Introduction:

You’re prepared to sell your house and start a new exciting chapter in your life. Perhaps your profession has recently changed. Maybe you want to live closer to your grandchildren. Or, like many recent sellers, you might want a larger home with room for an office and an outdoor living area. Or, you might even be downsizing. The only logical course of action is to sell your house, but this does not make the selling process any simpler.

For that reason, we have prepared a step by step selling guide for you. It will not only walk you through the selling process but also help you make the most out of it.

Summary:

  • Determine Your Home’s Market Value
  • Prepare for the Market
  • Carry Yourself Like a Professional
  • Get Your Home Out There
  • Negotiate an Offer
  • Confirm Buyer Affordability
  • Manage showings
  • Consider using an attorney
  • Close on the Sale

Determine Your Home’s Market Value

Starting off, you shouldn’t pick a listing price for your residence at random. You wouldn’t want to overcharge for it or undercharge for it. Undervaluing it will result in money being lost, and you won’t attract any buyers if you overvalue it.

You must decide how much you believe your future buyer will be willing to pay for your house. This decision has to be made before putting it on the market. You may estimate the amount of the sale by learning the market worth of your house.

My advice is to speak with a real estate agent. You might ask a Realtor to see your house and give you an idea of its worth. Remember that they will want you to list with them for a fee and commission, so you might receive a biased response.

Trying to estimate the price of your house online also may not be a bad idea.  You can look up the prices of other houses in your area, and try to compare them to your house. But be aware that many of these online estimates might be completely wrong in the first place. The value may not be correct and may not account for recently sold properties in your neighbourhood. Also make sure to double-check the factors such as age, size, and condition.

Remember you will want to promote activity on your listing to not leave money on the table. Whether you sell with or without an agent, pricing a property correctly from the start is undoubtedly the most crucial decision in the process.

Prepare for the Market

The preparations for putting your property on the market may start after you have a starting price. To have your house ready for the market, you need to invest time to do a walk through and identify what needs to be repaired, altered, or upgraded. Keep in mind, some of these changes may be very expensive, like foundation or roof repair. However, most of them are more modest adjustments like simple modifications to the paint or flooring.

No matter the size of the repairs you need to always, deep-clean the entire house. Vacuum, declutter, clean, and dust surfaces while steaming the carpets. Alternatively, you can also hire a cleaning service.  It will be worth it, but could be costly.  It’s  important to pay attention to curb appeal and the exterior décor of your property including landscaping. Make sure everything is set up to look nice. Anything to improve the appearance of the house will be beneficial.

Once everything is ready, take pictures. Plan to go beyond just going around with your phone taking pictures of random rooms. Invest in hiring a good, professional photographer. You need someone who will show your home in a good light. Good photos are more important than you can imagine. This is a small investment which will pay off significantly.

Manage Showings

It’s crucial to handle showings after your house is prepared for them. You want to know who has viewed or shown interest in your home. You should also keep records of the last time a prospective buyer viewed it. Buyers and buyer agents may easily request and book showings with the use of online scheduling tools.

You can also set up an open house, which will ultimately save you a lot of time and effort!

Carry Yourself Like a Professional

To get fully prepared for your sale, you need to understand the significance of the mindset of your potential buyer.

A buyer’s purchase of a house is probably one of their biggest investments ever. It takes a lot of effort to make the down payment alone, let alone the 15 to 30-year commitment that comes with a mortgage. It’s likely that potential buyers are anxious or, at the absolute least, somewhat apprehensive. Consequently, the least that you can do is to treat them professionally from the start. By doing this, you will reassure potential purchasers and raise the probability that they will bring a contract to the closing table.

It’s reasonable to anticipate a lot of calls, and therefore important to always have your phone nearby. When it comes down to it, the choice of whether to answer a phone call or not can make the difference between selling a property or not. Make every effort to take the initiative and be available. Motivation is key, and you need to have enough of it both for you and potential customers.

Get Your Home Out There

One of the most important tasks in selling a property by owner is getting your home in front of potential buyers once it is available for sale. Unfortunately, if you’re selling your house yourself, this is sometimes the most challenging period.

There are several websites accessible for listing homes. There are countless websites for listing your home for sale by owner, and some websites are cost-free, while others demand a service charge. The expansion of real estate marketing and selling websites makes the whole process so much simpler. However, real estate agents often have better access to marketing and advertising materials. That’s why they can put your house in front of more potential buyers quicker.

Nevertheless, you might want to think about using other marketing strategies. The most popular might be Craigslist, print advertisements, and social media sharing. However, word-of-mouth advertising with friends and family might still be the best strategy.

