1. Define your goals, wants, needs and expectations.
A good place to begin is by exploring your short term and long term goals in life and how selling your home fits in.
2. Determine the best price for whats going on in the market right now.
Assess the current state of the market and what comparable homes are actually selling for by obtaining a Comparative Market Analysis (CMA) for your home. This will help you determine the fair market value and price it right.
3. Prepare the property so that it is in top-selling condition.
Most of us don’t keep our homes in top-selling condition. you must see things from a Buyer’s point of view. This may mean making repairs, replacing or removing items so that you home makes a great first impression.
4. Implement time-proven, research-based marketing strategies.
Use a combination of print ad, internet ads, social media, door knocking, word of mouth, open houses and other time tested methods to make sure that you are bringing the most qualified buyers to your doorstep.
5. Show your property.
Make your home available for viewing as much as possible. Your potential buyers may be free during the day when you are at work so make a plan to be able to show it then – and always keep your home in top-selling condition. You know what they say about a first impression.
6. Receive an offer.
When a Buyer decides to buy your home, an offer (or binder) will be presented. Seek professional advice to fully understand the terms laid out in the offer and find out if the buyer is financially qualified to purchase your home.
Most offers require some level of negotiation. You will need to decide the parameters of your counter offer and present them to the Buyers. This process may happen a few times and may require you to compromise to make the deal happen. Once a deal is made – seek legal representation to assist with the preparing and executing of your contract.
8. Board Approvals, Home Appraisals and Inspections.
Once you have an executed contract, the Buyers and their Lender will require you to coordinate with them to allow appraisers, inspectors and possibly surveyors into your home to make their assessments. If you are selling a CoOp, then the Buyer will have to be approved by the CoOp Board before the sale can proceed. This can take several weeks depending on the speed that the Board moves. The Buyer will be required to fill out an application and meet with the Board for an interview. The Buyer may require that certain repairs be made – how these are done will have to be negotiated and followed through on.
9. Preparing For Closing.
Stay in contact with your attorney to make sure that all of the necessary documents and forms have been prepared. They should be available for your review before the closing takes place. You will also need to schedule a final walk-through with the Buyers so that they can assess the state of the property and any repairs before they take ownership.
At the closing, ownership of your property will be legally transferred to the Buyer.
If you are ready to start the process of selling your home, contact me today for your free Home Pricing Analysis.