New to Selling Your Home

Thinking of selling your home? When is the best time to sell? How do you determine the best price? What are the total costs involved? Before you stick that For Sale sign in the yard, you can talk to Debbie and get a few answers to the most commonly asked questions.

Get Ready

People sell their homes for a million different reasons, but all sellers have one thing in common: The desire to get as much money as possible from their existing residence as quickly and effortlessly as possible. Before you begin the selling process, take time to evaluate why you're really moving and what you really need. Do you have too few rooms? Or too many? Has your job taken you to another neighborhood? Or another city? Are the neighbors driving you away? Or are you simply looking for a change? A complete analysis of your position and expectations will help you set goals for house selling.

Get Set

Take control of the selling process by understanding the market conditions and determining the best selling price. It's all easier when you're better informed. The real estate market is in constant flux and understanding current conditions in your local market will help you understand how these conditions can affect the sale of your home. Be sure to ask Debbie about the current state of the market.

Get It Together

Even before you list your home, you'll want to gather much of the information you'll need to complete the sale. Here are few of the documents you should have on hand:

• Mortgage documents -- You may wish to meet with your loan officer to discuss transferring, discharging or paying out your mortgage. This is a good time to begin negotiations on the terms of your next mortgage.
• Property survey -- Be sure to inform Debbie if there have been any changes to your property that could affect the accuracy of the survey. Deed or transfer of title document
• Tax assessment documents
• Utility bills.
• Claims relating to your home:
  • Separation agreement or court order
  • Will or probate documents
  • Liens and judgments
  • Unpaid taxes
  • Unpaid utilities
  • Pending litigation
  • Association documents (if you live in this type of home)
  • Maintenance and repair history (including receipts)

  Get Inspected

  Having your home pre-inspected by a professional home inspector before you list is almost always a good idea. Doing so not only allows you to see your home through the eyes of a critical third party but may also relieve buyer concerns; thus compelling them to waive an inspection contingency. Perhaps most importantly, a professional home inspection permits you to make many repairs ahead of time, so defects don't become negotiating issues later. Be sure to save copies of the inspection report and receipts for any subsequent repairs for potential buyers. They add up to more substantiation for the listing price you'll establish.

  Get Approved

  It goes without saying that you'll need a place to live once you sell your present home. If you're intending to buy, get pre-approved before you put your home on the market. This will keep you from getting stuck in a contract to sell your house before you know if you're qualified to buy another. Research the housing market in the area where you wish to live so you have a good idea how much it will take to buy a replacement. Then contact a reputable mortgage lender to secure your new home financing. This is also a good time to call your current lender to check the payoff of your present mortgage.

  Set Your Price

  Before you can determine the proper price for your home, you must know what the house is worth. That doesn't mean what you paid for it or how much you paid to upgrade it. It means determining just what someone else might be willing pay for it. The two biggest considerations in determining worth are understanding current market conditions and knowing the details of other recent sales in your neighborhood. Debbie has access to all of this information and will work with you to provide an objective, impartial analysis of your home; how it relates to other competing homes on the market, how it reflects current design and style trends, and how to best market it to prospective buyers. Once you've determined your home's worth, you can determine the proper asking price.

  Let Them In

  Your home is filled with memories and sentimental value. Unfortunately, that value is rarely evident to prospective buyers. While we all believe our home is our castle, our personal tastes may not appeal to everyone. For most consumers, purchasing a home is the largest investment they'll ever make. So, take a look at your house as if you were a buyer, make notes on what needs minor clean up, what needs major attention and what you can do about it all. The key is to be honest with yourself.

  Be Open to Offers

  After many discussions, Debbie will know the conditions and lowest price you'll accept from a potential buyer. By knowing your parameters, Debbie can work with potential purchasers' agents to develop an offer that will be acceptable to you.

  An offer in real estate is a bit different than an offer in many other businesses. When a buyer makes an offer on your home, it is in the form of a legal contract. If you, as the seller, accept that offer, the property is sold. If you decline that offer but extend a counter-offer, negotiations may continue.

  Needless to say, Debbie will take you through every aspect of any offer you receive. Be sure you scrutinize all the details, provisions, conditions and closing information of your sale. If there's anything you don't understand, ask!

  Any changes made to the contract require the written approval of all parties in order for the contract to be enforceable. Even seemingly minor changes open the door for either the seller of buyer to change their minds.

  What about low offers? No matter how low or unreasonable an offer may seem, the important thing to remember is not to take it personally. You do not know the reason for a low offer. It could be nothing more than a buyer's shot in the dark. It could be due to a buyer's mortgage qualification ability. Reject the offer, make a counter offer and move on.

  Be Ready to Close

  Sold. You've accepted the offer. But we know that isn't the end. In a way, it's just the beginning.

  Once you've accepted an offer, there's bound to be a lull until closing - but it won't be quite as quiet as you may think. This can be a time of great preparation and frenzied packing. Just remember not to pack anything that you agreed to sell!

  You're responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was agreed to in the buyer's offer. If your home suffers a major calamity, you'll be responsible for telling the purchaser - at which point they are allowed to walk away from the sale and have the deposit returned. The buyer may also opt to close on the sale and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the buyer wants to do.

  The closing process will take the title to the house out of your name and put it into the buyer's. The keys to the house will leave your hands for the last time and be delivered into to the hands of buyers.

  The primary documents and other items included in the closing are:

  • Settlement Statement
  • Contract
  • Loan Document (Buyers)
  • Title Insurance (Buyers)
  • Homeowners Insurance (Buyers)
  • Title or Deed
  • Down Payment and other Closing Costs
  • Mortgage Payoffs
  • Funds Available to the Sellers (upon record of new deed)

  To avoid any problems, delays or misunderstandings, keep in regular contact with your attorney, title company and/or real estate agent right up to the day of the closing. Make it a point to contact them on a regular basis to monitor progress toward completion.