Determine Why You Are Selling
Make An Action Plan
- Analyze why you are selling – If you and your agent understand your motives, you will be able to better negotiate and to get what you want, whether it be a quick sale, high price, or something in the middle.
- Prepare your home for the buyer – Maximize the strengths of your property and repair and replace its weaknesses. You want the buyer to walk away from your home with a lasting good impression.
- Find a good real estate agent that understands your needs – Hire a loyal, professional agent who will negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.
- Be prepared for negotiation – Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buyer so that the deal is secure.
- Negotiate for the best price and the best terms – Have your agent advise you how to counter offer to get maximum value from every offer.
- Make sure the contract is accurate and complete – Be honest with your disclosures; you do not want to lose the deal because you were lying or diminishing your home’s defects. Insist the buyers get a professional inspection. This will protect both you and the buyer.
Hiring The Right Agent
The most important attribute of an agent is that he/she is experienced and well connected to the real estate industry. He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and provide solid references. In addition, you also want to look for an agent that is honest, assertive, with a proven track record, and one that best understands your individual needs.
Choose a local agent who is highly experienced with a superior reputation. They can better serve your needs because they should be more familiar with the local market conditions, local prices, and what’s hot or not in your community.
Should I Consider Selling My Own Home?
FSBO (For Sale By Owner) is a process of selling your home without the use of a professional real estate agent or broker. Selling a home without an agent could conceivably save approximately 6% of what would have been the agents’ commission.
Before you seriously consider this option, you must remember that that to get the savings, there must be a cost. So, what’s the catch? FSBO (For Sale By Owner) selling is hard. Much Harder!.
Of all sellers that decide to do FSBO; only about 10% are successful at it. And most do not end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent with professional negotiating skills.
There are other important issues to consider, as well. Do you have time and money to make selling your home your full-time job? Because for a lot of FSBO sellers, that’s exactly what it is. Do you have capital to spend on the marketing, advertising, inspections, paperwork, phone calls, showings, and the problems that come up when any home is sold?
Other advantages of selling with a professional agent are that you can get your home listed on the MLS (Multiple Listing Service) and other popular websites where not only homebuyers but also other agents can easily find and show it. Professional real estate agents have an extensive network that allows them to more easily access buyers.
Before you decide to sell your home yourself, thoughtfully consider just how much time and effort you can spare for selling your home, as well as how important it is that your home sells sooner rather than later.
How Do I Determine the Asking Price?
- – Houses in your price range and area that were sold within the last half-year
- – Asking and selling prices of houses
- – Current inventory of houses on the market
- – Features of each house on the market
What is A Short Sale?
Making A Good First Impression
- – Landscaping – Is the front yard maintained? Are areas of the house visible to the street in good condition?
- – Cleaning or upgrading the driveway – Is your driveway cluttered with toys, tools, trash etc.?
- – Painting – Does both the exterior and the interior look like they have been well taken care of?
- – Carpeting – Does the carpet have stains? Or does the carpet look old, tired and/or dirty?
Getting the Highest Price in the Shortest Time
- – All-cash deal
- – Higher-than-market-interest in a second mortgage for your home
- – The buyer will pay for most or all of the closing costs
- – The buyer will take care of any repairs
- – Quick close – the buyer is pre-approved and ready to close in a timeframe that best suits you
Should I Insist on a Home Inspection?
- – Structural problems – are there problems with the underlying foundation of your home?
- – Plumbing conditions – is there leakage or clogging?
- – Roofing conditions – the extent of deterioration, is there leakage?
- – Electrical conditions – is there inadequate circuits or potential fire hazards?