Home Selling Process
Hiring the right agent will make the selling process as fast and easy as possible, but there is a LOT happening behind the scenes that is helpful for Sellers to know. This page explains what sellers can expect and how they can be most prepared when selling their property.
Basic Steps
Review the steps below for a basic overview of the buying process and the key milestones along the way. Remember, your agent will guide you through every step in the process!
Assess the Market
Look at what properties are selling for in your area
Go on common websites like Zillow or Realtor.com and look at the properties that have sold in the past 6 months to gauge what buyers are likely willing to pay for your property. You can also look at current listings in the area to get a sense for your competition! If there are several properties in the area for sale at way-below-market prices, you might wait to sell until those homes have sold.
Get a Comparative Market Analysis (CMA) from Listing Agents
Meet with several listing agents and ask them for a Comparative Market Analysis - any agent will do this for you for free, and it will tell you what price they think your property could sell for based on what they're seeing in the market. This helps you decide whether the home is worth selling now, and sets expectations on what you will likely receive back for planning purposes.
Hire an Agent
Hire an Agent
Meet with several listing agents and find the one you're most comfortable with. Ask each agent to outline their listing process and marketing strategy to make sure they have a plan and the expertise to execute it.
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If you'd like more resources on the benefits an agent provides and what skills to look for, see our guide HERE
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If you are ready to hire an agent, give us a call and we can represent you! We can help you sell your home quickly and realize all of the value you've built in your home!
Prepare Your Home
Repairs and Maintenance
Make sure your home is in the best condition it can be so you get higher offers! You generally want everything to be in operating condition, focus on curb appeal beyond that. If any major repairs or renovations have been done, have any available documentation (warranties, permits, etc.) ready in case they are needed.
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You can find our recommended repair projects with the highest ROI HERE
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Staging the Home
If you have already moved out of your home, your agent will advise you on what level of staging is worthwhile and how to get it staged. This helps buyers envision themselves in the home and how they would lay it out, a critical step in their making a purchase decision.​
List the Home for Sale
This is where your agent takes over and does their thing!
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Professional Photographs
Your agent will get the property professionally photographed so that you have beautiful, inviting pictures to use in the property listing that will attract buyers and offers.
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Activate the Listing
You agent will create a listing for the property with all the important information about it - namely a description of the property that sounds attractive to buyers, professional photos, and key deal terms. They will then activate that listing on the MLS, which signals to potential buyers and their agents that you are now accepting offers and open for business!
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Market the Listing
Your agent will then market the listing through the different channels available to them - listing websites like Zillow or Realtor.com, open houses, social media, etc. to put the property in front of as many potential buyers as possible, generate interest, and ultimately, offers.
Negotiate Offers
Review and Negotiate Offers
Once you've listed the property, your agent will start receiving offers from buyers. They will always present ALL offers they receive to you, explain the pros and cons of each, and advise you on whether they think you should accept, decline, or make a counter-offer. Don't take any offer personally, and anticipate making counter-offers!
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Accept an Offer
Once you have received one or more fair offers, accept the best one. You will do that by signing the offer, which creates a contract to sell the property to the buyer based on the terms of the offer. The buyer will then provide you with an earnest money check that they forfeit if they cancel the contract for a bad reason, which shows they are serious.
Close an Accepted Offer
The total closing process generally takes 30-45 days to complete after an offer has been accepted.
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Home Inspection
Once the property is under contract to sell, the buyer will pay to have the property inspected. Most contracts have an inspection objection clause, which lets them cancel the contract based on any issues they find. This may require more negotiation, as the buyer could request that you repair any issues or lower your price accordingly. If you receive an inspection objection, you can accept, negotiate, or cancel the contract.
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Buyer Secures Financing
After the home inspection, the buyer will get a loan approved to purchase the house. If they can't get a loan approved, they will generally have a right to cancel the contract. This is why it is important to have pre-approval letters submitted with any offer, so you know they will be able to close and not waste your time.
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Appraisal
The lender will hire an appraiser to determine an objective value for the property, based on the it's condition and similar properties that have sold in the area. This reassures the bank that the asset backing their loan is safe and will cover them in the event of a default.
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As long as the appraised value supports the purchase price, the loan will proceed. If the purchase price is higher than the appraised price, the buyer may need to put up a larger down payment to make up the difference. This is why pricing your home way above its market value is risky - not only will it limit the number of offers you receive, but it also makes a deal much more likely to fall through at the finish line!
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Final Walkthrough
The buyer may request a final walkthrough of the property to verify the property is in the same condition as it was during their inspection. If anything has changed, they can negotiate or cancel the deal, but they cannot raise any new objections to anything that was already there.
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Closing
The Once everything is ready, you will attend a property closing, where you will sign all of the closing documents to transfer ownership of the property over to the buyer, and the buyer provides payment in the form of a certifiied check or wire to complete the exchange.
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The total closing process generally takes 30-45 days to complete after an offer has been accepted.
After Closing
Move Out
When you actually move out of the property is very flexible, and is negotiated upfront in the offer. Many sellers are already living in a new home before their old one sells so it's a non-issue, but if you need more time to move out or prefer to purchase your next home AFTER you've sold your current one, that can be accommodated if the buyer agrees to it. You'll just need to move out before that negotiated date, and your process is complete!
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Cancel Utilities and Services
After you move out, you'll want to cancel your existing utility services to the property so the buyer can put them in their name.
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