The Home Selling Process

1.) Representation

The job of a full-service real estate agent is to represent your best interest through every step of the sales process. Your agent should listen to your needs and understand the market in which you are selling a home. Your agent should be knowledgeable and proficient in marketing, negotiation, transaction forms, and finance options, as well as have an understanding of technology and how it can enhance the marketing of your home. 

2.) Deciding on an Asking Price  

Determining the right price for your home is the most important part of achieving the highest return in the least amount of time. There are many variables to consider when determining a home’s market value, such as the sales price of nearby homes that have recently sold, the listing price of similar homes that are currently on the market, along with the condition and location of each home.  

3.) Preparing your home for the market (prep work) 

To get the best return on your investment and avoid turning off potential buyers, you need to ensure your home looks its best when it hits the market. At the same time, you don't want to waste effort or money on improvements that won't pay off. 

 4.) Listing and Marketing Your Home

Upon listing your home, It will be entered into the local Multiple Listing Service (MLS) and marketed on company websites, several local and national websites, social media, and several real estate websites.   

5.) Home Showings & Open House(s) 

Showings are inconvenient, yet necessary part of the home selling process. When your home is on the market it has the potential to be shown at any time, so it's important to maintain a certain level of cleanliness; clear dishes from the sink, make beds, put away dirty laundry, and vacuum and dust regularly. It's also a good idea to clear out; it makes buyers uncomfortable to tour a home when the owners are in the next room. 

 6.) Purchase and Sale Agreement 

Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sales Agreement. This Document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the documents.  

7.) Escrow

Once the offer is accepted and a closing date agreed upon, escrow allows the buyer and the seller to have an outside party ensure all parts of the contract are complete.  

8.) Inspections & Appraisal

Home Appraisal - A home appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home’s market value and ensure that the amount of money requested by the borrower is appropriate.

Home Inspection - A home Inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. An inspector will check items such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. 

Pest Inspection - A pest inspector is hired to inspect your home for any evidence of termite activity and/or evidence of dry rot damage, or moisture conditions that could lead to an atmosphere for wood destroying organisms or termites. 

Additional Inspections - Buyers have a right to investigate and pay for any additional inspections they feel are necessary. Additional inspections include but are not limited to; Chimney, Electrical, Heating/Air Conditioning, Lead Paint, Plumbing, Square Footage, Structural, Easements/Encroachments, Foundation/Sab, Lot size, Boundaries, Pool/Spa, Roof, Sewer, Septic System, Soil Stability, Survey, Tree, Well, Radon Gas, Formaldehyde, Asbestos, Methane Gas, Mold, Permits, Zoning, Government Requirements, etc.    

Afterward, buyers will have a chance to negotiate to cover the cost of certain repairs or to ask for concessions.   

 9.) Closing

At closing, all paperwork signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you’ll receive a settlement statement outlining any fees which may apply to you.   

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