There are lots of videos about first time home buyers, the home buying steps, the process, etc, but what about the first time home seller, they have questions too, so that’s what we are talking about today so let’s get to it.
I’m currently working with a first time home seller and he has lots of questions about the process so I thought Id’ do a video about the steps to selling your home. Now the seller I’m currently working with is wonderful and even had a stager on the books before he even called me but he still needed help and knowledge of the process and what he should be doing to get the house ready.
Step 1 Choose a Listing Agent
It is very important that you choose an agent that you feel you could work well with. Interview a few realtors, see how you vibe, ask them how they will market your property, how often do they communicate activity updates with their clients, what are the fees for their service and what is included in that service. No two realtors are the same so it’s important that you make sure you are getting what you pay for.
Step 2 Find out how much your home is worth
When you meet Realtors, they may have a preliminary idea on price but really they need to do a comprehensive market analysis once they view your home and know what types of updates you did so they can compare to other recent sales and give you a more accurate value. FYI, this is a complimentary service that most Realtors are happy to do for you even if you are not considering selling.
Step 3 Get your home ready for sale
It is imperative that you prep your home to sell. I know it’s difficult to do this when you are living in the home but you must make any necessary repairs, declutter, stage and clean. If some of the trim, doors or walls need freshening up. Do it! Your professional photography will look better as well the overall appearance of the home during showings. For more information on Staging you home, Click this here Staging Tips
Step 4 Market your home
Identify the selling points for your home and make sure your agent knows what they are. If you have a survey and floor plan to share, definitely do, these will come in handy for buyers. Your Realtor should get professional photography and 3D virtual tours done. Then they will enter the property info into the MLS which will syndicate out to all the Real Estate sites. Your Realtor will hopefully market your property on social media platforms, do open houses, email blasts and mailers too. Most buyers find their home online so constant exposure of your listing on the internet is key so don’t hesitate to share your property listing to your friends on social media as well.
Step 5 Showing your home
Making your home accessible for showings is very important and letting your agent use a lockbox system allows other agents to show the home unaccompanied by a listing agent, which is what buyers always prefer.
Be flexible, some buyers will want to view the home on weekends or weeknights after work. The more accommodating you are the more potential buyers will see the property and the more likely you are to selling it.
Your Realtor will also request feedback on the showings from the buyer agents. If your home is not selling, this feedback can be really helpful. This gives you insight on what buyers are saying about your home and gives you information on what types of changes you may need to make. This could be anything from decluttering, better staging, or adjusting the price. Never take these feedback forms personally if negative just consider it constructive criticism
Step 6 Fill out your property disclosure in preparation for offers.
This disclosure should be completed to include any material facts or problems with the property that you are aware of. If there is an HOA, you will need to fill this disclosure out as well and your Realtor should attach to the property on the MLS so interested buyers can review and sign in conjunction with an offer.
Step 7 Receive offers and negotiate
Once you receive an offer and hopefully you will receive more than one, with the help of your Realtor you will negotiate the terms and likely the price of the contract. Don’t ignore any offers even if they are too low, instead make a counter offer and don’t be afraid to counter with a full price offer.
Step 8 Open Escrow and Order Title
When you have an executed contract your Realtor will send to the Title company who will be the closing agent on this transaction. Sometimes the escrow agent can be different than the title company performing the closing. In Florida the seller typically chooses the closing agent but escrow can be chosen by the buyer. This is always something you can negotiate as the seller.
Step 9 Cooperate with the home inspection (negotiate repairs)
Now get ready for the home inspector. Ask your agent to provide you with a home inspection checklist
This will give you advanced notice on what the inspector will be looking at. Buyers may request repairs, your Realtor will help you negotiate this. It could be a credit, it could be doing some repairs or no repairs at all. Every contract is different.
Step 10 Appraisal
Appraisal will be ordered shortly after home inspection contingency is cleared. When you have a date for the appraiser make sure the house is clean and looks its best. Your Realtor will have some comps ready to offer to the appraiser. You won’t have access to the appraisal since you didn’t pay for it so let’s just hope it comes in at value. If not, there are options but let your Realtor cross that bridge when and if you come to it.
Step 11 Close Escrow
Once we have the inspection, appraisal contingencies and loan commitment cleared, we will receive the ALTA which is the closing statement the title company will send you. This will include the sale price as well as an itemized list of credits and debits such as agent commissions, any credits and closing fees and other fees noted on closing documents.
Once we review and approve we will schedule a day for closing and sign the necessary paperwork. The net sale proceeds will then be wired to your bank account
Hopefully in the end it was a smooth and efficient transaction for you knowing a bit more about the steps involved.
If you found this information helpful, feel free to share.
Interested in selling your home or have any questions, feel free to contact me anytime at [email protected] or (904) 747-0183.
I really appreciate you tuning in and I will catch you on the next one.