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Ten Simple Steps to sell a home

On an average, most families have reasons to sell their home or property. But before you start spending money in costly repairs, jot down the reason(s) as why you want to sell your house. Understanding the reason(s) will make you prepare to be a better seller. It is important and recommended to create a plan as how to sell your property; as this will help maintain focus with your needs and wants.

Remember that timing is everything with it comes to sell a property

Most people that sell their homes normally purchase another property to live in. Keeping this in mind we will jump to the simple steps:

Step 1: Write on a piece of paper the reasons for selling your home

Step 2: Choosing to work with a realtor or not

Many homeowners battle with this subject as homeowners try to save the real estate commission. Although there is no right or wrong way of deciding ultimately the main objective is the same, to sell the home for the highest amount possible.

Here are some of the benefits with working with a realtor:

- Property will be exposed to the Multiple Listing Services (MLS) (Only realtors have access)
- Will maintain a close update of any recent sales made in the community/area
- Will try to obtain the highest price, as his/her commission is based on the selling price
- Fiduciary responsibility for your best interest
- Experience in selling and negotiating prices
- Protects from neglecting to disclose items

Step 3: Getting your home ready (Staging your home)

- This is the time to repair, de-clutter and improving the curb appeal.
- Emphasize in enhancing the kitchen and the master bathroom, as these are one of most important
rooms of every home.
- Since you will have visitors coming to view your property, it is always recommended to activate a
security system in your home.
- If you have pets, it is always recommended to make alternative arrangement for when showing the
property.
- In many occasions, when I have sold my personal properties I made bread in the home prior to my
open house. (There is something about the bread aroma that is inviting and magical that seals the
deal) (The fastest contract that I was able to execute, in my real estate career, was in 13 minutes and the
buyer told me that it was because of the bread-maker)

Step 4: Price your home to sell

The biggest mistake when selling a property is over-pricing the property value. This is the most important step when selling a property and a you must be very careful with marketing your home. Although we all want to get the highest dollars for our property, sometimes we tend to blind ourselves from reality, and market the home for a higher amount than what is worth. This frequently common mistake has hurt many homeowners that originally could have saved thousands of dollars.

For example:

In this declining market, a buyer's market, a homeowner contacts a realtor and requests to run a comparative market analysis (CMA). The homeowner gets offended and believes that his property should be at least $15,000 more than the quoted price that the realtor informed him/her. (The realtor showed the homeowner with supported evidence as why this property should be listed at the suggested price)

The homeowner decides to sell his/her property for sale, and places the property on the market for $15,000 more than the suggested price stated by the realtor. A month goes by and a couple of people came in to see the property, and one of them made an offer for $15,000 less than the asking price (hoping to get the believed his/her asking price, the seller passes on the offer). The second month goes by like the first month and an offer came in for $22,500 less than the asking price (hoping to get an offer like the 1st month, the seller passes on this offer as well). The third month, an offer was made at $30,000 below the asking price (hoping to get an offer like the third month, the seller passes on the 3rd offer). By the forth month the seller wonders if he had made the right decisions and contacts the realtor once again. The realtor this time tells the homeowner that the property is now $30,000 less than the original quote.

Conclusion for step 4: Whether working with a realtor or not, price your home to sell

Step 5: Market your property

Select the different methods to market your property:

        - MLS
        - Magazine
        - Newspaper
        - Internet
        - Flyers
        - Post Cards

Which ever method(s) you want to market, remember the following:

Write all the bells and whistles that your house has, in order to entice a buyer to view your property. Do not worry about spelling, punctuations, order. Once you have gathered the list start describing the house, with the bells and whistles, as what will the buyer will be able to see as they entered the door.

Below is a sample of the meaning of enticing ad:

Example of a NOT enticing ad: 2 bedroom, 2 bath property. Living / dining room combination. Property features a Jacuzzi. Upgraded cherry oak kitchen cabinets with granite counter-tops. Stainless steel appliances. Double sink in the master bedroom. Dark wood floors, with beige walls. Come and visit us, it will not last!.

Example of an enticing ad: Enter to your large open European style 2 bedroom, 2 bath retreat. The sensational living room / dining room combination over looks the warm steamy Jacuzzi. The upgraded cherry oak kitchen cabinets features moon night color granite counter tops. All General Electric stainless-steel appliances convey with the sale of the property. The specious double sink, upgraded tub in the master bathroom will take your breath away. Last but not least, the espresso color wood floors, was carefully selected to create a perfect contrast with the beige colors of the walls. Don't miss the opportunity to visit this excellent home as it will not stay in the market for long.

As you see, selecting the enticing words can generate more showings.

Step 6: Show your home and prepare to receive offers

Whether working with a realtor or not, be prepared to show your property. I can not express the importance of this step as it only takes 1 qualified person to buy the property. Being available to show the property is as important as selecting the asking price, as most buyers want to see the interior condition of the property prior to making an offer. Only few selected individuals will make an offer on a property without seeing the property inside (or having someone view the property for them).

Clearly state in your advertising as how to get a hold of you and how to submit an offer. Also state the type of form(s) and contract you will be accepting; as well as the dedicated addendums that might be accompanying with the sale of the property.

Tip: Assure to have some visible brochures or information regarding your property by the entrance.

Step 7: Third party vendors to knock on your door

Once you have received an offer and you have signed the offer, it becomes a legal contract. The contract will very likely state the due diligence period and closing date.

Be prepared to receive a call from the buyer, buyer's agent, or any third party (such as appraiser, inspector, surveyor...etc) These inspectors work with the buyer to assure that conditions of the property are in guidelines with the buyer and/or lender.

Step 8: Choose a closing agent

The closing agent will perform the following duties:

- Retain Escrow (buyer's earnest money) funds
- Order Title Insurance Policy
- Pro-rate fees, dues, taxes on property
- Disburse proceeds to seller

Step 9: Pre-walk through

The buyer might require what is called a "final walk through". This final walk through date is very close to the: "closing date". The prospect buyer will does this final inspection to assure that they are getting all the items negotiated on the contract.

Step 10: Closing

By this time the seller needs to go to the selected closing agent and provide keys as well as any items that provided to the new buyer. Upon success full signing, the title company will transfer over the deed to the new buyer's name and provide you with your net proceed.

Sellers