Guide For Home Sellers
Real Estate Survival Guide for Sellers
What is your need to sell?
What are your goals for the next 5 to 10 years?
What are the pros and cons of selling your house? Make a list for both options.
Can you afford to sell and buy a home?
What is your home equity?
What is the housing market like? Research this.
Would remodeling your home make you stay in it?
Can you rent your home? For how much?
What are your selling expenses?
How much will it cost to get your home ready to sell? List the projects and contractor, building supply expenses in detail.
Can you adjust the projects so they are affordable?
Look to remodel with green products for top dollar.
Can you afford the 7 to 10% of the selling price will go to realtor fees, taxes and other costs:
Capital gains tax, mortgage penalties, new mortgage costs for new home.
Marketing, staging, moving, home inspector expenses
Increased cost of living in a new neighborhood
Getting ready for the selling process
How fast do you want to sell your home?
What are your homes strong selling points? Market these.
How much money do you want to make from the sale?
Find the best realtor match by asking friends and family. Interview at least 3 realtors.
What are the pros and cons of selling your house yourself
Learn how to sell the house yourself. Realize it might be best to hire an attorney or realtor when buying and / or selling a home.
For a faster home sale consider an auction
Would you consider a home swapping opportunity?
Can you sell your home during the spring and fall peak seasons?
If you do hire an agent or lawyer make sure you know the fees up front and what you are signing.
Setting a price for your home
Research the comparable homes in your area by the square footage, age, condition, lot size, number of beds and bathrooms of your home. You can easily do this online.
Check out the many online "Homes for Sale" sites to check out what the going price is in your neighborhood. The local and official MLS is a good place to start.
Ask for a Comparative Market Analysis (CMA) report from your realtor
What is the new construction and foreclosures market in your neighborhood
What is the average cost per square foot in your neighborhood
It is a buyers or sellers' market?
Use the FMV to price your home. Consider pricing it low to encourage more interest from more parties.
Marketing and advertising your home for sale
List on the MSL, in local newspaper classifieds, real estate magazines, Craigslist.
Develop your own website for the house including many photos and a virtual tour showing each room in detail.
Buy "For Sale" signs
Send an email to family, friends, coworkers, agents and brokers.
Prepare and stage the home .
Stage the home yourself or have a professional do it.
Consider replacing outdated window treatments and lighting fixtures
Take a good look at the curb appeal, make repairs and paint the inside of the home neutral colors.
Clean up the clutter in your home
Consider having a yard sale.
Open houses and appointments
Be ready to show the home at any time, keep it neat and clean
Make sure the house is available when to realtors when you are not home
Schedule a major open house with food and refreshments for buyers and a separate one for realtors and brokers.
When the offers start coming in
When an offer comes in notice the proposed offer price, pre-approval letter, contingencies, earnest money amount, proposed closing date and offer expiry date.
Plan ahead to have multiple offers and what to do with this situation
When someone offers a low ball offer be ready for it and keep emotions in check
Make counte -roffers and negotiate
Realize each offer can be negotiated
If an offer comes in which is contingent on the buyers selling their home ask them to remove the sale of contingency.
If you can't comprise or budge with an offer consider options that won't cost you like offering to pay for some closing costs, etc.
Offer to leave appliances, lighting and window fixtures.
If the comps say so make a full price counter offer
Make sure and set a closing date for the house you are selling and a move in date for the one you are buying.
If a buyer is having trouble qualifying for a mortgage you might offer seller financing, mortgage assumption or lease to own or lease to own.
Escrow Time
If there are any repairs to be made before closing set all appointments for them and follow through
Clean and prepare the home for the appraisal and home inspections.
An escrow officer will need to be hired who can do a title search, record documents processes, prepare closing statements, order payoff records for your mortgage, prepare and record documents and hold and disburse funds.
Get ready for the final walk around and inspection.
Sign the final documents and move out
Make several copies of all documents for records, taxes, etc.