Sellers Articles:
- Decide to Sell
- Finding an Agent and Selecting a Price
- Preparing to Sell
- Accepting an Offer
- Escrow, Inspections and Appraisals
- Close of Escrow
Decide to Sell
Deciding to sell you home can be a tough decision, one that is often filled with varying emotions. If you’re thinking about selling your home, getting to the bottom of these emotions and the motivations behind your need or desire to sell can help you have a successful and selling experience.
Other very important factors in deciding to sell are timing, current market conditions and your personal financial situation.
Answering the questions outlined below will set you on the right path.
What are the motivations driving your need or desire to sell?
Are you in a position that requires you to sell? Perhaps you’re starting a new job in a new city or your finances dictate that you need to sell. Do you want to move to a larger home or a city closer to work and family?
You might think that the motivations driving your need or desire to sell are obvious, but when you dig down deep, you may find underlying reasons that have implications regarding the sale. Understanding your goals and motivations, and being clear about them with your agent, can help us determine the best way to achieve them.
What is your timeline?
Once you’ve established your goals and motivations, you should set a timeline. Are you buying another property that is contingent on your current home selling? Do you have time to wait for the “perfect” offer? Understanding your timeline will allow us to outline the best course of action to market and sell your home.
What is the local and national real estate market doing?
Understanding the local and national real estate market is a key component in selecting the right time to sell your home. When you choose to work with a qualified real estate professional, you can rest assured knowing they will have the knowledge, experience and understanding of the market to ensure you appropriately position your home to sell for the best terms.
When you choose to work with us, you can count on having all the market data needed to make an informed and knowledgeable decision.
Have you prepared yourself financially?
Before making the decision to sell, you need to spend some time seriously considering your finances. What will the cumulative impact of the sale be? Will there be potential proceeds from selling your property or will you need to bring money to the table? You also need to consider tax savings and estate planning strategies. Our team can point you in the direction of qualified mortgage and finance professionals who can best determine whether or not you’re financially prepared to move forward.
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Finding an Agent and Selecting a Price
When it comes to selling your home, one of the biggest decisions you’ll need to make is whether or not to sell your property independently or via the help of a qualified real estate professional.
There are a lot of excellent reasons to partner with an agent. And when you choose to partner with our team, you can count on our extensive market knowledge, effective marketing strategies, industry partnerships and connections throughout the community to help sell your home for the best terms.
Wondering what to look for in an agent? Here are a few tips:
- Education and Certification: Perhaps the most important factor in choosing a real estate agent is their background and education in the industry. What professional certifications do they hold? What is their background? Our agents represent some of the most knowledgeable and experienced in the area, and hold designations in various fields of real estate.
- Experience: When selling your home, you want a full-time agent that is dedicated to promoting your best interests. This includes strategic marketing plans, knowledge of the market and more. How many similar properties have they sold in the past? What technologies do they use to reach buyers?
- Dedication and Communication: Your real estate professional should be dedicated to providing you with only the best service, and should be able to communicate with you in a way that is effective and timely. What steps does your agent take to stay in contact? Can they explain the process to you in a way that you understand? Are they available to answer your questions?
- Local Market Knowledge: Selling your home for the best terms relies on having a great pricing strategy that is based on local market data. How well does your agent know the area? Do they specialize in the type of property you’re selling? Have they provided you with sufficient market data to make a pricing decision?
What is your property worth?
Without a real estate professional, many homeowners fall into the trap of overestimating the value of their property. It’s easy to do. You likely have an emotional attachment to the home, after all. Partnering with a local professional who can provide you with accurate market data is the best way to ensure you avoid this common pitfall.
copyright © imFORZA 2015
Preparing to Sell
One of the most important steps to selling your home is ensuring that it makes a good first impression. There are hundreds of resources online for the best ways to stage your property, create curb appeal and create a lasting impact with potential buyers. We’ve pulled together some of our favorite tips in the list below.
The Best Ways to Prepare Your Home to Sell
- Consider your home’s curb appeal. Take a good look at your landscaping, your porch or patio, your driveway and that dilapidated shed in the backyard. If it’s not appealing to you, it’s probably not appealing to potential homebuyers.
- Make the necessary repairs. There are many small repairs and upgrades that can make a significant improvement in the appeal of your home. Consider things like window treatments, upgrading the cabinet-pulls in the kitchen, and any little home improvement projects you’ve been putting off.
