The Process of Selling a House

If you have ever been curious about how to sell your home, no need to worry because Real Estate Diva Brenda is here to help you! Making the decision to sell your home can leave you torn between still being emotionally attached to your home and having the desire to start a new chapter of your life. Most of that fear of the unknown can be eliminated by knowing what to expect and by understanding the step by step process of selling your house. So here is a snapshot of what happens:

I. Seller hires a real estate agent (signs the exclusive right to sell and other documents)

II. Seller and agent reviews the comparable market analysis (CMA) which explains market activity. The report shows houses that have recently sold (which indicates what buyer is willing to pay in that subdivision); houses that have expired in the MLS system (off the market) which could indicate the amount that a buyer was not willing to pay among other things); and houses that are active or currently available for sale (these houses are your competition)

III. Seller agrees on a sales price based on the market data (NOT based on how much you owe, how much you want or how much you paid when you purchased). Note: price is one of the reasons why houses don't sell

IV. Seller partners with agent to come up with a plan of action to get the house sold including establishing showing times

V. Seller depersonalizes the space, declutters/cleans up and stages the house for the sale

VI. Agent enters information into the MLS system as well as other places and begins marketing and advertising

VII. Seller makes the house available for showings and leaves the premises during showings and open houses

VIII. Agent collects offers to present to seller

IX. Agent & seller review offers and discuss options

X. Seller's agent gives the seller an estimated net proceeds sheet that deducts the seller's mortgage pay off amount and explains the break down of settlement costs based on the offer amount

XI. Seller makes the decision to accept, reject, or counter (negotiates) the offer

XII. Buyer and seller signs the accepted offer and ratifies the contract

XIII. Seller waits while the buyer gets the home inspection typically 7-15 days

XIV. Seller waits while the buyer gets the home appraisal typically 7-15 days

XV. Buyer's agent let seller's agent know the inspection and/or appraisal results

and suggested repairs

XVI. Seller agrees or rejects repair requests

XVII. Title company does title search and provides an estimated closing statement with the break down of costs

XVIII. Seller hires licensed and bonded contractor to make inspection and/or appraisal repairs

XIX. Seller waits while buyer completes financing requirements to secure the loan

XX. All parties meet at designated settlement location

XXI. Keys are exchanged

XXII. All parties receive check at settlement or the check is mailed

I hope that this helps. Don't forget to stay connected @realestatedivabrenda