The Home Selling Process
Decide to Sell
Deciding to sell your home is a crucial decision and the selling process can be quite demanding. We are committed to making the sale of your home timely, easy, and as profitable as possible.
Find a Realtor®
Look for an agent that utilizes tools and communication techniques you are comfortable with.
Identify Your Home’s Flaws or Problems
Sellers are obligated to disclose any major problems or flaws in the structure or property, including things like dry rot, termites, asbestos, or a new highway slated to run nearby. The disclosure requirements vary by state, but if you fail to mention the leaky roof or structural issue, you could be sued for fraud. There is really no upside to trying to hide problems anyway since most buyers will have the home inspected before closing.
Get Your Home in “Showcase” Condition
A well maintained home will make the difference not only in your home being chosen over others, but also in your bottom line. Buyers will be looking at how clean and well kept your exterior is and even comparing it to the neighbors. Small cosmetic touches can increase your home’s value by thousands.
Repairs and Increasing Profit Potential
Repairs pay off. Evaluate the condition of your heating, electrical, plumbing and the condition of your roof. Is everything in good working order or in need of repair? Replacement of moisture damaged or rotten wood is often required as part of an appraisal. Most buyers find it hard to look beyond flooring that is in poor condition.
Determining Property Value – Pricing Your Home to Sell
There are a number of factors that go into determining the value of a home. We will review this information with you and provide you with a fair market analysis of the homes that have sold and are for sale in your area. It is very difficult to obtain a reasonable offer on an overpriced property. Some buyers feel they should be just as unreasonable in their offer as the seller is in their asking price. Proper pricing will encourage buyers to consider your property more seriously.
Getting Your Home Out There
When selling your home, there are no guarantees that a buyer will simply walk through the front door. There are steps you need to take so your property receives maximum exposure to attract a ready, willing, and able buyer. Working with a real estate agent with a proven track record of expertise and results with a Marketing Plan will ensure the best results.
Selling Your Home – The Offer
An acceptable offer depends on many different things. The offer price alone should not be the determining factor. It is important to consider other items such as closing cost assistance and home repair costs. In the end, the bottom line is all that really matters and a cash offer for less than your desired asking price can net you more money than a full offer where the buyer asks for lots of “extras”.
During the negotiating process of the sale of a home, the seller can react in one of three different ways:
- Accept the buyer’s proposed offer
- Decline the buyer’s offer
- Make a counter–offer
This negotiating process can at times seem very complicated. However, we will work together to gain an end result that is acceptable to you and is as stress-free as possible.
After you receive an accepted offer, you will likely have a home inspection of your home. A MS licensed home inspector will come to your home and determine if there are any issues or needed repairs. Don’t get concerned if they return with a long list, home inspectors look for every potential issue and tend to find them, even on new construction homes. If the buyer asked for a repair allowance, you will receive a list of repairs to complete before the home can sell.
If the buyer will be financing the purchase of your home, their lender will require a home appraisal. The appraiser will determine a value of your home based on recent market conditions. The appraiser will determine if your home is valued at, above, or below the selling price. If the appraisal price and selling price match or the appraised value is more than the selling price, everything will proceed forward. However, if the appraised price is less that your selling price, new terms may be needed for the sale to be completed.
Watching the Market
Home sellers are generally advised not to begin the search for a new home until they are confident that the sale of their existing home is progressing towards a successful closing. Even then, it is always possible that a sale can fall through and you could be faced with the prospect of owing two homes. And trying to perfectly time two closings can make planning a move much more stressful. However, if you have to move quickly you want to be prepared. To help with this we will set you up on an “Auto-Search” for homes offered in your market area. When the time is right you will already have an idea of which homes you want to consider.
Saying Goodbye to Your Home
In most cases it usually takes around 30 days to complete the sale of a home from the time a contract is accepted. This mainly depends on the buyer’s financing availability, successful home inspection completion, and various lender conditions (i.e. title search, title insurance, termite inspections, appraisals etc.).
The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property.
The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local record office.
Thinking of Selling?
If you or someone you know is considering selling a home, contact Team Stafford of Crye-Leike Realtors today. Team Stafford can assist you in selling a home anywhere in Desoto County. Whether you are looking to sell a home in Horn Lake, Hernando, Olive Branch, Southaven, or any other area of Northern MS, Team Stafford can assist you with your real estate needs. Call us today. Start Packing Tomorrow!