|
Even if you’ve bought or sold a home before, the process can be daunting, especially if it’s been quite a few years since your previous transaction. Here is a look at the many steps involved in selling a home and the way a real estate professional works with you to tie them all together.
Step 1. Hire a real estate professional. Select someone who is knowledgeable, listens carefully to your needs, and with whom you feel comfortable. You may want to talk to two or three real estate agents before you decide which one is right for you.
Step 2. Prepare to list your home. Your agent will prepare a comparable market analysis (CMA) which compares your home with similar homes in the area that are currently listed for sale, are under contract, or have sold within the last six months. Supply and demand, craftsmanship, amenities, condition and other special circumstances can impact price. For instance, the need to relocate quickly might necessitate a lower price to encourage a quick sale. Your agent will help you set the price and discuss the time frame in which homes similar to yours are selling. You and your agent should go through the house and yard together to evaluate what needs to be done to make the home show at its best.
Step 3. Finding your new home. If you have not already identified a property to purchase, the agent who is listing your home can also help you find a new home. If you are moving out of the area, your agent can help you find a good real estate agent in your new area.
Step 4. List your property for sale. Your agent will prepare the paperwork for you to review and sign, and will ask you to fill out the required Property Disclosure.
Step 5. Develop and implement a marketing strategy. It’s important to develop a plan that will expose your home to as many qualified buyers as possible. This usually includes submitting the listing to the multiple listing service, installing a yard sign and lock box and scheduling a tour for other agents in the listing office. The marketing plan also includes preparing flyers, advertising in newspapers and magazines and on the Internet. Sometimes it is helpful to hold an open house for brokers and/or the public.
Step 6. An offer is submitted. A buyer will make an offer through his or her agent. The buyer’s agent will deliver the offer to your agent who will arrange to present it to you and help you evaluate it. Sometimes the buyer’s agent will meet with you and your agent to present the offer.
Step 7. The negotiation process. The process of offer and counter-offer will go on until the parties arrive at an acceptable contract or find that it is not possible to reach agreement. This step can go very quickly or take days, even weeks.
Step 8. Loan application and inspections. The buyer applies for a loan and schedules any inspections that have been agreed to. Inspections are approved or repairs negotiated. The appraisal is completed.
Step 9. The loan is approved. Once the buyer receives final loan approval from the lender, a closing date is confirmed and everyone prepares to move.
Step 10. Preparation for closing. Your agent will coordinate closing with the escrow agent who will prepare the required documents, which can be numerous. A final walk-through may also be scheduled.
Step 11. Close the transaction. The buyer and seller will sign the documents in person or by overnight mail. Your agent will most likely go with you to the escrow office for the signing, which is commonly called the closing. The buyer and seller usually sign with the same escrow agent but at separate times. The actual closing occurs when the signed documents have been recorded and the sale proceeds are available to the seller.
Step 12. Time to move.
|
is
a service mark of The Prudential Insurance Company of America. 
Equal
Housing Opportunity. Equal Opportunity Employer