- Staging your home. First and foremost, be sure to clear you home of any clutter that has collected. The garage should not be in disrepair, the kid’s toy room shouldn’t look like a bomb went off, and you should take the time to clear the kitchen counters. Pay attention to the little details, as well. Remove dog or cat bowls before showings, buy fresh flowers, have your carpets cleaned or even pop some cookies in the oven. It’s all in the name of a good first impression.
- Open house time. When it’s time for an open house, you can count on our team to let you know what to expect. Please note that we will typically ask you to leave the property, as buyers generally feel more comfortable discussing the property without the owners being present.
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Accepting an Offer
One of the biggest pitfalls that home sellers make is focusing solely on price when it comes to accepting an offer. Price is just one of the many considerations that should be made when comparing and considering offers. Terms and conditions play a great role in whether or not an offer is the right one. Say, for example, you get a full price offer, but the sale is contingent on the buyers selling their own home. Or, what if you get an over-asking offer, but the buyers can’t close for 90 days?
As your agent, you can count on our team to advise you to consider all of the terms and conditions – including price – before accepting any offer.
Negotiation
As real estate professionals, it’s our job to find a win-win agreement that is beneficial to all parties involved. With that being said, we are also required to promote and protect our clients’ best interests. You can rest assured that we negotiate on your behalf to ensure your selling experience is nothing short of exceptional.
Binding Agreement and Deposit
In most cases, being “under contract” means that both the potential purchaser and the property owner have made an agreement on pricing and terms, and are ready to move forward. Once an agreement is met, things like inspections and appraisals take place. This is also when an earnest money deposit will be held in an escrow account pending the fulfillment of conditions or contingencies in the agreement.
During this time, it is imperative that you are responsive to your real estate agent, keep written records of everything, provide documentation where necessary, and stick to the schedule.
As real estate professionals who have negotiated and closed countless transactions, you can count on our team to keep you abreast of the process and constantly updated so you’re always prepared and ready for the next step towards closing.
copyright © imFORZA 2015
Escrow, Inspections and Appraisals
In most cases, potential homebuyers will make their offer to purchase your home contingent on it being inspected by a licensed property inspector. There is typically a time frame, called the due diligence period, in which the inspection must be completed. Additionally, if the agreement is conditional upon financing, the property will also need to be appraised to determine its value for the lending institution. This is also performed by a licensed third-party.
To ensure the process moves smoothly, you should do your best to be flexible and facilitate these appointments as needed. Your real estate agent will keep you abreast of the results of the inspection and appraisal.
Title Research and Closing Agent
As the sales process progresses, a title company or closing attorney will be selected as the closing agent. It is their job to examine and insure that the title to the real estate is clear. They are also responsible for completing the recording of the sale and will certify that your title is free and clear of encumbrances such as mortgages, leases and liens, and that all new encumbrances are included in the title at closing.
Understanding Contingencies
Basically put, a contingency is a condition that must be met before the contract becomes legally binding. Needing to secure financing, wanting a satisfactory inspection and reviewing pertinent documents are just a few of the types of contingencies you may run into.
Depending on the outcome of the inspections, for example, several things can happen:
- Each milestone is successfully reached and the contingencies are removed; or
- The potential buyer is unsatisfied with the inspection, appraisal, documents or other contingencies, and requests a renegotiation of the terms of the contract.
Just as it was important for you to remain objective in accepting an offer, it is important to remain objective when reviewing any renegotiation requests. As your real estate professional, you can count on sound advice to help you continue to progress to the closing table.
copyright © imFORZA 2015
Close of Escrow
If you’re thinking about closing, congratulations! You’re in the home stretch. The close of escrow is the final step in the sale of your home, and the closing table is where the ownership of your home will officially transfer to the new owners. There are several steps that happen between signing the contract and closing the deal, however. Here are a few things to keep in mind:
Final Walk-Through
Prior to the official closing, it is customary that the buyers will do a final walk through the house. This typically happens the day before or the day of closing. This formality is to ensure everything is in working order and is in the same condition as when they last viewed the property.
Utilities
Don’t forget to cancel your home services and utilities after the closing occurs. We can provide you with a list of useful contact numbers for these services, if needed.
The Day of Closing
On closing day, make sure you’re prepared. Don’t forget a copy of the contract, your keys and garage door openers, your checkbook if money is required to close and your driver’s license. It is rare that hiccups happen this late in the game; however, we’re ready to help you walk all the way through to the closing table. We’ve seen it all and can help make this transition as smooth as possible.
