8 Steps to Selling your Home
1. Determine your reasons for selling.
Determine why you want to sell your home, and what you expect to accomplish with the sale. A growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. Would you like to sell your house within a certain time frame, or make a particular profit margin?
Modern Realty will help you achieve your home sale objectives and set a realistic time frame for the sale.
2. Price your home to sell.
Modern Realty agents can help determine the best possible selling price for your house. Setting a fair asking price the first time around will generate the most activity from other real estate agents and buyers.
Modern Realty agents will report on comparable home sale prices and, on average, how long they are on the market. For a truly objective opinion, we advise you to have an appraisal done – it typically costs a few hundred dollars, and will help yield a fair price for your home.
Our Advice: It’s best to start off pricing your home at the true market value, rather than too high. Homes priced higher than 3% above market value take longer to sell; the implications of this is that, if your house sits on the market too long, potential buyers will perceive that there is something wrong with your home. Usually, when a home sits on the market too long, seller has to drop the price below market value to compete with newer, reasonably priced listings.
3. Prepare your home.
First impressions are the most important. The condition of your home will greatly affect how quickly it sells and the price the buyer is willing to offer. Your Modern Realty agent can help you prepare it so that it’s more appealing to buyers. Consider these “staging” tips for a successful first impression:
4. Market Your Home
Modern Realty will prepare a marketing strategy specifically to sell your home. Our blend of Internet marketing technology on ModernRealtyCo.com, and traditional tactics allow us to attract a larger pool of more qualified buyers within the first six weeks. Tactics include:
5. Receive an offer.
Modern Realty will help you determine if a written offer on your home is from a prequalified or preapproved buyer. If so, we will review your proposed contract with you, and help you understand your responsibilities to execute the purchase. For your quick reference, any contract should include (and is not limited to) these items:
When you receive an offer, you have three options: 1. Accept the contract as is, 2. Accept the contract with changes (a counteroffer), or 3. Reject the contract.
It’s important to note that, once both parties have signed a written offer, the document becomes legally binding. Immediately address any questions or concerns about your contract with your Modern Realty agent.
6. Negotiate to sell.
Most offers to purchase your home will require some negotiating to come to a win-win agreement. Modern Realty agents are well versed on the intricacies of Orange County and Los Angeles County real estate contracts, and we will protect your best interests in negotiation. Our agents are experts in contract clauses, and will advise on what you will net from the sale, which terms are easiest and most advantageous to negotiate. Some negotiable items:
Once both parties have agreed on the terms of the sale, your Modern Realty agent will prepare a sale contract.
7. Prepare to close.
Once you accept an offer to sell your house, you and the buyer must fulfill your contract obligations before closing. Your home may need to be formally appraised, surveyed, inspected or repaired – all items that your Modern Realty agent will lead you through, and advocate on your behalf with the buyer’s agent and service providers.
Depending on what is negotiated into the contract, you may pay for all, some, or none of the above closing requirements. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations, or proceed to closing.
An important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
8. Close the deal.
“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your Modern Realty agent will be with you during the closing, guide you through the process, and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In California, an attorney is not required but you may wish to have yours present.
After the closing, your Modern Realty agent will inform you of everything you should do to turn over your home to the new owner. Such items include: