It would be wonderful if the home-selling process were as simple as hanging a sign in your lawn, having the first person to see the house be the ideal buyer and having the closing be done in days without a hitch. But that is simply not a realistic view of how the home-selling process works. Selling your house takes a lot of time and effort. Keep reading to learn how the home-selling process works.
Home-Selling Process
Finding a Listing Agent
It is possible to sell your house without the assistance of an agent, but it is not always the best route to take. A listing agent will represent you and must look out for your best interests. Meet with at least three agents before you make your final decision, and be sure to choose someone who has experience working with home sellers.
Determine the Worth of Your Home
Overpricing your home will cause it to stay on the market for a long time. Take a look at comparable homes in your neighborhood to see what they sold for and determine if the market is hot or cold. Then, price your house accordingly. Your listing agent should be able to help you determine a fair price for your house.
Get Your House Ready for Sale
Living in your house means that it likely looks lived-in. Before you can sell your house you need to make it sale-ready. Clean your house thoroughly and get rid of as much clutter as possible. If you can, hire a professional stager, who can arrange the furniture in your home to present the space in its most positive light. You should also make any cosmetic repairs and updates that are necessary. If you own pets, consider sending them elsewhere while your house is on the market.
Show the House
You can go about having showings in two different ways. You can either schedule private showings or allow your agent to use a lockbox to show your home whenever someone is available to look at it. The second choice is the better route to go. Also, if you have leeway for when you can sell the house, aim for the spring rather than winter. Also, try to avoid the holiday season if at all possible.
Receive Purchase Offers and Begin Negotiating
If you have done a good job pricing and marketing your home, you will likely get several offers on it. Do not neglect any offers, even those you have no intention of accepting. Make counteroffers to prospective buyers who come in too low. Negotiating is often the key to making a good sale on your home.
Open Escrow and Order a Title
Once you agree on a sale price, your agent will likely open escrow and order a title policy for you. Then, work with the closing agent to select a closing date, which will be based on when the buyer’s loan will go through.
Inspection and Appraisal Appointments
The buyer will hire an inspector to check the house for damage and an appraiser to determine its worth. Either of the reports these people make can make or break the sale of the house. The buyer can back out of the deal if the reports are not favorable. Also, if the appraisal is not a value that is close to your asking price, negotiations may begin again.
Seller Disclosures
As the seller of the house, you have the responsibility to disclose any issues you know about. You may need to provide documentation to show repairs you made as well.
Negotiate Repair Requests
There is a good chance that the buyer will request that some repairs be made before the purchase goes through. You do not have to accept the requests, but refusing to do so can mean the sale will fall through. You can negotiate to factor in the repair costs into a closing costs credit if you do not want to make the repairs yourself.
Release of Contingencies from Buyer
Once you and the seller have agreed on the repairs, make sure the buyer has removed those contingencies from the agreement so that you have written proof of the agreement.
Sign Title and Escrow Documents
Talk with your agent to make sure everything is in order. Then, all you need to do is sign the official documents. Once you sign these documents, the process is complete, and your house is sold.
The Final Step of the Home-Selling Process: Turn Over Your Keys
Once the deal is complete, you need to give the keys to the new owner. Do not forget your mailbox and storage keys if applicable.
The house-selling process is involved and can often be complicated. But it does not have to be. You can save yourself the hassle of all of these steps by selling your Indianapolis area house to Ben Buys Indy Houses. We will buy your house for cash no matter what condition it is in. There is no need to spend time getting your house ready for sale, showing it to countless people, and keeping your fingers crossed that the sale will not go through. We will even cover all of the closing costs, so you get to keep more money in your pocket. Contact us today to see how we can help you.
