Why Sell?
Why do you want to sell your property? Do you intend to simply find a larger property, or do you plan on moving to another neighborhood, school district, city or state? You might think your reasons are obvious, but it would do well to consider the implications of each option for your lifestyle, opportunities, and finances. Being clear about your intentions for selling will make it easier for us to determine the most appropriate option for your specified financial, lifestyle, and real estate goals.
When Should I Sell?
You should immediately establish your time frame for selling. If you need to sell quickly, we can speed up the process by giving you a complete market analysis and action plan to obtain all of your goals. If there is no pressing need to sell immediately, you can sit down with one of our expert real estate agents to thoroughly review the current market conditions and find the most favorable time to sell.
Know your property
Become familiar with such facts about your property as property taxes, zoning, lot size, square footage, etc. Look at the terms of your existing loan.
Set the price
Once you know the specifics about your home and have checked out what similar properties in your area are selling for, set a realistic price.
Research the current market and property laws in your area
How much are properties similar to yours selling for? What are the terms of the sales? What property disclosure laws do you need to take into consideration?
Determine financing alternatives
Contact lenders in your area to determine what the options are for your prospective buyer. You want to be informed before they ask, or your lack of knowledge may turn them off from dealing with you.
Perform a “walk-through” of your property
Look at it from the perspective of both the prospective buyer and the inspector. Take notes on all items that need to be repaired or replaced. Things to consider include:
Know your neighborhood
Most prospective buyers will want to know about the local schools, shopping, parks, transportation, etc. Be prepared so you can knowledgeably answer their questions.
Establish a marketing budget
How much are you willing to spend to sell your house?
- Keeping handy the items that will assist you in maximizing your home.
- Real estate commission if you use an agency to sell.
- Advertising costs, signs, other fees if you plan to sell by owner.
- Attorney, closing agent and other professional fees.
- Excise tax for the sale
- Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and fuel tank rentals.
- Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
- Real estate agents deal with transactions every day and can give you a very close estimate of seller closing costs.
Establish a marketing plan
Now that you know what advertising will cost, create a plan on how to best (within your budget) reach prospective buyers, both local and out-of-town. Since many people do relocate from a distance, be sure to include Internet advertising in your plan. If your town is large enough, the “local” newspaper might have a national edition that you want to place your ad in, at least periodically.
Purchase and install a “for sale” sign
This should be well-designed, attractive and weatherproof. The sign must be placed where it can clearly be seen from the street. If you are working with an agent, he or she will most likely provide the sign to you.
Prepare a fact sheet
Design a single sheet description of your property listing the features and benefits that will draw in prospective buyers. This should be attractive and professional looking. Have enough copies on hand to give out at open house showings. Again, if you are working with an agent, he or she will most likely do this on your behalf.
Purchase “open house” signs
Make sure that they include a place to write the address of your property and the date/time of the open house. In addition to one for the front yard, you’ll want to place several in conspicuous locations around the neighborhood, such as main streets leading to your house. For these, directional arrows can point prospective buyers to your house even if they don’t know the area. Make sure that you take these signs down as soon as the open house is over. You don’t want people showing up on your doorstep at all hours of the day and night.
Investigate the real estate sections of local newspapers and other publications
What will get you the most “bang for your buck?” Are there “throwaway” (i.e., free) real estate publications in your area that accept ads from individual sellers? In the local paper(s), is it better (in your area) to run a text-only classified, or do they have “photo boxes” where you can run both text and a photo of your property?
Don’t forget the Internet
As you have probably noticed from the website you have found this article on, most agents have their own website, which includes their clients’ listings as well as the entire MLS search. If you work with an agent, your property will most likely be placed on their website (if they have one) and on the full MLS search as part of the services they will offer you. If the real estate agent’s website you are currently viewing does not service your area, log on to As you have probably noticed from the website you have found this article on, most agents have their own website, which includes their clients’ listings as well as the entire MLS search. If you work with an agent, your property will most likely be placed on their website (if they have one) and on the full MLS search as part of the services they will offer you. If the real estate agent’s website you are currently viewing does not service your area, then find an agent, such as myself, who will be able to list your property on their website.
