Thinking of Buying or Selling Your Property?

Choose a real estate agent and not the first agent you come across. Look for an agent who knows the local market. Your agent should be offering all marketing and advertising costs included in a listing argument. Use professional pictures of your property – no matter how hot your market may be.  For most listings, a virtual tour will help highlight the property.

A lot of home sellers choose the “for sale by owner” (FSBO) route. FSBO cuts cost by not having to pay realtor commission fees. If you don’t have any experience with selling homes, it’s my advice to get a realtor under contract. The expertise an agent provides in the form of market valuations, negotiating, navigating thru legal contracts, and any appraisal or inspection issues you might encounter.

Signing a “Listing Agreement” will cover the agent’s commission and gives you an exclusive right to sell your home. This agreement will cover proper steps should a dispute arise, protecting all parties involved. Make sure the listing agreement includes any specifics you want from the agent on how you want your home advertised.

The price for your property should be determined by the comparative market analysis (CMA) the agent provides. The CMA will take into account the home’s square footage, the number of bedrooms, and bathrooms, the sale price of comparable homes sold in the neighborhood, and amenities like high-end appliances and walk-in closets.

Having your property appraised may be required by your buyer as part of the mortgage process as required by the bank. Usually, the appraiser is hired by the lender and paid by the buyer. Since the appraisal is not paid for by the seller, you’re not entitled to a copy of the appraisal. Many times the appraisal is lower than the sales contract purchase price. The contract will determine how this is to be handled and that is why you need to be working with an expert realtor who will help you with the situation.

How you should prepare for closing the deal. Your agent will open an escrow account and order a title insurance policy for you. Escrow is a third-party holder overseeing the transaction. The Escrow acts as a referee.  The Escrow is a neutral party whose job is to ensure that both buyer and seller maintain their ends of the bargain outlined in the purchase & sales agreement.

Prepare your buyer for the final walkthrough. The purpose of the final walkthrough is to ensure the property is in the agreed-upon condition before the sale is finalized. If any repairs were negotiated, they have to be finished at least 3 days prior to closing.

The signing of closing and escrow documents will widely vary from state to state and your agent should prepare you for this process.