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6 Steps to Selling Your Property
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1.) Set a Plan
2.) Get Your Home Ready
3.) Set the Price
4.) Market Your Home
5.) Accept an offer or make a counter-offer
6.) Close on the Property
1.) Set a Plan
It?s estimated that over a million homes are sold directly by the owner each year. Although each transaction is a little different, there are many common steps in the process. Planning is essential in the buying process. Using these ?Seller?s Steps? as a guide throughout the selling process will be invaluable. OnlineOwners.com contains an enormous amount of valuable information, examples of property listings, an easy-to-use search engine, a detail listings page, basic buy/sell forms, links to professional services, and step-by-step suggestions.
Sellers shouldn?t worry about selling the home during a particular time of the year. In general, markets tend to have some balance between buyers and sellers throughout the year. For example, there may be fewer buyers in December, but there are also likely to be fewer homes on the market. Consequently, real estate prices tend to fluctuate because of general supply and demand patterns rather than the time of the year.
2.) Get Your Home Ready
The home-selling process typically starts several months before a property is actually placed on the market. The seller should look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired, replaced, and tossed out. A home that is clean, needs little work, and is uncluttered shows best.
Basic home improvements should be considered if:
A) It improves the showing of the property
B) It is consistent with the neighborhood
C) It does not involve a large investment that would not be recovered from the sale
Cosmetic improvements like painting, wallpapering, and landscaping help a home "show" better and often are good investments. Mechanical repairs to systems or appliances may be necessary to get a top price or even to close the deal if the buyer pays for a home inspection.
By printing out and completing the Disclosure statement provided by OnlineOwners.com, you will have a good handle on what repairs may need to be completed before the sale of your home.
Click on the Business Search link to search for Home Improvement Companies in your area.
3.) Set the Price
Every owner wants the best possible price and terms for their home. Several factors, including market conditions and interest rates, will determine how much you can get for your home. Keep in mind the money you will save by selling the property on your own. I would encourage passing a portion of that savings on to the buyer for a quick and easy sale. Consider pricing your home for a few thousands less than the market value. Make it a part of your marketing strategy. Advertise- ?Price below market value for quick sale!? By selling it on your own you can offer the buyer a great deal and still pocket thousands of dollars more than if you had to pay a Realtor 6 or 7 percent in commission.
Remember, the selling price isn?t everything. It may be, for example, that a home priced at $200,000 with a $5,000 credit to the buyer at closing for closing costs and other expenses will be far more attractive to purchasers than a home priced at $195,000. Why? $5,000 to the purchaser at closing may mean more at the time when buyers are most likely strapped for cash.
4.) Market Your Home
The real estate marketplace is always in flux, interest rates constantly change and new buyers search for homes everyday. Selling your home on your own should include a comprehensive marketing strategy. Use the following strategies.
Advertise on OnlineOwners.com. Our aggressive and comprehensive marketing approach represents unmatched value. In today?s real estate market, Internet advertising is essential. The Internet provides an effective way to ?Show? your home and communicate with prospective buyers. According to the National Association of Realtors (NAR), over 75 percent of all buyers search the Internet for available properties. NAR numbers also show that 20 percent of homebuyers move 50 miles or more from their current location. Clearly, advertising worldwide on the Internet is the only economical way to reach the 20 percent of your prospective buyers, who may not receive your local newspaper or be able to drive by and see your yard sign.
Keep your home on the market until you are sure the sale is final. Many homeowners receive offer within the first month. However, it is always best to leave your property on the market until a final offer or counteroffer has been accepted and all contingencies have been met. This is especially good advice when dealing with a home inspection contingency in the ?Offer to Purchase Real Estate.? The outcome of the inspection may facilitate a re-negotiate or a termination of the contract. Therefore, it is best to keep a list of other prospective buyers as a back up.
Take advantage of OnlineOwners.com?s Cooperative Advertising strategy. Advertise in the classified sections of newspaper more cost-effectively by running a small, but effective ad. List just a few details about your home and refer them to www.onlineowners.com with your listing number for complete details and pictures. Remember, if you are saving thousands in Realtor commissions you can afford to spend a few hundred dollars advertising on the Internet and in newspapers. Plus, through our Cooperative Advertising program you can receive a $20 credit.