In addition, some newspapers automatically (or for an extra fee) offer Internet advertising tied to their traditional print ads. Learn the rates and deadlines for each publication, then decide which one (or more) is best for you and your market.
Write the text and/or design your ad
At the very least, you will need a well-written few sentences that will run as a classified ad or a photo box ad. In addition, you might decide to run a larger, custom-designed ad in the paper and/or to use as flyers to hand out at open houses (or anywhere else you might meet prospective buyers). Don’t skimp on this. A professional, well-crafted ad can attract buyers while a poorly designed and executed one can turn buyers off to your property. Even if you do not have full-service agent representation, you may consider assist-to-sell, which some agents offer at a lower price.
Set up a schedule of open houses
While most are held on the weekend, this is not convenient for all buyers. Make sure that you coordinate your print advertising to include information about your next open house.
Keep a list of prospective buyers
As people come through during open houses, or as they call from reading your ads or seeing the sign out front, keep a list with their names and phone numbers. Concentrate your attention on those who seem serious about your property, as opposed to those who are just checking out the neighborhood or whiling away a Sunday afternoon. Make sure that you make follow up telephone calls to all those who seem seriously interested in your property.
Accept an Offer
Once you have an offer, it’s time to negotiate
Leave your emotions behind when you enter negotiations. You never want to get angry or give away the fact that you’re overly eager. Price is not always the determining factor when accepting an offer for several important reasons: the initial offer is usually not final, and there are a number of terms and conditions that may influence the final outcome of a price. You can trust our professionals to help you thoroughly evaluate every proposal without compromising your marketing position.
Get your forms in order
A number of forms are required for the legal sale of your property. In addition to the contract of purchase and any counteroffers, there are several other forms that the seller is required to provide to the buyer. It is important to review the contract carefully to determine when these forms/documents are due and what the buyer’s rights are once they receive the document. The form and content of the many forms prescribed by state or federal regulations and must be adhered to in their entirety. The proper forms are usually obtained from your local Board of Realtors or from your real estate agent who is representing you.
Negotiate the final terms of the sale
Buyer(s) need to come to an agreement (in writing) regarding the following:
- Price
- Inspection contingencies
- Financing terms
- Date of closing
- Date of possession
Initial Agreement and Deposit
An effective agreement is a legal arrangement between a potential purchaser and the property’s seller. Laws vary from state to state, but in order to be a legal, binding agreement, the agreement may require consideration. This consideration (initial and additional deposit) is to be held in the closing agent’s escrow account pending the fulfillment of conditions or contingencies in the effective agreement.
Some important tips to keep in mind to streamline the process even further:
- Keep Written Records of Everything. For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums and convert them to written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your sale and make sure that you have copies of everything.
- Stick to the Schedule. Now that you have chosen your offer, you and the buyer will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations and also ensures that each party involved is not in breach of their agreements. During the process, we will keep you constantly updated so you will always be prepared for the next step.
Closing Day
If you have come this far, this means that it is almost time for congratulations, but not yet. Do not forget to tie up these loose ends:
Cancel Home Services and Utilities
We will provide a list of useful numbers for the termination of home services and utilities after the closing occurs.
Final Walk-through
When both the buyer(s) and a witness can be present, schedule a final walk-through before you complete settlement in order to determine that the property being conveyed meets the expectations of all parties involved.
Be Prepared
Be prepared should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. These problems have been encountered before so your real estate professional knows how to handle them efficiently and in a stress-free manner.
Closing
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. The buyer(s) will sign this statement and then you will sign as well as the closing agent, certifying its accuracy. If you are unable to attend the scheduled closing, then arrangements can be made depending on the circumstances and the notice that we receive. If you are receiving funds from the transaction, you can elect to either have the funds wired electronically to an account at your financial institution or have a check issued to you at the closing. The seller should arrange to have all property keys and any other important information for the new purchaser at the closing, so that the purchaser may receive these items at this time.
Find and make arrangements for the home you will be moving to
Unless you have already built or bought a new residence, you’ll need to be the “buyer” for a new property while simultaneously being the “seller” for your current one. If possible, schedule both transactions to close at the same time, or else close your purchase shortly before closing your sale. You need to be moved out before the new owners take possession.
