Selling your Home Quickly
When you are selling a house, price, condition and exposure are usually the three most important factors. This is especially true in a down market.
Price
Your asking price is based on two things, an appraisal and a comparative market analysis. A certified appraiser performs the appraisal; this is an estimate of the value of your house at a given time. The real estate agent does the comparative market analysis; this is an informal estimate based on comparative homes in your neighborhood. These two sources need to be kept in mind when determining your asking price. You want to be careful not to start too high, or come down too low. Also, the market is always changing and fluctuating, so be sure that your asking price is based on the most recent appraisal and comparative market analysis. I can help you price your house so that it will be attractive to buyers.
Condition
Making sure that all cosmetic defects are repaired before showing your house can help you save time by not losing a buyer over a small repair that could have been easily fixed prior to the showing. This is especially important when in a buyer’s market. When buyer competition is low, buyers are able to be pickier about their new home and can be easily turned off by simple repairs. The better the condition of your house in relation to your asking price, the faster it will sell.
Exposure
Once your house is priced attractively and all minor cosmetic repairs have been fixed, it is time to talk about exposure. You could have the most beautiful home with a reasonable asking price, but if no one knows about it, neither price nor condition will matter!
I can expose your home through open houses; advertising in the newspaper, internet advertising, and by listing it on the multiple listing service. All of these things are part of the service of having your own personal professional real estate agent.Ready to List
Remember you are hiring someone to manage the marketing of your home. While your agent would love to sell your home there is a 4-1 chance your home will be sold by someone other than your listing agent. Your agent will likely not be the one who sells your home but they will be the reason your home sells. Getting your home sold is my job.Before you list your home, it is important to do your homework on the real estate companies in your area.
- Since nearly 75% of the buyers start their search for a home on the Internet, search the Internet for your local real estate companies.
- Review each company's Internet site to see which has the best Internet marketing program. Is it an integrated marketing program designed to drive traffic to your home's page on the Internet?
- Speak with each company about their Internet traffic
- Talk to people. 9 times out of 10, someone you know has sold their home and can point you in the right direction and provide a credible recommendation.
When choosing a real estate agent, do not be afraid to meet with a few agents. After all, they are competing for your business and this is what makes the real estate industry successful. To be fair and get an accurate comparison, be sure to ask each agent the same questions.
Feel free to ask them the following questions:
- Will you put your service pledge in writing?
- How will you mobilize the real estate community?
- What professional certifications do you hold (ex. Certified Residential Specialist -CRS)?
- What services will you provide for me as my agent?
- Do you have an integrated marketing package for maximum exposure?
- Will my property have a unique Internet address?
- How will you represent my property?
- Can you provide a market analysis for my property?
- How will you determine the price of my home?
- What is the fee for your services?
- Can you provide me with a net sheet showing me what I can expect to net form the sale of my home?
- Explain the paperwork that I need to sign.
- What is the timeframe for listing my property with you?
Move or Addon
At one point or another most people come to the crossroads of determining whether to improve/add-on to their existing home, or to buy a newer/larger house. There are many things to consider, and all situations are different, but after weighing all the options, and comparing the pros and the cons, you can make the informed decision that is right for you. Some questions you should ask yourself may help you decide.- Is my problem wanting newer vs. old, or just wanting more space?
- Home much money is available, via cash reserves, or a home equity loan, to remodel the current house?
- How much additional square footage is desired, and can the foundation support an upper level addition, or does the lot have room to expand at ground level?
- What are the zoning restrictions, do they affect your plans, and are permits required?
- How much equity already exists in the property?
- Is the cost of improvements/additions cheaper than buying another home?
Both buyer and seller deserve the assurance that no funds or property will change hands until all of the instructions in the Purchase Contract have been satisfied. Buyers and sellers submit signed documents and buyer’s deposit money to be held by an independent neutral third party (Escrow). After the conditions agreed upon by both buyer and seller (in the Purchase Contract) are satisfied, Escrow then distributes the documents and the funds. The escrow holder is an independent neutral third party; works for both the buyer and the seller, and is authorized to follow the specific written instructions provided by both parties. Escrow functions:
- Receives and deposits (into escrow’s account) buyer's initial deposit and prepares escrow package. Requests "demands" (pay-off statements) from existing lenders and/or lien holders. Obtains seller's notarized signature on grant deed. Safeguards grant deed until all terms and conditions are met and buyer’s remaining certified funds are on deposit. Orders title search and receives and distributes preliminary title report. Calculates prorations pertaining to property taxes, rents, insurance, interest, and other expenses as required.
- Coordinates with buyer's lender throughout the escrow process. Orders and processes buyer's loan documents. Coordinates buyer’s signing of loan documents and their return to buyer’s lender. Receives buyer's final down payment funds and coordinates funding with buyer's lender.
- Orders recordation of grant deed conveying title to buyer and distributes all funds: pays-off existing loans; pays other required costs, such as termite completion, home protection policy; etc. Releases net proceeds to seller.
- Orders a credit report and other credit documentation as required (mortgage ratings, landlord ratings). Reviews the buyer's credit and when necessary obtains satisfactory explanations from the buyer regarding any negative credit history. Verifies the buyer's sources of income. Verifies that the buyer has adequate liquid funds for down payment, closing costs, and reserves. Requests an appraisal of the property, and verifies that the property's value is equal to the contract sales price.
- Submits the loan to underwriters for final approval.
- Coordinates delivery of the buyer's loan documents to the escrow officer.
- The seller and the listing agent must now prepare detailed disclosures that are required by law (smoke detector, lead based paint, earthquake, environmental hazards, zone disclosures, water heater, transfer disclosure, etc.)
- Provide escrow officer information on existing loans to check against title search findings.
- With their Realtor, make the home available for physical inspection and other trades people as required by the purchase contract, such as licensed Termite Company and lender's appraiser.
- Make any repairs agreed upon in purchase contract.
Prepare your home to sell
The first question you might want to ask yourself is, Why do I want to sell my home? Do you need more space? Are you an empty nester looking for a smaller space? Have you accepted a job in a different part of the country? All of these questions affect the potential sale of your home and the negotiating process of that sale. Before you market your home it needs to be Merchandised . We will do a merchandise analysis of your home to determine, based on our market knowledge and that of our marketing partner Better Homes and Gardens magazine what you should do to increase the salability of your home.You may also want to begin making a list of the entire interior and exterior projects that you want to complete before placing your home on the market.
Contacting a Southeastern Properties Real Estate Real Estate Agent will point you in the right direction, too. Our agents have the knowledge and understanding of the industry. They can provide reliable information and get you moving in the right direction towards the sale of your home.
So You're Ready to Sell your Home
Assessing your home is the key to beginning the home selling process. You may want to ask yourself, What would I like to see or not see if I were touring this home as a potential home buyer?
Problems like chipped paint, dirty walls, windows and doors, unfinished remodeling projects and cluttered garages are all areas for home selling improvement. Treat the sale of your home as you would with any day living in your residence. Neat, tidy and organized works!