By Sarah Vance
Looking to sell your home and don’t know where to start? Follow these 10 easy steps to get you started.
Step 1: Choose listing agency and sign the listing agreement. Price your home to sell based on FMV (fair market value) and CMA (comparative market analysis). Both of which your listing agent may provide as well as a better understanding of the market in your neighborhood.
Step 2: Prepare your home for the sale. Clean, de-clutter, depersonalize, and neutralize. You may also consider home staging, carpet replacement, and repainting. You only have ONE chance to make a FIRST impression, so make it a good one!
Step 3: Marketing your home. Approve your agent’s marketing campaign and advertising plan. This should include (but not limited too): MLS system, syndication to Zillow and Redfin sites, social media, personal website, etc.
Step 4: Show your home. Make it accessible via lock box or keypad rather than appointment only basis. Be flexible. Prepare for an Open House if your agent prefers to hold them. To Open House or not to Open House should be agreed upon in your marketing plan.
Step 5: Review and negotiate (if applicable) any offer using counteroffers. After you’ve accepted an offer your agent will open escrow and order a title policy for you. *Ask for a receipt for the EMD*
Step 6: Schedule an appraisal. Or if they buyer is getting a loan, the lender may order an appraisal. Be sure to check with your agent.
Step 7: Deliver seller disclosures. This is where any known material facts or problems with the property will be disclosed.
Step 8: Cooperate with all buyer’s home inspection scheduling requests. Ask your agent to provide you with a home inspection checklist so you’ll know in advance what the inspector will want to see. Prepare the attics and basement for inspections, too. Move stuff away from the walls in the garage, and make sure there’s a clear path for the inspector to get through.
Step 9: Negotiate Requests for Repairs (RR). If the buyer requests repairs, you as the seller are entitled to a copy of the home inspection. You also do not have to accept the buyer’s requests, but if their inspection contingency is still in place, they do have the option to back out of the contract. You may also find that the buyers may accept a closing cost credit instead of a repair. Ask the buyer to release contingencies. The buyer is not obligated to provide the contingency release if you don’t demand it. All contingencies must be released in writing.
Step 10: Close of Escrow. Finish signing any final paperwork and hand over the keys. The transaction records will enter into public record and, as specified in the contract’s buyer possession rights, you might be required to move on the day the home closes or even in advance.
All sale proceeds will be wired to your bank account (minus commissions, credits, and other feeds as outlined on your closing statement).
Need more information on the home buying process? Check out our previous blog post.