Keep in mind that some of the best marketing strategies do not need to cost you a single penny. Try to make as many posts on all of your social media accounts, and ask your friends to do the same for you.

Lastly, never forget the good old for sale sign in your yard. Potential buyers have a tendency of visiting neighbourhoods they want to live in. Therefore, a well-placed sign, with a clear message, just might lend you the buyer of your dreams.

Negotiate an Offer

You received an offer on your house! Congratulations! Although it’s a big thing, you’re not finished yet. You might need to negotiate with the buyer if the offer is far below your asking price. Other terms in the buyer’s offer can include the fulfilment of specific repairs or even the seller’s payment of closing expenses.

A real estate agent can be helpful in this circumstance. They can handle offers and determine whether a buyer is truly interested in buying and ready to haggle. If you’re the one negotiating with the buyers, exercise caution because being firm on your price from the get-go may drive away bids.

Confirm Buyer Affordability

In addition to knowing how to market a property, sellers must assess the buyers’ propensity for making a purchase. You will feel more at ease knowing that a potential buyer can afford your property. And they won’t waste yours or their own time.

It’s always a good idea to record the names and contact details of potential buyers and their agents at an open house. Remind serious purchasers that any offer must be accompanied by a pre-approval letter. More importantly, be sure you understand the paperwork you are looking at and signing. You might consider consulting an attorney for this.

Consider using an attorney

When selling a home without a Realtor it is not necessary to involve an attorney. However, you might want to consider it if you have unanswered questions.

Again, it is very challenging to sell a property on your own (even for experienced sellers). First off, there is a lot of money at stake. Secondly, documentation is also complicated, and confusing. Last but not least, too many factors must be taken into consideration during a property sale for you to presume you are aware of them all. A deal can be ruined by forgetting to complete even one item on your checklist. Therefore hiring an attorney will increase your chances of successfully closing the sale. The best approach to ensure that all your bases are covered is to consider this.

Close on the Sale

After the purchase price has been agreed upon a formal sales contract will be drafted and signed by both parties. The contract specifies the ultimate sale price, the terms of the transaction, and the location and timing of the closure. The legal closing procedure is overseen by a closing agent. It is your responsibility to follow it and provide the necessary paperwork as needed.

The closing procedure can be more complex if the buyer needs a mortgage to buy your house. A lot of lenders have requirements that must be fulfilled before the loan may be approved. The transaction won’t be able to go through if your buyer’s financing doesn’t go through for any reason, and you’ll be back where you started.

You must be active in every stage of selling your property on your own, which may be time-consuming, expensive, and frustrating. You also have the option of selling your property quickly and for cash to a real estate investor. You will avoid this drawn-out and complicated procedure, but you might need to pay a bit more.

How a Cash Buyer Can Help Sell your House

Many sellers turn to cash buyers after realizing all that’s required in selling a house. There are many benefits of using a cash home buyer when selling your house. The most obvious benefit is that you will receive cash for your house. This can be helpful if you need to move quickly or if you are behind on payments and need to catch up. Another benefit is that you will not have to go through the hassle of showings and open houses. This can be a time-consuming process, especially if you have already moved out of your house. Finally, cash home buyers typically do not require repairs or renovations before they purchase your house. This means that you can sell your house as-is, which can save you time and money.

Cash home buyers like Fair Property Buyers buy homes directly from sellers, which saves time. This option can be a good choice if you need to sell your home quickly.  Although the amount of time it takes to sell your home on your own may vary, working with a cash buyer is a fast process. You can close and have cash in hand from Fair Property Buyers in as little as 3 days, depending on the situation. This allows you to move on from your old house and start fresh without having to wait for months or even years to find a qualified buyer. If you are looking for a fast and easy way to sell your house, then selling to a cash home buyer may be the best option for you. 

 

 

Greg Bilbro

Greg Bilbro is the CEO and co-founder of Fair Property Buyers. After 20 years as a residential Realtor, Greg founded Fair Property Buyers, a nationwide group of real estate professionals committed to helping homeowners sell their problem properties quickly and easily. Fair Property Buyers helps people across the U.S. sell their homes for a fair cash price, without the hassles. Prior to starting Fair Property Buyers, Greg was a Series 7 and 63 securities and registered investment advisor with New York Life and NYLife Securities, where he was named “Rookie of the Year,” and named the youngest Partner in the U.S. Greg is a native of Texas and holds a Bachelor of Science degree in Biochemistry from the University of New Mexico. He currently hangs his hat in Scottsdale, Arizona with his sidekick Frenchie, “Bity".

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