There are a few basic steps that every prospective seller needs to know about the home sale process. First, you should make sure that you work with a real estate professional that will guide you through the process of selling your home. In conjunction with your agent, you should determine the asking price by asking for and reviewing a comparative market analysis often called a CMA. This report reflects how many homes similar to yours in the same neighborhood area have recently sold for or are currently being sold for. Another item to keep in mind when deciding upon your sales price is the amount of time you are willing to wait for a buyer to make an offer. This is important because if you see that the general market is trending upward you will not be so inclined to jump at the first offer. The process of working with an agent will include signing a listing agreement, which is an agreement between you, the seller, and your real estate agent. It enables your real estate agent to represent you as your exclusive Seller's Agent. The contract usually includes such items as the length of the listing period, typically 3 months to six months, desired sale price, and the amount of commission for the broker. The hotter the market the shorter the listing period.
An important factor in determining the right agent is to know the prospective agent's marketing plan before obligating yourself to a contract. Savvy realtors who know their market well and have a range of marketing tools from traditional materials to internet based tools, i.e. yard sale signs, MLS (multiple listing service), internet websites, virtual tours, will give you the broadest exposure for the sale of your property. Considering all the factors involved, the obvious goal is to sell your home for the highest possible price in the shortest amount of time.
When you prepare your home for the sale, you want to make sure that it has good 'curbside' appeal, typically buyers often look closely at the outside appearance before they even consider the inside. Make the outward appearance of your home as inviting as possible, but also ensure that the interior shows just as well as the exterior. Interested buyers for your home will present offers to your agent, who is obligated by California law to present these offers to you. A seller can accept, reject, or provide a counter-offer. Once you accept one of these offers, a formal contract of sale will be negotiated and signed.
Included in the contract is a time frame that usually allots the buyer a certain period of time to have the home inspected by a Property Inspector. After this home inspection is complete, the Buyer's Agent will tell you that your home is in a secure contract, and the selling process will continue. This process is often referred to as being "in escrow" which is usually handled by a third party. The contract of sale says that the sale is subject to a clean and marketable title, which is the seller's responsibility. Other 'must dos' that need to be taken care of before the closing are the following: the appraisal, survey of the property, and final loan approval. After all of the above steps have taken place, there will be a final walk-through of the home to make sure that everything is in order. And, finally, the closing will take place and all parties are then paid.
