It’s no secret that selling a home is a complex process. From preparing and going to market to handling offers and negotiations, it’s necessary to enter the process with proper knowledge and a team in place to effectively sell your home—in a timely manner and for the best price.
Our team of associates and experts have shared their insider knowledge regarding the home selling process in our 5-Step Home Seller’s Guide.
1. Preparing the Property
From deep cleaning to staging, preparing the home often involves putting a little money into the appeal of your property. But there’s much more to prepare beyond appearance. Proactive due diligence such as ordering city-required reports and inspections early on will allow your agent to speak intelligently about your property and lower a buyer’s risk of hesitation later in the process.
2. Going to Market
As soon as you begin to get purchase offers, handling them with the utmost care is essential to efficiency in the selling process. To protect your time, you’ll want to properly vet the buyer to ensure they can obtain the financing necessary to purchase the home. Ask questions such as, “Are a 45 day escrow and 17 days for loan and appraisal contingencies realistic for you?”
3. Negotiating Offers
When entering into a Residential Purchase Agreement (RPA), it’s important that you understand the contract and buyer contingencies. As standard, the buyer has the right to investigate the property and to obtain certain documents, such as a title report. Your agent will assist you in determining what documents to order to expedite the process while working through an RPA.
When all parties understand escrow, you can cut down immensely on the time it takes for the process to close. It is of the utmost importance that you use an escrow company that is compliant with the CFPB (Consumer Financial Protection Bureau) and take the time to understand the escrow instructions that are put forth by the escrow officer.
A tidy transaction and transfer of ownership is possible only when all of the conditions of the purchase agreement have been met. For example, a clear title must have been verified, the buyer’s closing funds must have been received by the escrow officer and the estimated closing statements must have been reviewed and approved. With an experienced agent, you’ll get this checklist upfront and prepare the right way to move through it smoothly.
Selecting an agent is, of course, the first step in the home selling process. Your agent will be your ally while enhancing your property and preparing it to sell, formulating your best pricing strategy to meet your timeline and putting together a marketing plan for exceptional exposure.
Ready to learn more? View our 5-Step Home Sellers Guide and get in the right mindset for what to expect throughout the process.