Real Estate 101 - For the Seller

You Can Help...With your understanding of the purchasing process, your transaction can go much smoother.    

Get A Realtor
A real estate transaction is complicated.   In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds and multi-page government-mandated settlement statements.  A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.    Selling or buying a home is time consuming and real estate has its own language and it is important to work with someone who speaks that language.

Plan And Prepare
Normally, home selling starts several months before the property is placed on the market for sale.  It is necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and/or tossed out.   Generally speaking, owners are encouraged to sell when the property is ready for sale, there is a need or desire to sell and the services of a realtor have been retained.

Improvements should be made so that the property shows well, is consistent with the neighborhood and does not involve capitaL investments, the cost of which cannot be recovered from the sale.

Set The Stage
Making a good first impression can mean the difference between receiving serious offers soon or being subjected to months of waiting.  Here are a few tips for setting the stage to sell your home.

Set The Price
Every owner wants the maximum price and best terms for his or her home.  Several Factors, including market conditions and interest rates that will determine how you set the price.  All homes have a price...The price the owner's want to get, the value the buyer's want to offer and the point of agreement which results in the sale.   Experienced realtors are active in the local marketplace and can provide assistance with pricing, marketing, negotiation and closing.

Marketing Your Property
Selling your home can entail a variety of marketing strategies.  Once listed, it's likely that the home will be quickly entered into the local Multiple Listing Service. Your realtors largest expense has traditionally been classified advertising in the local newspaper.  However, today properties are also exposed through popular internet home search/listing services, radio and real estate guides in addition to the 'For Sale' signs that are still remarkably effective.  Many realtors use information/brochure boxes, mail out newsletters and hold an "Open House". 

Sell Your Property
The goal of every owner is to have a line of buyers waiting at the front door, each with an offer higher than the last.  This has been known to happen, however, In most markets there is a balance between the number of buyers and sellers.  Each sale is determined by a number of factors that is acceptable between both parties.

In any case, with the assistance of your realtor, you will need to carefully review the offer, consider the marketplace options and then determine whether the offer is acceptable.

Closing
At the closing, all papers have been prepared by the closing agents, title companies, lenders and lawyers.  This paperwork reflects the sale agreement and allows all parties involved to the transaction to verify their interests.   The closing agent takes in money from the buyers, pays out money to the owner and makes sure that the purchaser's title is properly recorded in the local records along with any mortgage liens.

You’ve done it!
You’ve planned and prepared your home for sale, accepted the best offer and gone to closing. Your home is sold!