Home Selling Checklist – 14 Steps to Follow When Selling Your Home
Selling your home can be a stressful, yet interesting experience. Realtor Kevin Foy and Nick Foy with RE/MAX Oak Crest have put together a 14 step guide you can follow to make the process less daunting.
And if you decide you are ready to sell your home in Northern Indiana (South Bend, Mishawaka, Elkhart, Goshen) please reach out and get more information about the home selling process and next steps you should take.
Team Foy has closed over $100 million in sales over 35+ years of selling real estate in the Elkhart County and St. Joe County area. We’d love to help you through the selling process and make it less stressful!
Step 1: Choose a professional listing agent
A listing agent acts on your behalf as a property seller helping market your home for sale to other realtors and buyers in attempt to get it sold and satisfy your interests.
Before you choose the best listing agent, interview some top-rated listing agents in your area, and then decide who is the most suitable realtor for you.
Check out our Listing Packet – Team Foy to learn more about working with Realtors Kevin Foy and Nick Foy, a father-son duo.
During the interview, ask questions concerning your listing agreement and the period of time your property will be listed for with that realtor until it is finally sold.
Step 2: Discover how much your home is worth
The next step after choosing a listing agent is finding out the value of your property. Sellers’ most common mistake is overpricing their properties. That’s why experts recommend considering if your market is hot, neutral, or cold when it comes to the price of your property. Prices are always fluctuating.
Step 3: Ready your home for sale
Most homeowners ready get their homes ready for sale by pressure washing them and improving their exterior appeal. Curb appeal, in fact increases your property’s value more than you’d expect.
Consider making necessary repairs. This could be updating the flooring, fixing painting and drywall issues. Updating the appliances or counter tops in the kitchen, etc.
Bear in mind that you only have one chance to create a great first impression for your home, so make it count.
Step 4: Market your home
The listing agent you have chosen will identify the selling features of your home and use them in the marketing materials they create such as the wording of the listing on the MLS, marketing fliers, post cards, email blasts, Facebook Ads, etc.
Find out your listing agent’s marketing plans and how they’ll increase buyer exposure to your home.
Some homeowners hire professional photography to shoot quality photos that can be used online to advertise their homes.
You can share these photos on Facebook, Instagram, and/or Twitter; believe me it counts. Saturate your social media accounts with photos and descriptions about your home.
Step 5: Negotiate and accept offers
Get yourself ready to receive many buying offers, especially if your home’s price is logical. Never rush to ignore any offer even if you receive any insulting offer.
Negotiate by receiving counteroffers which are contingent on you purchasing a home in case market conditions offer warranty for it. Don’t hesitate to make a full-price counteroffer in case your home’s price is competitive and it has a warranty.
Step 6: Open escrow
Your listing agent will open escrow and get a title policy for you. Record the information of the contract for the closing agent and choose a date to close it. That date should be based on the moment when the buyer’s loan funds.
It’s worth mentioning that it’s necessary to order a receipt for the earnest money deposit of the buyer.
Step 7: Arrange for an appraiser appointment
Get the home cleaned the day before you welcome the appraiser. In case you receive low appraisal, resort to your listing agent for alternatives.
You won’t receive a copy of the appraisal since you don’t pay for it. So, if the buyer cancels the contract based on the appraisal, go to your listing agent or lawyer, and ask them about your rights.
Step 8: Collaborate with home inspection
It’s time for the home inspector. Go to your listing agent and ask them for a home inspection checklist. It helps you figure out what the inspector will need to see.
Ready the basement for inspection, and remove any extra things by placing them into the garage or storage rooms.
Also, ready yourself for the walk through inspection with your home’s potential buyer. This often happens a few days before the closing morning.
Step 9: Get selling-required inspections
In case your contract states that a roof certification is necessary, hire a professional company to carry out the inspection. Remember that the states which allow pest inspections usually turn those reports into a public record matter.
A sewer inspector may require a new sewer line in case your home was built before the year 1950. It’s worth noting that the fees of all inspection reports are not high and are often negotiable.
Step 10: Conduct delivery-seller disclosures
Every home in the United States is subject to lead-based paint disclosure including those which were built after the year 1978.
In case you know any other stuff that needs to be disclosed, you’re recommended to disclose them.
Your title company has to provide you with CC&Rs, so additional documents may be requested in case you are a member of any homeowner’s association.
Seller disclosures will be sent to the buyer for signature.
Step 11: Negotiate any repair requests
It isn’t necessary to accept your home’s potential buyer’s requests for repairs. However, they might cancel the selling contract in the case you do not agree to repairs.
Alternatively, the buyer can accept a closing cost credit in case you refuse to carry out any repairs and prefer to offer the credit to let them fix things later.
In this case, you will be entitled to a copy of your home inspection report when the buyer orders repairs.
Step 12: Request the buyer to provide a contingency release
The purchase contract has several contingencies that allow the buyer to back out if the contingencies are not satisfied. Make sure to get the buyer to sign a release of contingencies form. In some cases, the seller can back out of a deal if the buyer has not signed a contingency release form.
Step 13: Sign the escrow and title documents
Based on the location (state) where your property is, you might need to sign some escrow documents after you open escrow.
Usually, the buyer and seller meet in person on closing day to sign documents and finalize the sale of property. So, it’s recommended to consult your listing agent before meeting on closing day if you have questions about any final paperwork or documents. Don’t forget to bring a photocopy of your ID card.
Step 14: Close the escrow
Your home deed of trust and re-conveyance will be recorded in public records. Your title company will inform you and your listing agent when it will record the deeds.
Based on the possession rights of the buyer, you will need to move once the home closes. Don’t forget to state this in the contract. There can be a fee if you fail to move out by the possession date given to the buyer in the contract.
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Thanks for reading,
Kevin Foy & Nick Foy
Team Foy with RE/MAX Oak Crest Realty
Text or Call – 574-387-2501
Email – Nick@TeamFoy.com
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