You've made up your mind: Let's sell this house

Now that I've made you totally fearful and you're second-guessing your decision … let's get to the nuts and bolts of home selling.

First, let's take a look at Rod’s road map.

Deciding to sell

You have a lot of choices in selecting the right agent for you. Everyone has his or her own style of working; find an agent you feel comfortable with, who understands your financial needs with regard to your asking price, and who has knowledge about your neighborhood and its home-selling trends. This process is done by an initial consultation usually in your home or agents office.

Understanding your expectations is key for your agent to make sure that your needs are being met every step of the way. Here are some questions that can help you:

1.       Communication. How important is regular communication with your real estate professional? What information is important to you? How often do you want to be contacted, and what is your preferred method of staying in touch?

2.        Motivation. Why are you considering selling your property at this time?

3.       Time frame. Is there a certain date by which the sale of the property needs to close? How flexible are you with the time frame?

4.       Relocation assistance.  Will you need information or assistance in moving to a new area?

5.       Home selling decisions. Are there any other individuals who will be involved in your property sale decision?

6.       Price. Do you have specific expectations as to the selling price of your property? If so, what do you base this figure on? Do you anticipate a certain amount of the net proceeds from this sale?

7.       Expectations. What are your expectations from your real estate professional? What specific services and support do you look forward to receiving?

Prepare to sell

Each property has special features that may interest buyers. Here are some questions that can help you and your agent:

1.       What do you feel are the most appealing features of your property?

2.       What features does this property have that differentiate it from other similar properties?

3.       What changes to you see important that need to be made right away to make your property as saleable as possible?

4.       What do you regard as the most attractive features of the surrounding neighborhood?

5.       Are you prepared to do improvements if necessary for a successful sale?

Set a Price

The most important thing to do is to get current comparable property information. Getting sales prices from last year does not reflect current conditions. If a buyer is financing your property, most banks are looking at comparable sales over the last three months, not 6-12 months. It is important to be thinking in-line with how the banks are looking at your home to make sure that you are priced accurately and to limit potential appraisal issues once your property is in escrow. Rod will show you properties that best compare with your property for best results.

Market sensitive pricing can be the key to maximum market exposure and, ultimately, a successful sale. The existing pool of buyers determines a property’s value on:

1.       Location, design, amenities and condition.

2.       Availability of comparable (competing) properties.

3.       Economic conditions that affect real property transactions.

Factors that have little or no influence on the market value of a house include:

1.       What price the seller paid for the property.

2.       The seller’s expected net proceeds.

3.       The amount spent on improvements.

The impact of accurate pricing:

1.       Properties priced within market range (price per square foot average) generate more showings and offers, and sell in a shorter period of time.

Accept an offer

Once your agent has notified you of an offer, or offers, you will need to be able to identify what is acceptable to you. In most cases a home seller usually looks at the price and how long the escrow period is without looking at everything in between: Here are just a few questions that can help you get a better understanding of what to look for:

1.       Has the buyer been approved with a local mortgage broker? If not then who is it? How recent is it? Make sure your agent can verify who they are using for financing and not just some internet lender. You will want to have the pre-approval letter dated within one week from the date of your offer. In addition, along with their pre-approval letter they should come in with verification of funds. This usually is a bank statement showing enough cash for down payment and closing costs.

2.       What are the contingencies? You and your agent must be able to determine if they are reasonable for current market conditions. The days of getting a formal loan approval within in 10 days from acceptance are over. Make sure that you and your agent have realistic expectations as to what is reasonable due to the current market climate.

3.       What are the terms? – Is the price acceptable? What is the buyer’s motivation for buying your home? Job transfer; need more, less space, school district, investment? Good to know especially if you are in a multiple offer situation. The best price may not necessarily be the best offer. When evaluating everything on the table, look at who is bringing you the best price with the least amount of problems. (Most likely to close) Your agent should be able to help you identify which buyer or buyers are most likely to perform.

Closing and Moving

Almost home – There are a host of things to follow during the escrow period in which Rod will have orchestrated however, the final steps of closing are as follows:

1.       Removal of final contingencies

2.       Buyer’s final walk through of property

3.       Loan funding/balance of funds from buyer to escrow

4.       Seller signs Grant Deed.

5.       Recording of title

6.       Possession to buyer

Working with Rod

Rod is a third generation California real estate broker. He has sold or overseen over 2,000 closed transactions totaling nearly 400 million dollars. He is a seasoned problem solver with strong interpersonal skills, determination, and precise attention to detail. Rod has developed solid business and personal relationships with key industry real estate professionals and affiliates across the country. He is a skilled negotiator and highly creative thinker. If you are ready to meet with Rod, book your free no obligation consultation today by calling him at: 310-230-3773 or email Rod at rodaragon@prula.com.