Every house has a story, and it’s not always the one you’re expecting. Your journey to sell your house will be unique to you, but some universal truths apply to every situation. Selling a house can be an intimidating process, and it is crucial to know the steps in advance. We all know that the property market can be a tricky one, and many factors play into determining how long it will take to sell or what sale price range it might command.
The following steps should help you sell your house and at the same time make you feel confident in not only what to do but also where we are going.
Step One: Organize the Finances
As a homeowner, you are going to want to get your finances and personal situation in order. There are many other considerations when looking at the personal side of things before deciding to sell, but consulting with experts may help you proceed next. Contact your mortgage lender company if you have one and find out how much equity you owe on the property. The more money owed than home value means homeowners are likely underwater in terms of whether selling will be wise financially versus renting for now until housing prices rise again.
Step Two: Check the Right Pricing
Make sure that your house is priced at a competitive market value. When setting a price for your home, aim somewhere between what comparable houses are listed currently on the market and what similar homes sold for last year or even farther back. The goal of pricing is just two-fold: find out what other people think about how much your property should be worth so that you’re not over or undervaluing it. You don’t want to offer it too high or too low.
Step Three: A Decide on Asking Price
Asking price is one of the most important steps when selling your house. Suppose you’ve hired a real estate agent. In that case, they will recommend what price to list your home for based on recent sales in your neighbourhood and other factors like how much time it takes to commute from that area or if there are any major road projects nearby. Still, ultimately this decision falls on you as the homeowner. You want to make sure that you don’t overprice or under-value your home because both scenarios could lead potential buyers away.
Step Four: Hire an Estate Agent
Some agents specialize in homes only as buyers and specialize exclusively in commercial properties like office buildings or warehouses. You should find one who meets your needs best based on what type of property you’re interested in. This can also help you when it comes time for negotiations. If the seller doesn’t have a good idea of what their home might be worth, they will go back and forth between listing too high or too low; someone experienced in this area should know how to get the price right.
Step Five: Get Your House Listed
Now that you have done all your preparation for selling, it is time to create advertisements. This all begins with typing up attractive words or phrases that will attract prospective buyers, list prices, and any other information they might need to know. You will need to take pictures of the home and upload them in a gallery to represent what they are buying visually. It’s also worth noting that you should always be truthful about the condition of your home.
Step Six: Sort Out the Documents
It will help things move along faster if you prepare the paperwork ahead of time. Review all documents related to your homeownership. It includes things like title transfers for co-ownerships (joint tenancies), insurance policies, taxes paid, and so forth to make sure everything is legitimate and current before listing your house for sale.
Step Seven: Get Your House Ready to Show
This is where you make it look like your home’s a dream come true for buyers and not just space. It includes adjusting items that need some touch-up like painting, decorating rooms and fixing broken windows. When viewing homes, people tend to be most attracted to those with clean lines and bright spaces, so if yours doesn’t fit these descriptions, consider staging it ahead of time before putting it up for sale by clearing away any unnecessary items from tables; using rugs to highlight a room’s design elements, rather than cover them up with furniture or other items.
Step Eight: Consult with a Conveyancing Solicitor
A property can only be offered for sale by the owner if they are willing to deal with contractual obligations and other legalities that may arise during the process. Potential pitfalls include unforeseen issues around existing leases; complications associated with selling on behalf of someone else; and local council restrictions affecting how properties can be let out. In some cases, people choose not to employ professional assistance because they don’t want to spend money on a legal representative. Still, legal matters are too important for DIY solutions, so it’s worth getting qualified advice from the outset.
Step Nine: Revaluate if Your Home Isn’t Selling
If you are having trouble finding a buyer for your home, there may be something about the house holding it back. One possible reason for this could be an unrealistic asking price. If you’re thinking about lowering the listing price on your home, make sure to do so by contacting your agent first so he or she can help guide you through making these changes. Also, make sure that any repairs needed have been taken care of before listing because prospective buyers may think twice about buying until these issues are rectified.
Step Ten: Get Deals
Any deals should be notified to you by your estate agent as soon as they are made. If you receive several offers, have the estate agent investigate each bidder’s situation. You can call your mortgage company to ask them if they have guidelines about who is qualified as a buyer. You can also check the buyer’s references, get a copy of their credit score, and request an official document like a birth certificate, social security card, and driver’s license. If there aren’t any restrictions, then it’s up to you on how restrictive or open-minded you’ll be when considering prospective buyers.
Step Eleven: Accept or Negotiate an Offer
Suppose you want to accept the offer, sign, and date both copies of the Offer to Purchase. Then get one document notarized by a Notary Public or Certified Commissioner for Oaths1. If possible, have this person witness you signing it as well. Once all parties have signed and dated their copies of the Offer to Purchase, they should send them back on separate days to prove that each party received it.
Many scenarios may arise during negotiations for your home, primarily because of the buyer’s financing conditions. If your buyer has excellent credit but is low on cash, they might not be able to come up with earnest money. If you can live without funds at first, it doesn’t hurt to wait until after escrow closes before asking for settlement proceeds. A less desirable situation is when your buyer has decent credit but can’t secure enough cash for closing. They might be able to negotiate with their bank. At the same time, you wait until after escrow closes before being released from the contract.
Step Twelve: Signing a Contract
The day you finish is the day you’ve been waiting for: the day you’ll sell your house. This last step concludes all business transactions with the buyer by transferring the title into their name, including signing over any documents and paying any fees or taxes.
How Much Does a Conveyancing Solicitor Cost?
The cost of a conveyancing solicitor will depend on the level of service that you want them to offer, from simply providing advice to acting as your buying or selling agent throughout the process. You may be able to find one willing to do it for free if you need some help with filling out forms, but this isn’t advisable because there are all sorts of risks involved when buying property without professional guidance.
What Is the Best Way to Sell the House Quickly?
If your property has been on the market and not selling as quickly as you would like, use a professional real estate agent who knows how to get homes sold fast. They will have connections with buyers looking for properties in your area that meet their needs which means more potential offers on your listing! Plus, they know what it takes to sell any property from condos and townhomes up through statelier estates.
What Does the Estate Agent Do?
The estate agent2 will first come to your home to value it and negotiate an asking price with you. It’s also a good idea to double-check the price suggested by the estate agent by comparing it to similar houses in the city. The real estate agent will prepare the property information form about the house for prospective buyers. The number and size of the rooms and all the fixtures and fittings that will be left in the building will be included in these details. The estate agent also arranges for the advertisement of the house.
What to Do If You Don't Use a Real Estate Agent?
If sellers don’t want an outside agent’s help or if they’re trying out this process without hiring someone full-time, there are still ways to generate interest in their property. You’ll oversee your marketing, showing the house and negotiating the deal with the buyer’s representative since you don’t have an agent, which can be time-consuming and emotional for others. Also, remember that most home prices include an agent’s fee, so you will have to lower your asking cost as a result.
You need to know about things before selling your house and some of the potential pitfalls during this process. It is always best not to leave anything to chance and take every precaution possible when approaching these transactions. So, if there is any doubt in your mind at all about needing professional help, then go ahead and make those phone calls today, and it’ll be worth it in the long run!