Planning To Sell your House

You’ve made the decision to sell your property and you’re anxious to begin the process.  However, a well-defined plan can help you maximize the value of your property while minimizing the problems you may encounter during the process. Here is some helpful information that you can use to plan your success.

1. Prepare the Property for Sale.
   
   The old adage, “First Impressions are Lasting” is key for preparing to sell your property.  A positive first impression is critical to attracting buyers and getting the price, terms, and timely closing you’re seeking.  Think about the Curb Appeal of your house and make it inviting to buyers.
   
2. Identify Property Information.
   
   Useful information for the sales and closing process includes the legal description of the property, square footage of the house, a floor plan and room configurations, and a list of other improvements made or major home components that have been recently updated.  Also, check with your local government authority to see if they have specific requirements at closing such as a certificate of occupancy or zoning compliance, dye tests, etc..
   
3. Price the Property.
   
   The price you can get from a willing buyer has no correlation to the amount you originally paid for the home, how much you still owe for the mortgage, or how much you’ve spent for improvements.  You will need a comparative market analysis (CMA) that compares your property to similar properties in your area that have recently been sold.
   
4. Market the Property
   
   Marketing the property includes determining who is most likely to buy your home (target), creating and distributing promotional materials to attract these prospective buyers, and placing the proper signage on your property.
   
5. Pre-qualify Potential Buyers
   
   When prospects call and are interested in viewing the property, you should try to determine if this person is a serious buyer.  Asking questions like: Are you pre-approved for a loan? How long have you been looking for a home? What items are most important to you as you search for a house? Also, obtaining a name and phone number should be a minimum requirement before allowing them to view the property.
   
6. Draft a Sales Agreement
   
   Since this is a major financial transaction, a written sales agreement is a must as you proceed through the sales process.  This agreement should be the focus for all negotiations and the final closing.  All offers and counter offers should be written and initialed by all parties.  Hopefully, this should prevent disagreements during the closing process.
   
7. Negotiations
   
   In addition to pricing, this is one of the most important steps in the sales process.  You may want to receive professional assistance from a competent real estate professional, since this area will provide the greatest return of your investment.
   
8. Closing the Sale
   
   It is important to maintain strong communications with the buyer through this step.  Monitor the progress of all activities, quickly respond to and remedy any problems that arise, conduct the final walk-thru, and review closing documents prior to signing.