During closing, the closing agent will provide all parties with a settlement statement, which will outline and detail the financial transactions enacted during the process. Both the buyers and sellers will sign the documents, as well as the closing agent. If you’re receiving funds from the sale, you can elect to have the funds wired to an account or have a check issued.
This process will officially transfer the property to the new owners.
copyright © imFORZA 2015
Buyer Articles:
- Deciding to Buy
- Preparation
- Choosing an Agent
- Time to go Shopping
- Escrow, Inspection, and Appraisal
- Closing Day and Moving In
Decide to Buy
If you’re thinking about buying a home, congratulations! However, homeownership should not be taken lightly. This is likely one of the biggest decisions that you will make in your lifetime, and careful consideration should be made when preparing your finances, selecting an agent, shopping for a home, proceeding through escrow and as you approach the closing table.
Most importantly, you’ll want to consider the reasons you want to buy and your financial situation – as these are two of the biggest factors that will influence your buying process.
Why Do You Want to Buy a Home?
Whether you’re tired of paying rent, you’ve outgrown your current home, or are looking for an investment property, getting to the bottom of your motivations can help you choose the right property for you. As your agent, we’ll work with you to dig down to your core motivations, thus ensuring a successful home search.
Are You Financially Ready to Buy?
Any way you slice it, owning a home is an excellent investment; it’s often touted as one of the least risky ways to build equity. But you need to make sure you have your finances in order prior to starting your home search.
As local real estate professionals with industry connections throughout the community, we can assist you in finding a mortgage professional that can help you understand your buying power.
copyright © imFORZA 2015
Preparation
While it’s hard to fight the urge to jump in the car and start touring neighborhoods and shopping homes, there are a few steps that you should take to prepare yourself and your finances for buying a home.
Gather Important Documents
The mortgage pre-approval process is one of the most important steps in the preparation stage. In order to be ready to meet the needs of the mortgage lender, be sure to gather all your important financial documents. This includes:
- Financial statements
- Bank account records and statements
- Records of investments
- Credit card accounts, balances and statements
- Information on any current auto loans
- Recent pay stubs
- Two years worth of tax returns
- 401K statements, stocks, bonds and mutual fund account information
- Any other financial documents
Check Your Credit Report
You should always have a good understanding of where your credit score is at any given time. It is perhaps most important when buying a home, as it can have a significant impact on your mortgage approval. Your lender will pull your credit ratings from the three standard reporting agencies: Equifax, Experian and Trans Union. If your credit isn’t exactly where you want it to be, your lender can also recommend the necessary steps needed for improvement.
It should also be mentioned that now is not the time to make large purchases that will impact your financial position. You want to look as financially stable as possible.
As local real estate professionals, we can help connect you with a number of experienced and knowledgeable mortgage professionals who can best advise you of your financial readiness.
copyright © imFORZA 2015
Choosing an Agent
When it comes to buying a home – whether your first or your latest investment property – choosing the right real estate professional is one of the key steps to your successful transaction.
There are a lot of excellent reasons to partner with an agent. And when you choose to partner with our team, you can count on our extensive market knowledge, understanding of the local market, industry partnerships and connections throughout the community to help you find the home that not only meets your needs, but that also exceeds your expectations.
Wondering what to look for in an agent? Here are a few tips:
- Education and Certification: Perhaps the most important factor in choosing a real estate agent is their background and education in the industry. What professional certifications do they hold? What is their background? Our agents represent some of the most knowledgeable and experienced in the area, and hold designations in various fields of real estate.
- Experience: Are they a full-time agent who has experience in transactions similar to yours? How long have they been in the business? Do they specialize in the neighborhood or property type you’re interested in? Don’t be afraid to interview a few agents to select the one that you have the best feeling about. This is, after all, a very important decision.
- Dedication and Communication: Your real estate professional should be dedicated to providing you with only the best service, and should be able to communicate with you in a way that is effective and timely. What steps does your agent take to stay in contact? Can they explain the process to you in a way that you understand? Are they available to answer your questions?
