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10-Step Home Selling Process

STEP ONE: NEEDS ANALYSIS

What is your current situation? Are you moving to a bigger/smaller home, or transferring to a new city because of a job offer? Try to answer the question "Why am I selling my home and what do I hope to accomplish?" Doing this will help you and your agent establish some realistic expectations and set priorities for time management.

STEP TWO: PRICING STRATEGY

First, you will need to objectively determine the best possible selling price for your home. Your agent will prepare a comparative market analysis to assist in the evaluation.

STEP THREE: PREPARING THE PROPERTY

First impressions are hard to change so you want your property to look its best when prospective buyers come by. Your agent will walk through the property with you and make recommendations on how to "stage" the presentation. You may need to paint a room, remove clutter from closets or fix a leaking faucet, but the payback is eliminating these objections from the sellers attention so that they can appreciate the true value of your home.

STEP FOUR: MARKETING STRATEGY

There are many ways of getting the word out there that your home is for sale. Your agent will review several options with you from signs and flyers, to Internet and newspaper ads to do direct marketing and real estate auctions. The path you choose will depend on the money you have to budget, with the objective of bringing the most potential buyers.

STEP FIVE: EVALUATING AN OFFER

An offer should only be accepted in writing so that you can verify all of the details and terms of the offer. Your agent will review the offer to make sure it is from a qualified buyer and covers all of the necessary areas.

STEP SIX: NEGOTIATING TO SELL

An initial offer states contract terms that are most agreeable to the buyer. Very often these terms differ some from what you, the seller, would like. Your agent will consult with you about the merits and weaknesses in the offer as well as the likeliness of negotiating better terms. It is your agents' primary responsibility to protect your best interests throughout these negotiations.

STEP SEVEN: CONTRACT RESPONSIBILITIES AND ATTORNEY REVIEW

Once you and the seller have agreed to the contract terms, several processes begin:
- You need to select an attorney to review the contract and order documents for the closing right away.
- If the property has a homeowners association, your agent will provide declarations, by-laws and budgets   to the buyer. Many associations require a sellers and move-out packet to be completed for their   management company.
- Your agent will coordinate obligations to third party services like inspectors, appraisers and the attorneys   to make sure that everything necessary is completed in a timely and legal manner.

STEP EIGHT: PRE-CLOSING

While you make arrangements for your upcoming move, you don't want any surprises that might jeopardize or delay your closing. Your agent will make sure all parties have done all that is needed in order for the closing to complete by the planned date and time.

STEP NINE: CLOSING

This is the process where transfer of ownership takes place. Your attorney will guide you through every step and your agent will be there to address any last minute issues that arise.

STEP TEN: POST-CLOSING

Congratulations on the successful sale of your home. You should contact all local utilities and service companies to confirm cancellation or transition of the accounts to the new owners.