Real Estate And Mortgage Section

Real Estate And Mortgage Section (REAMS) consists of information relating to real estate and mortgage financing… with emphasis on FHA 203k financing.


Keys To The Home Selling Process


The home selling process, as the title indicates, encompasses all aspects of selling your house. All steps must be taken into consideration – or at least anticipated – if you expect to get optimum results. There will be a lot of tips and advice given to you by well meaning friends, neighbors and relatives…if you tell them of your decision to sell your home; But ultimately it is you who must make the decisons best suited for your unique set of circumstances, so be diligent because you won’t have a second chance to sell that particular house after title closing.

Understanding that information (tips & advice) from too many sources could be very confusing to homeowners who have never sold a home, it is critical for you have a good grasp of what’s involved so you are able to relate to the big picture of exactly what will happen during the home selling process. While it may differ in various geographical areas, some general procedures that all home sellers should expect are the same.

The first thing is to make sure you do some preliminary planning. Though you may not think of it in the same terms, this is the step that kick-starts the whole home selling process. Your house needs to be fully prepared to accept a new owner. Meaning that potential owners will have their own ideas of how a home should be decorated, among other things they need in the home. Also, when you plan to sell your house and buy another home, you must know for a fact that you’re qualified to buy a new home before selling your old house.


Get Tools to success.

Once you are satisfied that you and your house is ready, it’s time to find a qualified a real estate agency. Interview agents in your local neighborhood or ones that are proven with a good reputation and experience. Ask about how they would market your property, and what kinds of agencies they offer. For example, would they allow you to find your own buyer and sell the house to that buyer without obligation them? This is someone that’s going to be with you throughout the process, so make sure the chemistry works.

When you’ve made your decision about an agent, prepare the listing agreement. There are several types available, each one giving you a different level of involvement between you and the broker. Choose one that is consistent with the amount of work you’re willing to contribute in the home selling process – and how much money you’re going to spend on broker commissions.

The commission charged per your listing agreement should come from the revenue of your home price, so make sure you set the price accordingly. A price that is too high may result in a lack of buyer activity and if it’s too low a price, you will be cheating yourself AND your neighbors who may wish to sell within a 3 to 6 month period after you do. With your broker’s help you can Check some cost analysis to get a rough value of your property, and work from there. Don’t forget the costs you have to spend throughout the home selling process.

If you set the price right, there’s a strong possibility that potential buyers would start calling for home showings. Prepare for this by changing your schedule to make sure that showings will go off without any hitches. If you can’t change your schedule make sure appointments will be made at times you specify in advance. Or, give your broker a key so s/he can show the house in your absence. Remember that whenever the home cannot be shown, it is deemed to be off the market.

One last suggestion that has proven effective in some markets. Leave the house whenever a client comes to inspect. If you’re selling on your own, check the points you’re going to show the potential buyers and think about what you’re going to say. If the home showings went well, the buyers will make an offer. Offers should be made on standard forms that would satisfy a lawyer.

Make sure you know what the buyer wants to include in the sale and what should be excluded. You can choose to accept or reject the offer, or modify it and see if the buyer is willing to negotiate based upon any incentives you have to offer. Once you’ve reached an agreement, and signed the sales contract, your home selling process will now be dependent on the buyer’s mortgage approval and a title closing. Good luck!