Step-by-Step Guide for Preparing Your Home for a Quick Sale
Selling your home can be both daunting and exciting. When you look at all aspects, from the pricing and preparation of the property to setting the move-out date, you have many crucial decisions to make. This is why, as a seller, you want to be prepared for the whole journey. Therefore, the guide below is the right place to start with your preparations:
Prepare Your Home
When preparing your home, a vital part of the process is to remove your emotions from the equation. This is especially true when it comes to decluttering and maximizing the space. When you allow prospective buyers to visualize themselves in that space, you have an easier time proceeding with the sales process as a regular business transaction. This way you will have the best shot at reaching the best price for your house.
Setting the Right Price
When setting the asking price, you must be careful. If you go too high, you will scare away potential buyers, keeping your property on the market longer. At the same time, pricing it too low means you will be taking thousands of dollars less. Check how other homes in your area sell, and talk with your agent. Just don’t forget that a true home’s value is not just one number, but more like a price range.
Selecting a real estate agent
When selecting a real estate agent, check their online profiles to get a glimpse into their professional experience. Look for the number of years they have worked in the industry as well as how many and what types of sales they have closed. Also, pay attention to their listings’ photos, as well as their general targeted market. Plus, the more designations they’ve earned, the better.
Legal Procedure to Sell A Property
When planning for a sale, be sure to understand your state requirements and laws. While inspections and appraisals do take time, be aware of the formidable task of disclosures that await you as a seller. For example, the California Association of Realtors Residential Purchase Agreement highlights that all disclosures should be provided within seven days after the purchase agreement is accepted.
Listing Your Property
You want your listed property to stand out, so work closely with your real estate agent. They will assist you in crafting an impactful listing, a story in which potential buyers can see themselves. Dive into the soul of the home, and create a listing like you would like to see when buying. And make sure you are listed on multiple real estate platforms, reaching more people at once.
Advertising and Showings
Once the property is listed on multiple listing services, the showcasing takes place. Seeing the level of demand for your place is key in the selling process. You want to be flexible, making it easy for buyers to check the property, as that will increase the chances of getting an offer quickly.
Appraisal and Inspection of Homes
Once an offer is accepted, the buyer, with the assistance of their realtor, can investigate and verify the property’s condition before the deal is finalized. Inspections and other research are conducted so that the buyer, guided by their realtor, can ensure that the property is in solid condition and meets all their needs and expectations. Part of this process involves reviewing property disclosures as well. Thus, having all information available, with the support and guidance of realtors, proves to be vital to this part of the process and the overall success of the sale.
With the accepted offer at hand, the property is turned into collateral for the buyer’s loan. Lenders instruct homebuyers to have an appraisal, ensuring the seller’s home is worth the price paid. Additionally, as part of the closing preparations, as both parties pay some closing costs, you want to have a complete list of all the costs you are responsible for.
Negotiating and Closing a Deal
And you’ve finally reached the final step when the buyer’s contingencies are released. This is usually two weeks before the actual sale. The final property walkthrough is also done a few days before closing. If everything still looks great, the final documents are signed. Two to five days after signing the closing documents, the home sale becomes official.
Selling a house for many can be an overwhelming process. No matter if you are a first-time seller, or you’ve been through this before, making sure all steps are followed guarantees your chances for a quick and successful sale.
How can I make my house nice to sell?
To make your house look nice, staging is not as complex as some might believe and mostly involves decluttering. It is also intended to showcase your home’s best assets and by impressing the buyers, make a sale quickly. As many sellers don’t stage their homes, you will have a great advantage if you decide to take this extra step.
What is the law for selling houses?
While there isn’t a specific law about selling houses (tax threshold requirements are different), some states require you to hire a real estate attorney who will handle the sale transaction. And even if it is not required, with the amount of paperwork involved, having one will always be beneficial.
Do I have to pay tax on the sale of my house in Southern California?
This depends if the house you sell was your primary residence and how long you lived there. If you lived there for at least two out of the last five years, you won’t have to report the profit (if the profit is up to $250,000 or $500,000 for married couples). Anything above that, unfortunately, will be taxable.
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