IN THE 256
Why sell with 256 Realty?
Not all agents are created equal. So what makes us unique? We know and understand the 256. We own dozens of homes in the area, so we are invested in the success of this market. We have consistently brought top dollar for our listings and we will make you our number one priority.
This list is provided for the seller that has not been through the process before or just needs a refresher course.
Steps to selling your property:
Find a real estate professional that you are comfortable working with.
You will want to ask questions of agents that you are considering working with. You will also take this time to negotiate your listing contract with the agent. Take into consideration the length of time they will have to try and sell your property, the commission to be paid for the sale and any other important terms.
Get a market analysis for your home.
Any licensed agent will be able to give you a complete CMA (Comparative Market Analysis) for your property. The report should contain relevant data about active listings and recent sales in a similar geographic area and within the past 6-12 months. Keep in mind that any buyer that is taking a loan to purchase your home will have to get an appraisal to satisfy the lender’s requirements. This appraised value of the home must meet or exceed the sales price of the home for the loan to be approved. Do not get too eager to price your home out of the market – if the appraisal does not meet what you’re asking, then you are off to a bad start.
Get an Estimated Closing Statement from the agent.
This is a form that explains what you will net or owe from the sale. Of course, no contract is in place yet, so these costs must be estimated. The final numbers at closing will never exactly match the estimate but it could be close. Your agent should also provide you with an ECS when an offer is presented so you can see more accurate numbers with terms in place. Please keep in mind that your mortgage payoff will likely be the greatest expense to you. If you do not know the correct amount, then it may severely throw off your net proceeds or amount owed. FYI-the payoff amount will not match your outstanding balance on the loan. Please contact your lender to get the exact payoff for a more accurate ECS.
Get the house ready for marketing.
The house should be clean and free of any restrictions for showings, if possible. It is a smart idea to make sure the house is competitive with comparable properties. If the other homes you are competing against have hardwood floors, fenced yards and granite counter tops, then you should do the same to get the best results.
Advertise the house.
Once you have agreed on a suitable asking price, the agent will market your home for sale. This typically involves placing the home on the local MLS, which is valleymls.com in our North Alabama region. This listing will syndicate to other popular consumer sites, such as zillow.com and trulia.com. The agent should also advertise on their personal or company website and place a “for sale” sign in the yard.
Your agent should bring any and all offers to you, even those that are a long shot or lowball offers. You can always say no. Do not blame the agent for bringing less-than-desired offers to you. It is their job and ethical duty to do so. Everything is negotiable. Sales price, repairs, closing terms and what personal property (refrigerator, washer and dryer, etc) conveys with the sale are all things that can and will be negotiated and agreed upon. Be prepared for these discussions. Home inspections have become big business. There are many inspectors in the business now and many take it upon themselves to write up anything and everything that is or could be wrong with the home. Hopefully you will already be aware of some of the issues and are prepared to deal with them accordingly.
After the contract has been accepted by the buyer and seller, you will meet at an attorney’s office or title company that handles real estate closings. Both sides will sign the appropriate papers and you will hand over keys and garage remotes, etc to the purchaser. If your sales proceeds are greater than your expenses (including mortgage payoff) you will receive a check from the attorney for the exact amount.
Refer your agent to someone you like.
If you were satisfied with your agent and want to say thank you, then refer them to a family member, friend, coworker or someone that would make a good client. If the agent enjoyed working with you, then chances are they will also enjoy working with someone you hold in high regard