Selling Process

     Selling a home can be a very stressful experience: so when it's time for you to sell, it is important to be prepared and to make well-informed decisions. The following paragraphs describe the major steps you should take to make the process easier on you.

Preparing Your Home For Sale

     What better preparation in getting non-partisan opinion as to the true condition of your home is to employ the services of a Home Inspector before you put the house on the market. Traditionally a home inspector is brought into the process by the buyer after an offer is negotiated and a contract is accepted by both parties. However, the $100 to $300 plus fee can be well worth it up front so not to be surprised after you negotiated a price on your house.  You can get a unbiased opinion from an expert in the field as to condition of major systems like the heating, air conditioning, plumbing, roof, septic, well, etc. and make intelligent decisions up-front as to what preparatory corrective action need be taken before pricing and marketing. And regardless of whether or not you use a Home Inspector up-front or not, please consider the following basics:

Does the house or any part need painting?

Does the carpet need cleaning/replacing?

Are all appliances in good working order?

re your closets neat and tidy?

Are pet and pets odors under control at all times?

How is the landscaping?

Can you remove any furniture to make the rooms look bigger and uncluttered?

What can be done to make your home brighter?

                    Change light bulbs.

                    Paint over dark walls with white or off-white or some lighter color.

                    Remove dark or patterned wallpaper and paint a light color.

                    Hardwood floors can be refinished.

     The listing price is determined by analyzing what comparable properties have sold for in your area in the past 3-9 months. It is also important to be aware of existing marketing competition by evaluating and comparing your home and its' features with others that are currently 'active' for sale in your area. Your real estate agent can be invaluable in helping you evaluate these conditions and to arrive at a listing price that will bring potential buyers as well as reasonable offers.

     You will work closely with your Realtor to develop a marketing plan that will provide the most visibility of your home to the largest number of prospective buyers. Typically this plan will consist of the following: Multiple Listing Service (MLS), local newspapers, real estate magazines, calls/letters to the neighborhood, fax notification to all local real estate agencies, and the Internet.  In today's world, the Internet has become one of the prime sources of prospective buyers and the marketing plan  may  utilize the Internet to market your home thru any or all of the  following: detailed listing of your home on hrmls.com with full color photos.  The web has proven to be an extremely visible and effective marketing technique.

The Process of Showing Your Home

     The most effective and efficient way to show and ultimately sell your home is to make it easy to be shown. Your Realtor will enter all the pertinent information about your home into the Multiple Listing Service (MLS) computer network. From there, over three thousand Realtors from all agencies throughout Hampton Roads will review details of your home via their access computers with the purpose of showing your home to prospective buyers. The most common process is to have your Realtor install an MLS lockbox on your door knob or railing. The lockbox will contain the key and thereby 'access' to your home so that you do not have to be there at all times. This is a very 'secure' process in that only licensed Realtors will be issued electronic access to the key in your lockbox and each Realtor entering your home will have his/her access code recorded in the central system.

     In addition, Realtors can be instructed to call and leave a message as to approximately when they will be bringing a prospective buyer to view your home.

     Other arrangements for showing your home to accommodate special needs can also be implemented to insure your comfort level with the entire process.

     And remember, whenever possible leave lights on, classical music playing, and something to produce a nice, pleasing fragrance.

     An interested buyer will work with his/her Buyer's Agent to prepare an offer on your property. Typically all offers are submitted to your Agent in writing and it's your agents responsibility to translate the details to you as the seller.  Occasionally there are times when the Buyer's Agent will ask to present the offer in person.  This is not common practice however if you and your  Agent agree to this exception, your agent will coordinate the time and make arrangements to be present on your behalf.

     It is then your option to accept the offer, reject the offer unconditionally, or reject the offer and 'counter' with your own revised price of sale and condition. Your Agent will advise you of all the known conditions and scenarios to aid in making this decision.

     Sale price is certainly a very important factor. However, other factors that may have an affect on your decision are the following:

Is the buyer 'pre-approved' by a reputable mortgage broker?

Is the proposed closing date acceptable?

Are there any contingencies that are defined in the contract, i.e., sale of buyer's home required to purchase yours?

 

 

     This back-and-forth negotiating process can take hours or days but will conclude when there is an agreement on all terms -or- terminate if a meeting of the minds is not possible.

      Remember, a higher sales price is not always the most important factor.  It is at this time that the buyer will order his/her Home Inspections.

The Home Inspection process can reveal conditions that require additional negotiations by your Agent and or Attorney on your behalf. It is possible that the buyer will request that you repair or replace some functional unit, i.e., furnace malfunction, roof leak, basement leak. If the Seller and the Buyer cannot agree or compromise on any significant item revealed via this process, it is possible that the contract can be terminated by either party. Again, your Agent and Attorney will work together with you to negotiate the best possible resolution.

Your Attorney will work closely with you to insure that all moneys and conditions of the contract are met in a timely fashion. It is at the 'closing' that title and deed actually change hands and the new owner takes possession.