Step 1. Deciding to Sell
There are many reasons why one may decide to sell, some are due to necessity, but most arise out of preference. When deciding to sell your home, it is important to not only understand what your house is worth but also understand what is going on in the broader market. The best way to obtain this information is by speaking with your local Out East Realty agent.
Step 2. Interview Agents
It is a good idea to interview more than one real estate agent. Potential interviewees may range from your previous agent, the local neighborhood expert, or referrals from someone you trust. Calling a random agent found off the internet is risky. Sellers should prepare a list of questions in advance of an interview and request details about how that agent plans to sell your home (including the budget for marketing). An Out East Realty agent will be prepared to answer all your questions and provide detailed analysis of your home’s worth and the broader market.
Step 3. Determine The List Price
Consult your agent for their opinion on list price; but remember, you are the final decision maker on what to list your home at. In determining list price, it is important to look at good comparable sales in your immediate neighborhood. It is also important to look at the active market, this will give you an indication of where the market is going and whether the recent sales are higher or lower than what you should price your home at.
Step 4. Sign The Listing Agreement
The listing agreement is a binding contract between you and the agent’s broker. The listing agreement will specify the duration of the listing term, the listing price, commissions to be paid, duties of the parties, etc. The most common listing agreement is the exclusive right to sell listing agreement which means that regardless who sells the property, the brokerage still earns a commission if sold during the listing period.
Step 5. Prepare The Home for Showings & Go Active on The Market
Depending on your personal budget, your agent’s suggestions, and market conditions will determine how much or little you do in preparation to go to market. The following are common suggestions to help increase the value and desirability of your property: (1) professional staging; (2) fresh paint; (3) new carpet; (4) professional cleaning of interior; (5) removal of all clutter; (6) washing windows; (7) cleaning up the yard and planting flowers; (8) if budget permits, light rehab; and (9) home warranty, etc. Your agent has a list of reasonable vendors to help you prepare. Then your agent will take photos of the property for the marketing that he or she will do (Out East Realty agents always employ professional photographers).
Step 7. Receive Offers and Negotiate a Purchase and Sales Agreement
This is where your Out East Realty shines. Using our many years of experience and formal training we negotiate on your behalf to help you achieve the monetary goals that we will have set earlier.
Step 8. The Escrow Process
During the escrow period, the buyer will have a contingency period to conduct investigations, secure financing, and request any repairs that are needed. Once the buyer is satisfied by their investigations, secured financing and come to an agreement with the seller regarding repairs, they will remove all the contingencies in writing and proceed to close. There will be a copious amount of paperwork to fill out during the escrow, usually more negotiation with the buyer before they are committed to purchasing, so it crucial that you a hire competent attorney to guide you through the process. Your Out East Realty agent can make suggestions if you would like.
Step 9. Closing Escrow and Delivering Possession to The Buyer
Once the parties have fulfilled their obligations to each other, the escrow holder will record the deed (or other evidence of title) and disperse the funds to the parties. This is the point at which the seller will typically hand over keys and the home to the buyer. Congratulations, you have now sold your home!