Steps to Selling Your Home
STEPS TO SELLING YOUR HOME
How to Sell Your Metro Denver Home
While every sale IS different, there’s a common process to selling a home. Even if you’ve sold a home or two before, it may help to review how a home gets sold. If you’ve purchased a home but never sold one, understand how it’s different to sell than to buy. Here are the typical steps in the sale of a home in Colorado.
Select an agent and a price
Why trust The Principal Team? Experience, dedication, and a market-informed strategy just to name a few. Our team has the sales and marketing experience to assist you in this important undertaking. We’ll ensure that you maximize your opportunities in the current real estate market. We will employ the most effective marketing and advertising strategies for your property. We can also guide you through the complicated paperwork involved, from the initial agreement to the final documents.
Determine what your home is worth
Without a professional agent, most independent home sellers tend to overestimate the value of their home. You can avoid this pitfall by consulting with an experienced real estate listing agent. At The Principal Team, we know how the real estate market works, and, being well-acquainted with the different types of properties and neighborhoods in the area, we can deliver the most accurate estimate of what your home should sell for.
Prepare to sell
You can do a lot to increase the appeal of your property and create a lasting impact on potential buyers.
Curb Appeal
Keeping your landscape pristine and adding creative touches to your yard such as colorful annuals or just a good clean up will create an immediate impact on passers-by and potential buyers.
House Repairs
Simple upgrades such as window repairs, fixing that broken door, and a fresh coat of paint in the most frequently used rooms instantly brighten up your home. We’ll help you determine what’s necessary.
Cleanliness and Staging
Keep your home uncluttered, and well-lit from top to bottom. Pay attention to details: put away the kitty litter, place a vase of fresh flowers in the hall, pop a batch of cinnamon rolls in the oven, have your carpets cleaned.
Disclosures and Inspections
The Principal Team is familiar with the legal procedures involved in disclosures and is ready to help you develop a thorough property disclosure statement beneficial to both you and the buyer, as well as suggest home improvement measures before placing your property on the market.
Showtime
Presenting your home to potential buyers is a job your agent (us) will take care of for you. Buyers feel more comfortable discussing the property with the agent if you’re not there. Moreover, your agent will know what information will be most useful in representing your interests when speaking with prospective buyers.
Accepting an Offer
The Price Isn’t Always Right
“The higher the price, the better the offer.” Don’t let yourself be fooled by this popular misconception. Price isn’t always the determining factor in choosing among multiple offers, for several important reasons: the initial offer is never final, and there are a number of terms and conditions that may influence the final outcome of a price. The Principal Team at Metro Brokers will help you thoroughly evaluate every proposal without compromising your position.
Negotiating the Right Way
We take the ethical responsibility of fairly negotiating contractual terms very seriously. It’s our job to represent your best interests. You may have to deal with multiple offers before accepting the one you judge to be the most suitable for you – and as your agent, we’ll guarantee a thorough and objective assessment of these offers to help you make the right choice.
Going "Under Contract"
Once an offer is accepted by both buyer and seller you’re “under contract” and an escrow account is opened and the buyer makes an initial “earnest money” deposit. This reflects the buyer’s intention to purchase and ensures that no funds or property will change hands until all instructions in the transaction are followed.
Important Tips
Keep written records of everything (We’ll help). For the sake of clarity, it will be extremely useful to transcribe all verbal agreements of everything from counter-offers and addendums, and convert them to written agreements to be signed by both parties. As your agent, we’ll make sure the drafted addendums in your contract ensure you have all the bases covered.
Stick to the Schedule
Now that you’ve chosen your offer, you and the buyer will be given a timetable to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smooth flow of negotiations. We have systems in place that will help keep you on track so you’ll always be prepared.
Inspections and Appraisal
The Title Company
We’ll help you choose a title company, who examines and insures title to real estate. After researching the complete recorded history of your property, they will certify that: (1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions) by the date of closing, and (2) all new encumbrances are duly included in the title. They will prepare a preliminary title commitment at the end of the process. If there are any outstanding issues, your title agent will go over it with you in detail.
Contingencies
A contingency is a condition that must be met before a contract becomes legally binding. Before completing the purchase of your property, any contingencies, such as inspections or financing, must be resolved.
Contingencies include:
Obtaining financing and insurance
Reviewing all pertinent documents, such as preliminary title reports, disclosure documents Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, sewer, radon, mechanical, property boundary survey, and electrical.
Depending on the outcome of these inspections and reviews, one of three things may happen:
1. The Buyer can accept the property as is and move on to close the sale.
2. The Buyer could request a list of items to be repaired by the seller after reviewing the inspection report.
3. The Buyer could request to terminate the contract and a refund of the earnest money deposit.
How do you respond objectively and fairly to the buyer? What are your options at this point? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we at The Principal Team provide the expertise and total commitment of our Team to every client, no matter what their situation.
Final Walkthrough
More of a formality than anything else, the final walkthrough usually takes place the day before closing. The buyer visits your property to verify that all is in working order and there was no damage.
Cancel Home Services and Utilities
We will provide a list of useful numbers for the termination of home services and utilities as of the date of the Closing.
The Closing
If you have come this far, then this means only one thing: Congratulations! You have successfully sold your home! Within 24 hours of closing, the title agent will provide you with a settlement statement that breaks down all the financial costs involved in the sale of your home. Your agent will go over this with you to ensure its accuracy. At the closing, you’ll sign the final documents. After all documents have been signed by the buyer and seller, the title agent will record the title documents at the county assessors office. You’ll then receive your proceeds, and the buyer will become the new owner.
Be Prepared for Surprises
The Principal Team is ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the house breaks down, the buyers’ loan doesn’t come through on time – no need to worry. In our years in business, we’ve encountered a wide array of problems, so we know how to handle them effectively.
Keys
We will arrange for the exchange of keys, garage remotes and all other access items with the buyer’s agent.