Turn email and phone inquiries into appointments to see your home. Since your listing on OnlineOwners.com is so detailed, anyone who contacts you after seeing your home on the OnlineOwners.com is an excellent prospect. Before prospective buyers contact you they already know the asking price of your home, the detailed features of your home, the location of your home, and they have even seem pictures of your home. This filtering process accomplished by OnlineOwners.com will save you countless hours, enabling you to focus on only the best buying prospects.
During the walk-through appointment, provide prospective buyers a copy of your detailed listing, guide them through a tour of your home, and answer all their questions to the best of your knowledge. If there are questions regarding matters that require a professional?s opinion or inspection, explain that they can make an offer continent upon an acceptable home inspection (At the buyer?s expense).
Click on the Business Search
link to search for Home Inspectors in your area.
Advertise and hold open houses. Another advantage of OnlineOwners.com is the ability to advertise your open house instantly. You don?t have to plan every open house weeks in advance as with other forms of advertising. If you are going to be home on Sunday, just edit your OnlineOwners.com listing to show an open house on Sunday from 2:00 PM to 5:00 PM.
Post and distribute printed copies of your listing. By clicking on Print Listing you can print a first-class flier for distribution. You may want to attach a few copies to your FREE yard sign for people who see your home when they drive by. Also, distribute fliers at work, church, etc.
5.) Accepting an offer or making a counter-offer
Once a buyer has expressed interest in purchasing your home, ask them to complete an ?Offer to Purchase Real Estate? agreement like the one provide by OnlineOwners.com. Both you and the buyer may wish to consult legal advise before and after signing an agreement.
Click on the Business Search link to search for Real Estate Attorneys and Legal Services in your area.
A number of factors determine whether a buyer's offer is acceptable. Factors to be considered include:
? Is the offer at, near, or above the asking price?
? Does the offer include terms that require the seller to pay expenses at closing like closing costs or a repair credit?
? Can the buyer close in the timeframe required by the seller?
? Does the offer contain excessive contingencies like inspections, mortgage approval, selling the buyers current home, or doing repairs before closing?
All of these factors should be considered when evaluating an offer. You, the seller, will be that best judge to decide if the offer is acceptable. After careful evaluation of the offer, the seller has three options:
A) Accept the offer
B) Reject the offer
C) Make a counter-offer if an offer is close, but not quite acceptable
A counter-offer is nothing more than a new offer. And just as the seller had three options in response to the buyer?s price and terms, the buyer can now choose one of three options: accept the offer, decline the offer, or make a new counter-offer.
Offers and counter-offers reflect the back-and-forth activity of the marketplace.
This process can repeat numerous times until an agreement between the buyer and seller is reached. Once an agreement is reached, the buyer and seller should read, complete, and sign a ?Purchase Offer and Acceptance Agreement? like the one provided.
6.) Close on the Property
Weeks in advance, you and the buyer must select a closing agent. The closing agent is a third-party agent needed to prepare the required documents, disburse the funds, and activate the transfer of ownership. Your attorney, the escrow agent, the title company or a professional closing agent can be given ?Power of Attorney? if you are not available to attend the closing and act in your behalf.
The closing process, also known as "settlement" or "escrow," varies across the country. In general, closings bring together a variety of parties who are part of the "transaction" process. At closing, transfer taxes must be paid and other claims must also be settled (including closing costs, legal fees and adjustments). In most transactions, the closing agent also completes the paperwork needed to record the loan.
Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table and sometimes with each party completing their papers separately.
Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage, title insurance, and other transaction costs. Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices.
One of the best parts of settlement is that buyers and sellers need to do very little. All the papers for the closing have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records, and state governments collect their transfer taxes.
Before closing, determine the status of the utilities required by the home, items such as water, sewage, gas, electric and oil service. The seller should pay all utility bills as of closing and services should be transferred to buyer for billing. Usually such transfers can be done without turning off utilities.
Lastly, enjoy your extra cash from selling your home with the help of OnlineOwners.com!
Click on the Business Search link to search for Closing agencies and Legal Services in your area.
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