WHAT ARE THE STEPS FOR SELLING A HOME
There are 5 major steps or phases you’ll encounter when selling a home:
1. Research & Preparation
2. Listing & marketing
3. Offers & negotiations
4. Escrow
5. Close
Let’s get into each step.
RESEARCH & PREPARATION
Take your time in your research and preparation.
The items you’ll be taking care of in this phase are:
- Interviewing and hiring a Realtor
- Determine your list price
- Preparing the home for photos
In that order.
I cannot stress enough how important it is to consult with a Realtor BEFORE you spend money on repairs and upgrades. Too often I meet with clients who have already spent way more money than is necessary to sell the home by the time they call me. Color and design trends change quickly. It’s risky to take on a remodel or refresh without first consulting with a local Realtor.
Often simply decluttering, depersonalizing, and minor touch ups do the trick. Make sure to ask your Realtor whether they have a book of vendors they can recommend for reliable service and reasonable prices.
This phase should take about 30 – 60 days depending on how much work you want to do on the home and how quickly you research and interview realtors.
LISTING & MARKETING
When working with the best REALTOR®
Here’s what you can expect during the listing and marketing phase:
- Professional photos and video are taken of the home
- The for sale sign goes up on your lawn (if you want one)
- The home gets listed to the public for sale & begins appear on all major real estate websites
- Digital ads begin to run online
- Print ads, flyers and brochures are distributed
- Broker & public open houses are held
- Private home tours are arranged
If you are working with a full service Real Estate company, all of the above will be taken care of for you.
In a sellers market this phase can last as little as 2 -4 weeks.
In a buyers market this phase can take months.
OFFERS & NEGOTIATIONS
Reviewing offers.
If the home was priced correctly and the marketing was done professionally, you should start to see offers on your home within the first 2-3 weeks. Then, it’s time to negotiate. Some of the items sellers can negotiate are:
- Purchase price
- How much time they need before moving
- A rent or lease back
- What appliance and personal property will be included in the sale
- Whether to pay any of the buyer’s closing costs
- and more!
Remember, as the homeowner YOU determine what price and terms you’ll accept. You can negotiate just about anything prior to accepting an offer.
An experienced Realtor will guide you on how to advocate the best deal for yourself without losing a serious buyer.
Reviewing offers and negotiations typically takes 1 week.
ESCROW
You have picked the offer you want to accept.
Once you have picked the offer you want to accept, we move into the escrow phase. What’s an escrow you asked?
The best way to think of it is the “in between” period where the property is not yet transferred out of your name, but we are doing all the tasks and legal paperwork required before we can officially exchange money and keys.
An escrow can be as quick as 5-10 days if you are selling to an all cash buyer or 30-45 days if you are selling to someone using a loan.
Here’s what you can expect to happen during the escrow period:
- The buyer will send in a deposit to get the process started
- The buyer will complete a home inspection
- If the buyer is using a loan, the lender will complete a home appraisal
- You will fill out various documents required for the sale
- You will complete any repairs agreed to during negotiations
CLOSE
The last step.
Once all the items required of an escrow are completed, you are ready to close! The officially closing of an escrow is determined by the following two events: The title is transferred to the buyer’s name. You get your cash. These happen simultaneously.
Unless you negotiated a lease or rent back, the house must be vacant, and free of personal and the keys delivered to buyer on the day of close.
Your Realtor will work closely with you leading up to this day to ensure all systems are in order on a timeline that works for you.
We talked a lot about the logistics involved in a sale, but are wondering whether this is even the right time?
Make sure to watch my YouTube video “is now the right time to sell”
