Read below for information on the major steps involved in selling a property, or click HERE for a video. Some steps may happen slightly out of this order, or be skipped over completely, as all transactions vary to a certain degree.

_____

 1.  Hire a Listing Agent 

A competent agent can be the answer to a host of issues that may arise during the listing process.  Good agents will have a solid understanding of the housing market at any given time throughout the year, & be able to convey industry knowledge that will benefit a seller's position. They'll also provide you with a Comparative Market Analysis (see CMA page) to provide pertinent data on similar properties that are recently sold, or currently for sale, in the subject property's area.  This is imperative to setting the appropriate listing price that will attract attention from buyers, & elicit subsequent offers.  Hiring is cemented through a signed listing agreement, which includes broker information, commission details, & time frame for the listing.

  2. Setting the Right Asking Price 

Arriving at the correct sale price for a particular property can be a meticulous process, in & of itself.  Often times, homeowners seek top dollar for a home that they've rightfully grown attached to in some way or another, & this can lead to setting a price point that isn't competitive enough with similar available listings in the area.

A seller wants to avoid their property sitting on the market for too long, as this makes potential buyers wary & more likely to lose interest.  A seller also wants to refrain from lowering the price of the home numerous times, as this can gradually chip away at a seller's leverage when offers do start to come in. A Realtor will help set a realistic foundation for you to make a sound final decision on which price the home will enter the market at.  Well-priced listings will garner attention immediately, & usually showing requests & offers will begin trickling in shortly thereafter.

 3. Listing, Fixing, Staging, & Showing 

Shortly after a home is listed as available on the MLS (Multiple Listing Service) & other real estate sites, it is usually able to be viewed by active buyers & their Realtors.  You'll want to keep showing availability times quite open to avoid deterring any potential buyers. Also, take professional-grade pictures of the property to put the home in the best light possible to the viewing public. 

To gain access to a home, a lockbox containing a key to the property is attached to the home (usually on the gas meter, side gate, or front door); newer homes may have a door-code that a listing agent will share with the buying agent. Ensuring everything in the home is repaired & in good working condition, that all bedrooms & bathrooms are properly cleaned, sightly, & decluttered, as well as adding a welcoming touch with the use of a fragrance or leaving a thoughtful message to those viewing are all great strategies to set a listing apart from the rest. The goal is to make a lasting impression, & highlight the appeal of a property.

 4. Fielding Offers 

Once showings are underway & respectable offers are being forwarded to you from your listing agent, picking which RPA (Residential Purchase Agreement) to accept can get a little tricky.  Obviously, the most important figure in an RPA is the offered price.  Most buyers will come in 1-5% below asking price in a buyer's market, & 1-5% above asking price in a seller's market. But the highest offer isn't always the absolute best one.  An experienced seller is going to take a few things into consideration when comparing multiple offers, & likely return with a more favorable counter-offer.  Here are some questions to contemplate when comparing offers:

Is the buyer paying cash, or has the buyer been prequalified for a VA, FHA, or conventional loan with a lender already?

How much is the buyer seeking in contributions/concessions from the seller in order to make close?

When is the buyer expecting to close escrow on the property?

Is the buyer waiving any appraisal contingencies, or requesting any repairs or appliances in the purchase of the home?

Do all these variables match your desired outcome from the sale of the property?

 5. Escrow, Appraisal, & Inspection 

Once a seller has accepted an offer, both parties enter the closing process, referred to as escrow.  The buyer will wire an Earnest Money Deposit into the newly opened escrow account, & their lender will arrange for an unaffiliated third-party appraiser to estimate the value of the home in order to confirm the investment's perceived value at the time. To avoid any discrepancies between the agreed upon sales price & the appraiser's valuation of the home, an agent should advise a seller to deny any appraisal contingency, or place a stop-gap value into the contract, thus avoiding the risk of losing thousands off of the original accepted price.

Often times a buyer will request certain repairs be done following a home inspection.  If these repairs are extensive & other offers are on the table, a seller may deny the requests & exit escrow.  If the requests are amenable, a seller can have them done, or subtract a quoted amount for the repairs from the sales price.

 6. Closing Costs & Commissions 

During the escrow process, the titling company will be able to furnish an itemized breakdown of all expected costs associated with the transaction, & the party responsible for paying them. This is called a Net Sheet, & sellers expenses come almost always in the form of outstanding HOA balances, property taxes hitherto, attorneys fees, escrow fees, & both agents' commissions.  On any given sale, a seller can expect to pay back anywhere between 4-7% of the total sales price back in the aforementioned costs.

 7. Sign the Dotted Line(s) || Deliver Keys  

As one might imagine, the transfer of the real property from seller to buyer requires a lot of paperwork, as does securing all loan documentation, inspection reports, disclaimers, HOA packages & any other boxes to check before a closing date.  Once the proverbial dust settles & all obligations are fulfilled on both sides of the transaction, the seller will deliver the keys to the titling agent, & the titling agent will pass them on to the new homeowner!

Net proceeds from the sale will be disbursed in the seller's preferred method at this time.