Image by Douglas Sheppard

Home Selling

Understand the Home Sale Process

Selling your property is an important transaction.

A home sale includes multiple third party involvement, even if you don't use an agent. Understanding all of their roles is important to ensure a smooth transaction. 

Home Selling Steps

Step 1: Find A Listing Agent

Professional Involved:

Realtor

The 1st Step to the home selling process is to find a listing agent that will serve your best interest. A good listing agent will be prepared to present a Competitive Market Analysis, and a provide marketing strategy. If you choose to work with the Realtor, you will sign a Listing Agreement.

Small Meeting
Step 2: Pick A List Price

Professional Involved:

Realtor

The 2nd step occurs after you sign a listing agreement where you to select a listing price. Your Realtor can help you decide the right pricing strategy and to calculate your proceeds for different prices. But, at the end of the day, it is your home and you can select the price.

Dollar Bill in Jar
Steps 3: Marketing Plan

Professional Involved:

Realtor

The 3rd step involves you and your Realtor coming up with a plan to market your property. This is where you will decide if you'd like professional photography, videography, 3D tour, and where your listing will be displayed (i.e. Zillow, Realtor.com, etc.)

Home Showings
Step 4: Prepare Home

Professionals Involved:

Realtor

The 4th Step is your responsibility. Your Realtor can provide you with guidelines and details to help your property achieve a sellable look. Preparations include cleaning the exterior/interior, touch-up paint, removing personal decorations, eliminating pet odors, etc.

Painting the Wall
Step 5: Show Your Home

Professionals Involved:

Realtor

The 5th Step is where buyers will come and see your home. Most showings are conducted by your Realtor or the buyer's Realtor. Your Realtor will likely use a lockbox to allow the Buyer's Realtors access. You are in control of the scheduling. 

Showing an Apartment
Step 6: Negotiate Final Price

Professionals Involved:

Your Realtor

Buyer's Realtor

The 6th Step occurs when a Buyer submits an Offer. Your Realtor will help guide you on how to negotiate the price. They will be the liaison to negotiate on your behalf. In this step, you will also negotiate the contingencies for the contract. 

Reaching a Deal
Step 7: Escrow & Title Report

Professionals Involved:

Realtor

Mortgage Professional

Real Estate Attorney

Title Company

The 7th Step occurs after the offer is accepted. The buyer's earnest money will be placed into an escrow account and your realtor will order a title search

Gavel
Step 8: Schedule Appraiser

Professionals Involved:

Realtor

Mortgage Professional

Appraiser

The 8th Step is when the mortgage appraiser schedules an appointment with you to appraise the value of the property. The buyer is entitled to back out if appraisal results are negative.

Stacks of Coins
Step 9: Home Inspection

Professionals Involved:

Realtor

Home Inspector

Real Estate Attorney

The 9th Step is where the home inspector conducts a home inspection. You may need be prepared to negotiate with the buyer if there are issues that need to be addressed because of the contingencies in the contract.

Plumber Fixing Sink
Step 10: Closing

Professionals Involved:

Realtor

Real Estate Attorney

Mortgage Professional

Title Company

The 10th step is the closing. Your agent will walk you through the documentation. The title company will transfer the property deed and finalize the documents and cut the checks to the respective parties.

Signing a Contract