What is involved in the process of selling a house?
Selling a house for the first time, or even the 2nd time can be an incredibly daunting task. There are countless factors that come to mind and many more like title insurance and commission fees that oftentimes aren’t what most people think about when selling a house.
Because there are so many variables, it is important that you only work with seasoned professionals.
The selling process can be broken down into several steps. There are three major players that will be involved in the home selling process: 1) Real Estate Agent 2) Real Estate Attorney 3) Title Company/Insurance agent
The real estate agent is responsible for marketing, advertising, and showing your property to prospective buyers. They will also take care of putting together a well-thought-out listing agreement to ensure the buyer meets all of their obligations and you meet yours as well. For example, if the agents get $500 from you upfront to market an open house on a Saturday, then they are obligated to run an open house during that time frame. If it rains that day and nobody shows up, then they are still required to stay and run that open house.
It is also important to remember that real estate agents are paid a commission when the house sells so in a sense, they work for free.
Outside of marketing your house and finding a qualified buyer, there are a lot of legal requirements and processes that must take place when real property is transferred from one party to another. Because of this, it is critical that you hire a seasoned real estate attorney.
A lot of people mistakenly think that once they sign a sales contract with their real estate agent that the work has been done. Nothing could be further from the truth!
It is a common misconception that “My agent knows what he or she is doing, so I don’t need a lawyer”. Real estate sales contracts can be very complicated and in order to ensure that you are protected and can feel secure about your investment; it is imperative that an experienced real estate attorney reviews the contract before you sign. There are also other legal processes such as escrow that should only be handled by an attorney.
Outside of the transactional portion of the sale, there are title requirements that must be met to secure a mortgage for the buyer and taxes the seller must pay. Things like title insurance and transfer tax forms are handled by a licensed title company like MacGregor Abstract. It is imperative that the correct forms and insurance are in place so that there are no errors or problems with the closing.
Once you have your legal ducks in a row, you need to consider the financial side of selling your home.
As a homeowner, you are probably familiar with Real Estate Agent fees as well as closing costs and down payment requirements when purchasing a home. In order to sell your house in today’s real estate market, it is just as important that you have an experienced professional representing you throughout the sales process. Real estate agents can calm seemingly troublesome bumps in the road while saving their clients money through negotiating strategies. If financing is needed for the buyer, a real estate agent works with mortgage lenders and banks to lend money at competitive rates. It takes a lot of legwork (and paperwork) to ensure that everything falls into place for your sale, which is why it’s so important to work with a team that has seen it all.
You should also consider improving the curb appeal of your home and make minor improvements to boost the value of your property without investing too much money.
Here are a few tips to ensure that you have everything organized before signing with a realtor:
1) Keep Your House Neat and Clean.
2) Get Rid of Clutter.
3) Declutter Your Home’s Interior-Use it or Lose It!
Buyers in today’s market are incredibly fickle and can be turned away by very minor factors. So, make sure that your house presents itself as the best of its kind.