Surprises are for birthdays, not real estate transactions. Selling a house is a complicated process, so we provide this compreshensive guide “Steps to Selling a House” so that you can be educated and in control and reduce any stress or headaches along the way.
When it comes time to sell an asset that’s as valuable as your home, unexpected glitches can quickly add up, costing you thousands of dollars as well as valuable time. Understanding the process is the first step in heading off those little equity-sapping surprises.
At first glance, the process of selling your home might seem simple enough. You empty it out, and list it –right? But of course, the reality is this process isn’t quite so straightforward. Your time is important, and if you want to get top dollar for your home it’s important to recognize that knowledge and experience matter.
In this guide, we’ve broken the home-selling process down into small, manageable steps. We’ll start with a look at preparing to sell, move through the marketing phase, and then look at contracts, contingencies, and closings.
You can’t anticipate every scenario. Even experienced Realtors are continually learning. Our goal in this guide is to give you a solid framework in order to understand the basics of the process. This foundation will help you to make informed decisions and successfully navigate the home-selling process –allowing you to sidestep any curve balls that are thrown your way and get the best possible price for your home.
Assembling Your Team
“Selling my home, how hard can it be?” you might find yourself asking.
The truth, though, is that there are many different factors that go into the process of selling a home. From marketing and staging to networking and negotiating, to preparing contracts. No one could possibly be an expert in all of the associated phases. This is why the real estate industry has so many specialists, from marketing experts through title agents, there are experts at every turn.
You are going to need some specialists to help get your home sold and more importantly closed. You can find these people online or through referrals, but of course, we think choosing a Realtor with a team of specialists already in place makes the most sense for most sellers. Of course, we also understand some homeowners might prefer to go it alone, which is why we’ve covered both options in this guide.
Steps to Selling Your Home-The Realtor Route
If you decide to work with a Realtor to sell your home this is called a listing. It gets this name because your home will be listed in the MLS or multiple listing service. This is valuable because it immediately exposes your home to thousands of Realtors with potential buyers, giving your home a lot more exposure.
To start, you’ll need to assemble documents and materials that answer the kind of questions potential buyers will have. Your Realtor will need things like plat maps and utility bills as well as loan and HOA information. Here’s a complete list of what you’ll need.
It’s important to understand that when working with an agent, both of you will also need to agree on some form of agency.
The agency refers to the relationship your Realtor has to your interests. For example, if you choose to work with a Realtor in a seller agency capacity, the Realtor must hold your best interests at the forefront for the entire transaction. The agent will also negotiate on your behalf and act as an advocate for you.
An alternative to seller agency is transaction brokerage. In this form of representation, the agent acts more like a referee than an advocate, and works to facilitate the transaction rather than as an agent for either of the parties.