What Are The Steps Involved In Selling Your Home
Despite the economy, the Bay Area housing market is still hot. Like many, you may be considering selling your home. While you will likely not have a problem selling it, there are several steps involved.
Hire a broker
The easiest way to sell a home is through a licensed real estate broker. Interview a few. Get referrals and check out their online reviews. You’re looking for someone who can sell your home quickly for the highest amount. Ask for a portfolio of homes. Do their listings show well online? Are they staged well? Are the photos high quality? All of this matters, especially during a pandemic.
Get an inspection
Know what you might be facing if your buyer chooses to get an inspection. If you have dry rot or mold or a leaky roof, now is the time to fix it. Fixing it is usually more cost effective than having the buyers bid you down, or worse, back out, because of problems.
Listen to your broker
You are probably going to have to put some money into your home to get the most out of it. Stone countertops and stainless steel appliances, for example, can add tens of thousands to the value of your home for a relatively small investment. Your broker will also want to stage your home.
If you can, move out of your home while it’s on the market. Store everything you own if you’re staying with friends. If you have to stay there while it’s on the market, you’ll need to be meticulous. This is one place where the pandemic might be helpful, since most showings are virtual until buyers get serious.
You will probably receive multiple offers. Look at them closely for contingencies and types of loans. Cash is always easiest, but if you want a family to move into your home, that might not be possible. Ask your broker about the various types of financing.
If you really like the idea of one of two buyers, perhaps they sent a beautiful letter along with their offer, or perhaps there are no contingencies, give them an opportunity to counter offer.
Submit the offer into escrow
Once you submit an offer into escrow, the title company begins its work. They check to make sure there are no outstanding liens or other problems with the title of your home.
Prepare for the buyer inspection
If you’ve hired your own inspector, this part should be easy, but the buyer’s inspector may find additional problems. You can either negotiate down at this point or have the problems fixed. In California, many buyers choose to forgo an inspection contingency.
Prepare for the appraisal
Before a mortgage company approves a loan, they will send an inspector to make sure your home is worth it. Make sure it’s clean and neat. Your Realtor should do all the rest.
Make the agreed upon repairs
If the accepted offer demands that you make repairs, now is the time.
If you haven’t already, move out
You’ll need to vacate the house before the closing date.