If youve ever done it, you know selling a home requires much more than placing a sign in the yard, buying a few ads in the local newspaper, maybe making a few phone calls and, when (and if) a buyer is found, completing a few pages of paperwork. In fact, chances are, even if you have sold a home before, things have changed – possibly dramatically. Today, the selling process requires 24/7 effort,market and marketing expertise, knowledge of real estate law and local requirements, and much more. Thats why its imperative that you hire a qualified real estate professional who offers not one or two, but all of those qualifications.
Veteran Pasadena area Realtor Lin Vlacich encourages first-time and seasoned home sellers alike to ask themselves the following questions and consider a few important steps before selling a home.
MOTIVATION, MARKET AND MONEY
Why Am I Selling My Home?
If your reasons are purely emotional, you should consider taking extra time for a reality check (including going through the questions and recommendations here), and talking to a trusted friend or family member. On the other hand, if your motives are practical, logical and primarily objective, then it might be time to move forward. Just remember to also consider your current finances and realistic potential changes in your fiscal situation, lifestyle and opportunities.
Once you have taken a good, hard look at those things, and if you determine you want or need to sell, your next question for yourself should be . . .
Is Now the Time to Sell?
Selling a home requires the coming together of two factors: (a.) the wants, needs and goals of the seller, and (b.) current real estate conditions in the local market. While you can ascertain your wants, needs and goals, it takes the knowledge and experience of a real estate professional to compile an expert market analysis and put together a comprehensive action plan.
The Current and Projected Markets
Evaluating the current and projected real estate markets in a homes community and neighborhood takes more than counting the number of For Sale signs and noticing how quickly they appear and disappear. A timely and detailed market analysis should (in fact, must) include accurate price trends and projections as well as existing pricing, competition and more.A veteran Realtor who has experienced the markets behavior in your community and neighborhood over time, and who has successfully acted and reacted to it on behalf of her or his clients is invaluable when it comes to the efficient and timely sale of your home.
Considering the Financial Implications and Outcome
Your current and future financial considerations are important factors in your decision to sell your property. Whether you are selling a home that is a primary residence, vacation home, large estate or small rental, keep I mind there are such things as tax implications, estate planning and so on to evaluate. Your qualified real estate professional will communicate with you, your financial planner, tax attorney or other fiscal representative in order to devise the optimum plan to fit your unique situation.
What Is Your Propertys Value?
The short answer to what is the value of my home is Possibly more than you paid for it, and probably less than you think. Although any home has two values – actual and perceived –most homeowners tend to overvalue their property. Thatsnatural subjectivity based on emotions and a need to justify and verify personal financial investment in the home. Objectivity regarding a homes actual value is created through the comprehensive market knowledge and analyses available to competent residential real estate professionals. So . . . what is your propertys value? Find a trustworthy Realtor with in-depth knowledge of your communitys and neighborhoods residential marketplace and allow him or her to calculate an objective price.
PREPARING TO SELL YOUR HOME
There are several important cosmetic, practical and mandated tasks that should be completed in order to maximize your homes ambiance and perceived value. They include:
ACCEPTING AN OFFER
Price, Plus More
Although maximizing your return on your investmentin your home is paramount, an optimum offer consists of much more than price. Buyer financing, fair and equitable contingencies, requested leave-ins such as appliances, custom light fixtures and other appurtenances are all important elements. Of course, youragent will be there to help you evaluate every legitimate offerand craft a counteroffer if necessary.
Negotiating Toward a Win-Win Outcome
While receiving the absolute best offer and price for your home is paramount, a reputable real estate professional will also strive to negotiate a contract ensuring a fair and equitable outcome for all parties involved. Realtors such as Lin Vlacich have gained well-earned reputations for abiding by a strict and stringent code of ethics.
The Initial Agreement and Deposit
Expect to pay a deposit, along with additional deposits along the way, when entering into and continuing in any legitimate real estate agreement. They will be deposited into an escrow account by the closing agent, and will be released upon fulfillment of all contingencies and conditions specified in the written agreement.
The process will move along more quickly if you . . .
- Insist on written records.;
Verbal agreements such as addendums, counteroffers and so on should always be transcribed and signed by both parties. Your agent should ensure that happens, and that you receive copies.
- Honor the timeline.
Abiding by the schedule agreed to in the agreement is not only honorable, ethical, considerate, and every other appropriate positive adjective, failure to do so could result in breech of contract and loss of a chance to sell your home. When it comes to honoring the specified timeline, your agent should keep you on-track.
IMPORTANT ELEMENTS OF ESCROW
Inspections and Appraisal
Expect the buyer to have a licensed property inspector peruse your property. It will be the buyers prerogative to bring in one or more specialized inspectors as well. Unless the buyer is paying cash, his or her lending institution will require a visit by a licensed real estate appraiser. All inspections and the appraiser visit will be coordinated by your Realtor.
The Closing Agent
A title company or real estate attorney will be appointed closing agent. He or she will be responsible for researching your propertys title and ensuring that it is clear. Moving forward, any newly required encumbrances will become part of the new title.
Subsequent to the buyer and buyers agentexamining and analyzing all aspects of your property, including a thorough review of documents and inspections, either (a.) contingencies will be eliminated, or (b.) a contract renegotiation will be requested.
While meeting contingencies is a common ability of virtually any experienced and competent Realtor, finding creative solutions to problems that might arise is an art often requiring innovation and thinking outside the box. There are specialists in that area. Real estate professionals such as Lin Vlacichhave established superlativerecords and reputations related to the resolution of unexpected glitches.
Traditional, though not required, your homes buyer and agent might want to walk through and survey the property the day of closing or the day prior to closing. The purpose is to verify that everything is in order according to the agreement. Your agent should be present during that final tour.
Home services and utilities
Your agent will supply all contact information you will need for activation and de-activation of services and utilities.
All parties to the transaction will sign the settlement statement and will receive a copy of it from the closing agent. Funds will be supplied in the form of a wire transfer or certified check. and you will turn over keys to the property and all relevant information to the seller. Arrangements can be made if you are unable to attend the closing.