Selling Process
At some point, you may consider selling your home, and when you're ready, you have a few options. You can either collaborate with a real estate agent or take on the task of selling the property yourself. However, be prepared for a significant amount of work! While selling your property independently is possible, if you lack the time, energy or to experience, this might not be the best option. Most sellers opt to work an agent, as they can list/market your property on Multiple Listing Services/, giving agents and millions of potential buyers access to your home.
Always do your homework! Below is a checklist to help walk you through the process:
A. Understand Your Property
Before you begin selling your home, take moment to review the terms of your existing loans. This will help you understand the total cost to pay off mortgage. Additionally, familiarize yourself with important details about your property, such as taxes, zoning regulations, lot size, and square footage.
B. Research Your Market
You need to familiarize yourself with your housing market. Check the selling prices of properties similar to yours and see how long they were on the market before being sold. Take a drive to visit other open houses that have quickly sold to better understand your position in the market.
C. Set The Price
After gaining insight into your home's details and reviewing the selling prices of comparable in your neighborhood, establish a reasonable price
D. Determine financing alternatives.
Reach out to local lenders to explore the options available for potential buyer. Being knowledgeable beforehand will help you gain their trust and prevent any hesitations in with you.
E. Perform a “walk-through” of your property.
Try to view your home through the eyes of a potential buyer and an inspector. Make sure to complete all necessary repairs and updates beforehand. Here are some points to keep in mind:
Inside:
Outside:
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Does it need a fresh coat of paint because the old paint is cracked or faded, or is an unappealing color choice likely turn off potential buyers?
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For homes with yards, the lawn and landscaping should be attractive and meticulously maintained.
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In a condo, while the building itself can't be changed, simply updating the bathroom and kitchen should definitely make a strong showing.
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Are the windows and doors attractive and in good condition?
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Check that the roof and gutters are well-maintained
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Are the exterior paints and finishes in excellent shape, or do they require a refresh? This is one area where the investment can yield great returns, as well-maintained home can significantly enhance its appeal.
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Are the appliances functioning properly and relatively new?
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Are the plumbing and electrical systems in good working order?
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Are the carpets or other flooring clean and in good condition? Similar to the paint, do they look attractive and well-maintained? Investing in hardwood refinish or carpet cleaning can add value to your home.
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Are all light fixtures working properly, and is there good lighting in each room so that prospective buyers won’t think you’re hiding something?
F. Don’t forget the Internet
If you decide to work with an agent, you'll find that most have own or brokerage websites that featuring their clients listings. In addition to being on the listed on the MLS, as part of the services provided by your agent. Additionally, you or your agent can promote your property on social media via Facebook Marketplace, Instagram, videos on TikTok has been excellent avenues to connect numerous buyers in your market.
G. Set up a schedule of open houses
Most agents schedule their open houses on weekends, which is convenient for buyers. Additionally, consider arranging a few showings in the evenings after work. It's essential for you and your agent to collaborate on marketing the property to generate maximum interest from buyers.
H. Once you have an offer, it’s time to negotiate
Buyer(s) need to come to an agreement (in writing) regarding the following:
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Price
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Inspection contingencies
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Financing terms
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Date of closing
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Date of possession
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It would be prudent for you to have an attorney review any and all contracts before the deal is finalized
Are You Ready To
TO SELL YOUR HOME?
You can entrust your home making decision with Richard and the team at Richm Mgmt. Richard has the insight and knowledge to ensure you make the best home buying decision for you and your family.