Selling Your Home
Step 1: Plan/Prepare
The home-selling process typically starts several months before a property is made available for sale. It's necessary to look at a home through the eyes of a prospective
buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers -
and as much demand - as possible.
Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capital investments, the cost of which cannot
be recovered from the sale. Furthermore, improvements should reflect community preferences. Cosmetic improvements - paint, wallpaper and landscaping - help a
home "show" better and often are good investments. Mechanical repairs - to ensure that all systems and appliances are in good working condition - are required to get a
top price.
2. Get a Realtor
Buying and selling real estate is a complex matter. At first it might seem that by checking local picture books or online sites you could quickly find the right home at the
right price. A basic rule in real estate is that all properties are unique. No two properties -- even two identical models on the same street -- are precisely and exactly alike.
Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike.
Once hired for the job, the Realtor will provide you with information detailing current market conditions, financing options and negotiating issues that might apply to a
given situation. Remember: Because market conditions can change and the strategies that apply in one negotiation may be inappropriate in another, this information
should not be set in stone. During your time in the marketplace Realtor will keep you updated and alert you to each step in the transaction process.
Step 3: Set the Price
Every reasonable owner wants the best possible price and terms for his or her home. Several factors, including market conditions and interest rates, will determine how
much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is being marketed.
Step 4: Market It
If you look at a typical transaction you can see that there are five general areas
Step 5: Sell It
The goal of every seller is to have a line of buyers outside the front door, each clutching higher and higher offers. And while this has been known to happen, in most
markets there is some balance between the number of buyers and sellers. A number of factors determine whether a buyer's offer is acceptable. They include:
hidden costs. Your Realtor who lists your home can explain the local bargaining process in detail and assist in the actual negotiations.
Step 6: Close
Closing -- or "settlement" or "escrow" as it is known in some areas -- is essentially a meeting where the closing agent (the party who conducts settlement) takes in
money from the buyers, pays out money to the owner and makes sure that the purchaser's title is properly recorded in local records along with any mortgage liens.
The closing agent reviews the sale agreement to determine what payments and credits the owner should receive and what amounts are due from the buyer. The closing
agent also assures that certain transaction costs are paid (taxes and title searches).
Closing is also the time when "adjustments" will be made. For instance, suppose you've pre-paid taxes four months in advance. In this case, the closing agent will
compensate you for the prepayment at closing by having the buyer pay you additional money.
Step 7: Moving
The time to plan your move begins once you've decided to sell your home. Some of the activities required to sell the home can actually help with the moving process. For
example, cleaning out closets, basements and attics means there will be less to do once the home is under contract.
It's ideally best to get rid of excess furniture and other goods by having a sale before you move. This will reduce the volume of goods to be moved and thus lower moving
costs. Unwanted furniture which cannot be sold can often be donated to charitable groups, many of which will come to your home to pick up donations. All other
unwanted items should be taken to a landfill.
Step 1: Plan/Prepare
The home-selling process typically starts several months before a property is made available for sale. It's necessary to look at a home through the eyes of a prospective
buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home what would you want to see? The goal is to show a home which looks good, maximizes space and attracts as many buyers -
and as much demand - as possible.
Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capital investments, the cost of which cannot
be recovered from the sale. Furthermore, improvements should reflect community preferences. Cosmetic improvements - paint, wallpaper and landscaping - help a
home "show" better and often are good investments. Mechanical repairs - to ensure that all systems and appliances are in good working condition - are required to get a
top price.
2. Get a Realtor
Buying and selling real estate is a complex matter. At first it might seem that by checking local picture books or online sites you could quickly find the right home at the
right price. A basic rule in real estate is that all properties are unique. No two properties -- even two identical models on the same street -- are precisely and exactly alike.
Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike.
Once hired for the job, the Realtor will provide you with information detailing current market conditions, financing options and negotiating issues that might apply to a
given situation. Remember: Because market conditions can change and the strategies that apply in one negotiation may be inappropriate in another, this information
should not be set in stone. During your time in the marketplace Realtor will keep you updated and alert you to each step in the transaction process.
Step 3: Set the Price
Every reasonable owner wants the best possible price and terms for his or her home. Several factors, including market conditions and interest rates, will determine how
much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is being marketed.
- The value of your home relates to local sale prices
- Sale prices are a product of supply and demand
- Owner needs can impact sale values
- Sale prices are not based on what owners "need."
- Sale prices are NOT the whole deal
Step 4: Market It
If you look at a typical transaction you can see that there are five general areas
- Preparation: Before being placed on the market, homes must be in "show" condition
- Pricing: Brokers do more than price homes for sale, they also construct sale terms designed to speed the selling process
- Marketing: your Realtor will execute strategies and programs to get the home sold
- Negotiation: Your Realtor assist owners in the bargaining process, offering advice and counsel as offers are received and by working closely with legal counsel,
tax specialists and inspectors as required - Closing: Once a contract for the purchase of a home has been accepted, a series of inspections and checks are typically required to satisfy buyers and lenders.
Step 5: Sell It
The goal of every seller is to have a line of buyers outside the front door, each clutching higher and higher offers. And while this has been known to happen, in most
markets there is some balance between the number of buyers and sellers. A number of factors determine whether a buyer's offer is acceptable. They include:
- Is the offer at or near the asking price? Is the offer above the asking price?
- Has the buyer accepted the asking price or something close?
- What is the alternative to the buyer's offer?
- Does the owner have enough time to wait for other offers?
- What if no other offers are received?
- What if several offers are received?
hidden costs. Your Realtor who lists your home can explain the local bargaining process in detail and assist in the actual negotiations.
Step 6: Close
Closing -- or "settlement" or "escrow" as it is known in some areas -- is essentially a meeting where the closing agent (the party who conducts settlement) takes in
money from the buyers, pays out money to the owner and makes sure that the purchaser's title is properly recorded in local records along with any mortgage liens.
The closing agent reviews the sale agreement to determine what payments and credits the owner should receive and what amounts are due from the buyer. The closing
agent also assures that certain transaction costs are paid (taxes and title searches).
Closing is also the time when "adjustments" will be made. For instance, suppose you've pre-paid taxes four months in advance. In this case, the closing agent will
compensate you for the prepayment at closing by having the buyer pay you additional money.
Step 7: Moving
The time to plan your move begins once you've decided to sell your home. Some of the activities required to sell the home can actually help with the moving process. For
example, cleaning out closets, basements and attics means there will be less to do once the home is under contract.
It's ideally best to get rid of excess furniture and other goods by having a sale before you move. This will reduce the volume of goods to be moved and thus lower moving
costs. Unwanted furniture which cannot be sold can often be donated to charitable groups, many of which will come to your home to pick up donations. All other
unwanted items should be taken to a landfill.
| DEBBIE RICHARDS REALTY GROUP yourbrokerdebbie@aol.com 847-785-0000 2016 Lewis Avenue North Chicago, IL 60064 |
| Broker / Owner Debbie Richards yourbrokerdebbie@aol.com |
| 1- 847-785-0000 |
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