There are times when life takes us on a new adventure that requires a change in residence. This change may be due to a growing household, a shrinking household, or the desire to live in another area. Being prepared for the home buying process can save you time and keep you from losing money during the sale. Here’s some helpful information about steps you can expect to take along the way.
🙋 Find the Right Real Estate Agent
Selling a house on your own may prove tiresome and challenging. Find a reliable real estate agent to help you with the process. Do some research to compare local agents based on reputation, sale rate, and how close they get to the asking price. Interviews give you the opportunity to ask potential real estate agents important questions. Your real estate agent is a key to success in the home selling process. They help manage the sale, market your listing, and take care of the details of the transaction.
🏡 Staging Your Home for Buyers
When preparing a house to sell, it’s important to remember that first impressions always matter. It’s crucial to consider the buyer’s point of view while staging the house. You’ll want to stick with neutral colors, place furniture in appealing positions, and remove any personal collections. Take care of small repairs and replace worn fixtures. You don’t have to spend a great deal on staging. Ask your real estate agent for advice on the best staging practices for your area.
💲 Set the Right Asking Price
One of the hardest decisions about selling a house is setting the asking price. Therefore, it is important to do research on the local market and price your home based on sold homes identified in a comparative market analysis report. The right asking price can attract potential buyers and get you a maximum return. Setting it too high could repel the buyer and setting it too low could make you incur losses. Fair market value is vital in pricing a home. Your real estate agent can help you get through this part of the process with their expert advice and statistics from their resources.
💰 Accepting an Offer
The real estate agent you choose is responsible for mediating between you and the buyer. They will receive all offers and present them to you. If the offer is not satisfactory, instructing the real estate agent to negotiate for a higher amount may be a good idea. As the seller, you are also allowed to refuse the offer outright and wait for better offers. There are times when multiple offers make things more interesting. Be prepared to weigh different options should your property grab the attention of more than one potential buyer.
📝 What Happens After You Accept an Offer?
When you decide on a final offer, you and the buyer will draft a legally binding contract. Contact your lawyer and start finalizing on any legal conditions of the agreement. After that, you will both have to decide on the duration of time between the exchange of contracts and completion (usually 7-28 days). The buyer then makes a deposit. If the seller pulls out at this stage legal action against them will be taken, and the deposit is refunded. After a successful sale, the seller can move out at whatever time they please until the closing day. Although by the closing date, the property must be in the condition agreed in the contract. Your real estate agent will be with you every step of the way and help you understand the details.
📅 What to Expect on Closing Day
This day primarily focuses on transferring the house from the seller to the buyer. The buyer will provide the remaining amount owed for the purchase of the house. The seller signs the deed over to the buyer and hands over the keys. The title company, lawyer or notary will officially register the property under the new owner’s name, and finally, the seller will receive any proceeds earned from the sale once the mortgage balance and closing costs have been paid off.
Your real estate agent is the best source of information about the local community and real estate topics. Give the Ashton Realty Group a call today at 860-306-0694 to learn more about local areas, discuss selling a house, or tour available homes for sale.