Not everyone has experience with selling homes. I, myself have only sold one home. I’ve bought two and I think this is definitely the more pleasant of the two transactions. I am not a licensed real estate agent. I have been working as an assistant for almost a year, and I have learned so much about real estate transactions. So, as an ‘outsider’, if you will, I can give you some tidbits about the process of selling a home. It’s the basics and a very good place to start, if you aren’t a veteran seller.
Step 1 Before going on the market. Once you know that you are going to sell you home, take a deep breath. It is a time consuming project. These steps are pretty well known:
• De-clutter, need I say more?
• Interview agents.
• Decide on a price.
• Determine showing instructions.
Step 2 You are on the market. Yahoo! That part is done. Find a buyer!
Step 3 Under Contract. Accepting an offer is an entire blog entry all on its own and I am not about to tackle that tricky one. But let’s say you have already accepted one. What now? You’re done, right? Nope! Here’s what to expect:
• Closing date – Buyer usually picks a date that works for them, but this is negotiable. Sometimes it is simply a date picked almost randomly. It can be adjusted.
• Inspection - Buyers typically hire an inspector. The inspector comes to the home and checks the house out. They look for things like shingles that are missing, gas log fireplaces that aren’t working, water under the house, etc.
• Repairs – From the inspection the buyers can create a repair request. This is a formal list of things they want repaired before closing. You can decide to fix all of them, some of them, none of them, or offer money in lieu of fixing them. Of course, there are ramifications to each of these decisions and your agent should explain them all to you. Once that is negotiated, you sign the repair request. Now you MUST do what you agreed to do or the buyer can back out of the purchase.
• Deed & Lien Waiver – Legal paperwork that the seller must sign for the sale of the home. This is typically prepared by the closing attorney, but you can have your attorney draw them up if it would make you feel more comfortable.
• Attorney instructions – What? I have to give the attorney instructions? Aren’t they supposed to know what to do? Well, yes, but where and how would you like your proceeds delivered? Oh, maybe that is a good idea. Pay off the mortgage and give the rest to me!
• Closing – You technically don’t have to go to this one. You can sign all the paperwork ahead of time.
Now take another deep breath and move on to your new home!
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