- Local Market Knowledge: How well does your agent know the area? Do they specialize in the type of property you’re selling? Have they provided you with sufficient market data to understand the temperature of the market? Are they able to understand your specific lifestyle needs?
copyright © imFORZA 2015
Time to Go Shopping
In today’s digital age, there are so many resources available to you when it comes to searching for your dream home. Yet, there is nothing better than taking a drive, spending some time in the neighborhoods that interest you and getting a feel for what it would be like to live in the area. Take the neighborhood for a test drive!
Once you start to have a feel for the neighborhoods that would be suit your lifestyle, begin your online search. Our state-of-the-art website provides a wealth of excellent search capabilities that will allow you to further narrow your search. You can browse homes using various search criteria, compare properties, save your search and more.
Schedule Showings With Your Agent
As local real estate professionals, we love introducing homebuyers to our community. Feel free to contact us today to schedule a consultation and to begin your home search! We’ll be happy to listen to your specific wants and needs, and will help you find the property that best suits your needs.
To help narrow your search, consider the following:
- What type of property are you looking for?
- How many bedrooms and bathrooms do you need?
- Are there important features you must have? Garage? Pool? Office?
- Have you discussed a price range with your lender?
- What neighborhoods interest you?
- Do you need to be close to work? To school? To family?
- Are there upgrades that are important to you? Granite? Stainless? Wood floors?
The answers to these questions can help you narrow your search and find your home with ease. Once we’ve found the right home, we’ll draft your offer and start negotiating to purchase your dream home!
copyright © imFORZA 2015
Escrow, Inspection and Appraisal
In most cases, you’ll want to make your offer to purchase a home contingent on it being inspected by a licensed property inspector. There is typically a time frame, called the due diligence period, in which the inspection must be completed. Additionally, if the agreement is conditional upon financing, the property will also need to be appraised to determine its value for the lending institution. This is also performed by a licensed third-party.
Your real estate agent will keep you abreast of the results of the inspection and appraisal. If you’re unhappy with any of the results, you can renegotiate the contract – often lowering the price to account for any needed repairs – as long as you’re within the due diligence period.
Title Research and Closing Agent
As the sales process progresses, a title company or closing attorney will be selected as the closing agent. It is their job to examine and insure that the title to the real estate is clear. They are also responsible for completing the recording of the sale and will certify that your title is free and clear of encumbrances such as mortgages, leases and liens, and that all new encumbrances – if any – are included in the title at closing.
During this time, you’ll also want to ensure you’ve researched property insurance, including flood insurance – if applicable. If you are obtaining a loan to purchase the property, your lender will require a certain amount of insurance on the property. This should be discussed directly with your lender prior to closing.
Understanding Contingencies
Basically put, a contingency is a condition that must be met before the contract becomes legally binding. Needing to secure financing, wanting a satisfactory inspection and reviewing pertinent documents are just a few of the types of contingencies you may run into.
Depending on the outcome of the inspections, for example, several things can happen:
- Each milestone is successfully reached and the contingencies are removed; or
- The potential buyer is unsatisfied with the inspection, appraisal, documents or other contingencies, and requests a renegotiation of the terms of the contract.
As your real estate professional, you can count on sound advice to help you continue to progress to the closing table. We will ensure you fully understand any contingencies, and will work to ensure we negotiate the best deal for your particular circumstances.
copyright © imFORZA 2015
Closing Day & Moving In
If you’re anticipating closing day – you’re almost home! Before you can start celebrating, there are a few more steps that you should take to tie up loose ends before the big day.
Final Walk-Through and Inspection
The final walk-through is a tradition in which the homebuyers take one last walk through the property – typically on the day of closing or the day before. This formality allows you to ensure the property is in the same condition as the last time you were there, and that any improvements that were negotiated were completed. This is also a good time to make sure that the homeowners aren’t leaving anything behind.
Home Utilities
Don’t forget to schedule the activation of your utilities. The last thing you want to do is move in and realize you forgot to turn on the power, cable or water! Our team can provide you with a list of local phone numbers and contact information for these companies, if needed.
Be Prepared for Closing
On closing day, make sure you’re prepared. Don’t forget a copy of the contract, your checkbook if money is required to close and your driver’s license. It is rare that hiccups happen this late in the game; however, we’re ready to help you walk all the way through to the closing table. We’ve seen it all and can help make this transition as smooth as possible.
During closing, the closing agent will provide all parties with a settlement statement, which will outline and detail the financial transactions enacted during the process. Both the buyers and sellers will sign the documents, as well as the closing agent.
This process will officially transfer the property to the new owners, and you can start the celebration!
