined in the title commitment. Examples include a mortgage payoff authorization form, divorce decree, death certificate, or a certificate of trust. The buyer will also have conditions to secure the mortgage and will work with their lender team to accomplish this. 

The appraiser is responsible for reviewing data on properties that have sold comparably to yours. The appraiser will focus on the following criteria: properties within 1 mile that sold in the last year (the more recent, the better), and those similar in square footage, condition, and style. For example, if your property is a ranch-style home, the appraiser will consider other ranch-style homes before a colonial. Rural areas will expand their search further out then a mile. 

The appraised value can be at or above the purchase price, or it may come in below it. If the value is below the purchase price, both the seller and buyer need to reach a mutual agreement on how to proceed. A mutual release may occur if an agreement cannot be reached, meaning the property will be put back on the market.  

P.S. Start packing if you don't have occupancy post-closing.

 This step is the last hurdle before closing. Buyers must submit final documents to the lender's underwriting department, while sellers must provide necessary documentation for the title transfer (if they haven't already). Scheduling begins once the lender and title confirm that all conditions are met. We can schedule the buyer's final walkthrough, utility transfer, final water bill, and closing. Yahoo!