Preparing to sell your home? Gain some insight from my own recent experience. Be prepared to roll up your sleeves.
Selling your own home may seem easy at a glance. Pick an agent, pick a price, list your home and shortly thereafter it'll be sold. Actually, it's not that simple. Let's examine the steps that occur.
Time to call up and interview your local real estate agents, many of whom claim to know the market.
In actuality, they are usually offering their best guess on the saleability and possible value of your home.Regardless of past sales data on the properties in your area, potential purchasers' whims can change suddenly.
Many of them want the latest home features at yesterday's prices, even though
that is not a realistic expectation.When interviewing real estate agents, find one who fits into your comfort zone.
Make sure both of you are in agreement concerning ideas on how advertising, appointments, open houses and agent caravans should be conducted.If you sign an agent, make sure you can dismiss them with only one day's notice in case the two of you butt heads.
You don't want to be stuck with an agent that isn't working for you.At this point, the agent will request that you make improvements to the home to help with its marketability.
This is where it starts to get expensive unless you are a handy person. How many items need to be done versus how many you can afford.Your entire family has now been drafted into tidying up your home.
Every nook and cranny must be fixed, painted, dusted, vacuumed, washed and cleaned. Closets must be organized and your home must sparkle prior to photographs being taken.You should keep your home looking clean and fresh until the deal has closed.
The reason is that the agreement which the buyer signs to buy a home is not as binding as you may think. It offers them numerous ‘outs'. Until the money is in your hands, they can still pull out of the deal (no matter what your agent or legal representative tells you, no contract is iron clad). Even if you've packed and your belongings have been transferred to your new home or into storage, the buyer can throw your entire life into a spin for any reason whatsoever. I don't think you want to spend the next five years wasting your time and hard earned dollars on the legal system attempting to make them follow through on the purchase. If you go down that path, you'll be forever consumed with aggravation, grief and regret. Even if you ‘win', the buyer just declares bankruptcy and you most likely end up with nothing but
heartache.When potential buyers make appointments to view your home, make sure the agent shows up at least 15 minutes prior to the scheduled appointment.
Some agents don't show up on time for viewings (which leaves the impression that they are not keen on selling your home).Make sure that the agent does proper screenings of clients (if the buyer can really afford your home) prior to any scheduled showings.
Comments that are provided by potential purchasers should be taken with ‘a grain of salt'.
In other words, don't take any of their observations to heart. When you hear negative remarks, the person may really like your home but is trying to devalue its worth with loads of derogatory innuendo. Conversely, if you hear fantastic comments, then the person may not be able to afford your home or is just not willing to pay a fair price.If you receive a reasonable offer, congratulations!
Take it! If you wait for the exact price on your listing (or even higher), you may be disappointed with the length of time it could take to achieve that result. Today, buyers have plenty of homes to choose from, so don't think that you have the only house for them.If unreasonable offers come your way, or even worse, no offers at all, don't fret. Your agent may try to talk you into unjustified price reductions.
Resist! This type of scenario can become a relentless cycle. If the price you listed at was not reasonable to the agent in the beginning, then you should have been told at that time. However, take heed of valid criticisms and ignore the rest. The old saying still applies. "If at first you don't succeed, try, try, try again," with another agent.As a last resort, if you're unable to obtain any decent offers on your home, consider an auction with a reserve price
You have the right to refuse any bid that doesn't meet the reserve, plus you'll be saving quite a bit of money on a real estate agent's
commission (which allows you room for plenty of flexibility when deciding on your reserve price). You will be required to pay for advertising the auction, however the buyer is responsible for the auctioneer's commission, not you.Keep the cork in the champagne bottle until you are in your new home and the money is yours.
Conclusion
In the end, hopefully all your hard work will be worth it. I wish you every success in selling your home.
