Are you looking to sell your house or is it something you plan to do in the future? You are probably wondering where to start and where it all ends. If you know all the steps towards selling the house, then, what do you do at each stage?
Selling a home isn't just about putting a 'For Sale' sign outside your home. There is more to it; the following steps outline the different stages and what to do when selling your property:
Step 1: Making a Decision To Sell
Several factors should influence your decision to sell. As much as timing isn't everything in selling a home, it has an impact on the process. You need to ask yourself, what is the market like? Is it a buyer's market or is it a seller's market.
A seller's market is when they are few properties on sale while the demand for the same is high. The type of season that you want to sell should also be considered. Spring sales are brisker as compared to other seasons. However, you will always find people who want to buy property in every season.
If you are selling while at the same time looking to buy a home, you can extend the closing period to give yourself ample time to find your kind of perfect home.
Step 2: Finding The Ideal Realtor
When selling it isn't enough to just find a real estate agent, the key is finding the perfect Realtor. Who is this ideal realtor?
- One who understands your needs
- One whom you have a rapport with
- Has extensive knowledge and experience in the property market in your area etc.
These are some of the things you need to consider before settling for one agent. If the agent who helped you buy your house was great, you could start with them first. Ask any question you have to the realtor. Choose the one that you are most comfortable with and don't fall for those that sell you the 'High Price' tactic.
Let their work speak for them.
Step 3: Signing a Leasing Agreement
A leasing Agreement is a document that describes the legal relationship between you as the seller and the listing broker. It gives a description of the property highlighting any outstanding selling features.
Be open about any damages in the house and also show how the price of the home has been lowered accordingly. The contract also details the asking price for the property. It is recommended that you discuss with your realtor before settling for a particular figure.
Step 4: Pricing Your Home
When selling your home, your goal is to get maximum returns form it. Therefore, your asking price should be at par with its market value, i.e. the maximum amount that potential buyers are willing to buy your home.
If you set you price too low, you can lose out on several thousands of dollars that an interested party would have been willing to pay. Setting the price too high could result in losing potential buyers, reduced number of showings, a longer time in the market, etc.
Set your asking price right to be able to secure maximum returns on your property.
Step 5: Showing Your Home
At this stage, you need to prepare your home to be ready for viewing from potential buyers. The first impression that they will have of your home matters. Repair any damages, clean the house, change the drapes if they are old.
If there are personal objects lying around, keep them away from sight. Potential buyers need to be able to visualize themselves in the house, and a lot of individual objects, e.g. a wall lined with family portraits could keep them from imagining themselves in there.
Keep in mind that even as you do the renovations and repairs, do it within reason. You could have a look at Home Improvements That Add Value To Your Property for more details.
Step 6: Receiving an Offer
Having a realtor with you at this stage is very crucial as this is usually an exciting and sometimes emotional stage. Your agent is obliged to show you every offer that is submitted.
You only have three options to choose from when you receive an offer; you can either accept, reject or counter the offer. When you counter an offer, the negotiations begin.
For the negotiations to be deemed successful, both you as the seller and the buyer should be satisfied with the outcome. Let the games begin!
Step 7: Closing the Deal
Finally, the anticipated time has come, you have a legal binding agreement. This stage can be time consuming and involving numerous legal maneuvers. Having a lawyer to deal with all the legal issues will be helpful.
Ensure that you have satisfied any conditions in the agreement that is assigned to you. Contact your lending institution and notary public. Also, consult with your realtor.
On the closing day, your lawyer will finalize the details and give you a cheque for the net proceeds.
I help sellers who want to put their property on the market, specializing in the Brampton area. If you are in need of a real estate agent to help you close the deal on your house while getting maximum returns, you can contact me.