Home purchases are a perennial occurrence in the United States. More than 5.6 million homes were transacted between buyers and sellers in 2020, as evidenced by information obtained from the National Association of Realtors. (NAR). The sale of a home is a common occurrence; nonetheless, it can be nerve-wracking to handle everything on your own. Don’t be concerned; being familiar with the steps involved in selling a house will make things move more easily.
Important phases in the process of selling your house
The greatest method to take control of the house selling process is to have a well-thought-out strategy. The actions outlined below will assist you in getting started.
1. Locate a seasoned real estate agent.
Although the internet has made it easier than ever for purchasers to find real estate, real estate agents continue to play an important role in the process. An experienced professional can assist you in setting acceptable prices and maintaining your priorities. Request referrals from friends and coworkers, and be sure to inquire about the agent’s monthly closing rate.
2. Clear the clutter and set the stage
Decluttering is one thing, but to present your property in the best light, you may need to do more than that. Many sellers engage a staging company to help them spruce up their houses, and the results are astounding. According to a poll performed by the National Association of Realtors, 83 percent of buyers’ agents believe that staging helps their customers imagine a property as their future home. To give your home a brand-new feel, staging can include removing personal belongings and photos to neutralize a space, repainting, and even bringing in new furniture.
3. Place your home on the market and list it.
It’s time for your real estate agent to list and market your home once it’s ready to show. Through real estate sites and social media, such as Facebook and Instagram, an aggressive strategy can help your listing reach a large number of potential buyers in a short period of time. Talk to your agent about their marketing strategies, and don’t be hesitant to spread the word about the property in your own social circles.
4. Make a deal to sell.
Most bids to buy your home will necessitate some haggling in order to reach a win-win situation. Your real estate agent is well-versed in the complexities of the contracts used in your area, as well as the interpretation of home inspection reports, and will advocate for your best interests during the negotiation process. Your representative also understands the meaning of each contract condition, how much money you’ll get from the sale, and which areas are the easiest to negotiate.
Some items are negotiable:
- Closing costs in Financing costs
- Appliances and fixtures are repaired.
- Painting and Landscaping Move-in Date
- Your agent will draft a contract once both parties have agreed on the terms of the sale.
5. Begin the escrow and title process.
Your realtor will open an escrow account, which means a third-party company will handle the transaction between you and the buyer. To ensure the deal, you’ll accept the buyer’s offer, sign a purchase agreement with the buyer, and deposit the buyer’s earnest money, also known as good faith money, into an escrow account. Your real estate agent will also order a title search, which uses public documents to show that you are the legal owner of the property and that you are free to sell it.
6. Finish the house inspection
The buyers will hire a home inspector to assess the property for damage and necessary repairs after they have reached an agreement. The inspector will normally assess the heating and air conditioning systems, plumbing and electrical systems, roof, attic, ceiling, flooring, and other areas of the house, according to the American Society of Home Inspectors.
7. Finish your house appraisal.
We’ve completed the inspection phase, and now it’s time for the appraisal. So the appraiser is the lender – again, if there is an appraisal, if it’s a cash offer, you’re not likely to get an appraisal. The majority of offers include an assessment because they are mortgage loans, which require one. So the lender shows there, sends out an appraiser to check on the property’s valuation, make sure what they’re lending on is worthwhile, and everything adds up. So, somewhere between 10 and 25 days into the process, generally around the second or third week, an appraiser arrives, the lender dispatches him, and they’re picked at random.
They have a pool of people they may call on if they want, but they have to choose at random. People used to get into difficulty by handpicking people and then having people drive by and say, “Hey, the house seems nice.” It’s fantastic. It’s a bargain.” That got us in a lot of trouble. So they’ve regulated a lot of stuff, but now they pick someone at random from a pool of individuals they like, and then they send him out to do the assessment process, which isn’t as rigorous as the inspection process.
They are, however, investigating the property similarly to the inspection, albeit to a lesser extent. As a result, the inspector conducted a two- or three-hour inspection. The appraiser will most likely be present for 20 minutes to an hour, performing comps on the property. They won’t be crawling in and out of everything, but they will be photographing everything and looking at the property in the same way that a buyer would.
So make certain that when they get the evaluation, the house is in excellent condition. It’s tidy, and there’s no cause for the appraiser to feel stymied. The appraiser will arrive shortly. He’ll express his values and assessment, and it may go anywhere once he’s finished. The appraisal report could take anywhere from two to seven days or more, and in some cases, even ten days, as we’ve seen.
8. Close the escrow account
That is, between the time of the inspection and the closing date, most buyers are in the house for a few weeks. So they’re simply making sure everything looks the same as it did before, excluding things like moving out, but they want to make sure there aren’t any holes in the walls or broken windows. They want to certify that any inspection or evaluation-required repairs were made. We’ll conclude then. Last walkthrough is usually an hour or two before closure.
Between the inspection and closing, most buyers live in the house for a few weeks. They’re just making sure it looks the same as before, excluding things like moving out, but they want to check for holes in the walls and broken windows. They want to make sure any inspection or appraisal-required repairs are done and confirmed. We’ll then end. Final walkthrough is usually done two hours before closing.
It might be possible to finish it that day. It’s sometimes done the day before or the day before, but it’s normally done immediately before closure. They go over there, the agent grabs the lockbox and the key, and then they come over to close with us. The closing is normally done from 9 a.m. to 5 p.m., Monday through Friday. Closer are usually working at certain times, and they are closed at those times. So, with your timetable, mentally prepare for that. They’ll take around an hour to complete.
How to help the home-selling process go more smoothly
Whether you’re in a hurry to sell or simply prefer efficiency, keeping a few factors in mind might make the house selling process go more smoothly.
Think twice about open houses
Open homes are no longer the norm when it comes to selling a home. Only 4% of all purchasers visited open houses, according to a NAR generational research, which is unlikely to justify the hassle of leaving your home, the risk of burglary, and the cost of serving refreshments for curious visitors.
Before you put your house on the market, be sure it’s in good shape.
Because a house inspection is an unavoidable part of the selling process, the buyer will almost certainly request repairs. While you are not required to repair anything in your property before listing it for sale, an old roof or creaky flooring may deter potential buyers. To reduce buyer inquiries and shorten your escrow period, consider addressing these issues prior to listing.
Consider the time of year.
It turns out that there is an ideal week to put your house on the market. Properties listed between March 31 and April 6 were priced 6% (or $17,000) more than they were at the start of the year, according to a 2019 Realtor.com analysis. Keep in mind, though, that closing prices are normally highest in June when the market begins to saturate. As a result, with the first thaw, your listing goals should warm up.
Regentology is a real estate agents referral network, Our agents simplify the steps of buying a home, so you can start the home selling process feeling confident and prepared. Our mission is to understand your needs, budget, and timeline while being available to assist every step of the way.