Selling your property can feel like a daunting task, especially if you’re purchasing a new home at the same time. But it doesn’t need to be! By understanding the entire process before you start, you’ll have a better idea of what to expect along the way.
Contact your mortgage lender to find out how much you still owe on the property. Meet with your real estate agent to discuss the current local market and receive a free comparative market analysis to guide you in pricing your property competitively. Don’t forget to dress your house for success prior to putting it on the market!
2. Listing the Property for Sale
Meet with your real estate agent to sign a listing agreement. Your agent or a professional photographer will take photos to accompany the listing. You and your agent will work out a plan for marketing and showing the property.
3. Marketing and Advertising
Your agent will promote the property with online advertising, an Open House, flyers, signage, and other methods to attract potential buyers. Prospective buyers will contact your agent to view the property.
4. Receiving an Offer
Your agent is required to present all offers to you. You may choose to accept, reject, or counter. Once you accept an offer, the buyer will schedule inspections. If any repairs are needed, your agent will negotiate on your behalf until an agreement is reached.
5. Contract of Sale
Once both parties have agreed to terms, your attorney will prepare a Contract of Sale and send it to the buyer’s attorney. The buyer will sign the contract and submit a down payment, which will be held in escrow by your lawyer. Then you will meet with your attorney to sign the contract. Once both parties have signed, the property is considered “under contract.”
6. Appraisal and Title Search
Next, the buyer’s lender will schedule the appraisal. The buyer’s attorney will order a title search to ensure that there are no liens on the property. When the buyer’s lender is satisfied with the appraisal and all documents are in order, they will schedule a closing date.
On closing day, you’ll relinquish the keys and legal rights to your property in exchange for payment from the buyer or their bank. Congratulations, you have sold your house!