It might seem too sensible to discuss the steps in selling your house. But the process of selling your home is a large task, especially if you are not familiar with it. It will take your time and energy to complete the process. So the more you know and can prepare the smoother the sale will go. And you can avoid an emotionally draining experience.
Here I will review eight basic steps in selling your house. Of course, within each of the step there are additional “sub” steps or items which will need to be completed as you take action on each step. However, for the sake of simplicity and information to get you on the right track I will briefly review the basics.
The Eight Steps in Selling Your House
1. Identify Your Needs:
Put in writing why you want to sell. Identify your short and long term goals and how selling your house will help you achieve them. This may sound elementary, and it is! The basics are always important. This will help you determine a schedule and time line so you can plan out the steps in selling your house.
2. Identify Your Price:
Figure out your finances; notify your mortgage lender that you are selling your house. You need to figure out your outstanding mortgage and if there are any penalties for early redemption. You will also need a rough idea of how much your house is worth. Then you can calculate how much will be left after paying off the mortgage.
3. Getting Your Home Ready:
Present the very best version of you home. This is a very important step in selling your house. Clean up and get rid of excess clutter and odours. Presenting your house in the best shape possible can add value to it.
4. Portfolio of Photos:
When your house is ready and it shines get a professional photographer to take a wide selection of photos and choose the best 16 to 20. Many real estate professionals consider this the most important step in selling your house. And it is often the most overlooked.
Decide how you will sell the property. Will you take on the task yourself? Will you hire a realtor? Or will you network with real estate groups and find a trustworthy investor? All these methods have benefits and will be dependent in part by the needs you’ve identified.
This is where the experience of your agent will show its true colours, should you choose to work with one. In this step to selling your house it will be necessary to follow up with prospective buyers that have shown interest. If you have chosen to sell your house on your own this task will be up to you. If a real estate investor has shown interest in your house, they will be involved actively with this step.
7. The Negotiation:
If you are working with an agent they will work to maintain the commitment of the buyer while negotiating the best terms for you. Dependent on the state of your house and an asking price in the fair market range you can expect the average reduction to be around 2 – 3%. If you home is in serious need of repairs, an investor may help you sell your home. But expect a much greater reduction in price.
8. The Close:
You made it! You have gone through all the steps of selling your house. But this is no time to assume the completion. You must be diligent and make sure all components are completed. Review the contract and ensure all items are clearly identified; offer price, finance arrangements, down payment, fees and who is responsible to pay them, who will handle the closing and title transfer and settlement date.
If you are, or soon will be putting your house on the market the steps to selling our house are easy to follow. But require diligence to implement. Just like any good system, if done step by step the end result will be easier to achieve. Get involved and get informed so you can be confident that each step of selling your house has your seal of approval.
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