STEPS TO SELLING A HOME

Your home is likely your most expensive asset. It is important to ensure that you have taken the necessary steps to reduce your risk exposure and maximize profit. 


STEP 1 - CHECK YOUR MORTGAGE PAYOFF

STEP 2 - DETERMINE HOW MUCH YOUR HOME IS WORTH

STEP 3 - MAKE NECESSARY REPAIRS & PREP PROPERTY

STEP 4 - ESTIMATE YOUR COSTS TO SELL

STEP 5 - ESTIMATE COSTS TO BUY NEW HOME

STEP 6 - CALCULATE YOUR ESTIMATED PROCEEDS

STEP 7 - SHOWING THE HOUSE


STEP 1 - CHECK YOUR MORTGAGE PAYOFF

Call your lender to check the payoff for your current mortgage. Be sure to request the breakdown of any additional administration fees or penalties. You will need that figure to complete Step 6 and close your deal.

STEP 2 - DETERMINE HOW MUCH YOUR HOME IS WORTH

Determine your home's fair market value. Real estate agents will help you determine this value with a Market Evaluation.  It is important to interview more than one Realtor to ensure they are the right fit for your needs. 

STEP 3 - MAKE NECESSARY REPAIRS &  PREPARE YOUR PROPERTY

Most houses need at least a little work before they are shown to potential buyers, to maximize resale value. Typical project include repainting, closet and cabinet organizers, windows and general cleaning, a clutter free look tends to be most appealing to buyers.


Make all needed repairs unless you want your house to be regarded as a fixer-upper. When getting your home ready to sell, think of it as a product competing with brand new homes. It needs to show well, which means it should look organized and clean. The house should be spotless and you need to have a plan to make your home look its best when a prospective buyer comes for a visit on short notice. It is a lot of work to get everything done, but such literally does pay off.

STEP 4 - ESTIMATE YOUR COSTS TO SELL

  • Real estate agent commission 
  • Lawyer fees and disbursements 
  • Prorated costs for your share of annual expenses, such as property taxes, home owner association fees (such are commonly referred to as "adjustments")
  • Any other fees typically paid by the seller in your area (surveys, inspections, etc.)
  • Any costs associated with maintenance and preparing your home for sale.

STEP 5 - ESTIMATE COSTS TO BUY NEW HOME

Calculate moving expenses, loan costs, down payment, home inspections, legal fees, paying for a new hazard insurance policy -- all expenses related to buying a new home. 

STEP 6 - CALCULATE YOUR ESTIMATED PROCEEDS

  1. Deduct your mortgage payoff from your home's fair market value;
  2. Deduct your costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing. 

Ask yourself, will your closing proceeds cover your costs to buy a new home? If not, do you have cash or other funding to make up the difference?

STEP 7 - SHOWING THE HOUSE

Your house should always be available for show, even though it may occasionally be inconvenient for you. 

Most agents will give you at least a couple of hours notice before showing your property. If you refuse to let them show it at that time, they will just skip your house. Even if they come back another time, it will probably be with different buyers and you may have just lost a chance to sell your home. 


Try Not to be Home

Home buyers will feel like intruders if you are home when they visit, and they might not be as receptive toward viewing your home. Visit the local coffee house, yogurt shop, or take the kids to the local park. If you absolutely cannot leave, try to remain in an out of the way area of the house and do not move room to room. Do not volunteer any information, but answer any questions the agent may ask. 


Lighting

When you know someone is coming by to tour your home, turn on all the indoor and outdoor lights - even during the day. At night, a lit house gives a "homey" impression when viewed from the street. During the daytime, turning on the lights prevents harsh shadows from the sunlight and it brightens up any dim areas. Your house looks more cheerful with the lights on.


Fragrances

Do not use scented sprays to prepare for visitors. It is too obvious and many people find the smells of those sprays offensive, not to mention that some may be allergic. If you want to have a pleasant aroma in your house, have a potpourri pot or something natural. Or turn on a stove burner (or the oven) for a moment and put a drop of vanilla extract on it. It will smell like you have been cooking.


Pet Control

If you have pets, make sure your listing agent puts a notice with your listing in the multiple listing service. The last thing you want is to have your pet running out the front door and getting lost. If you know someone is coming, it would be best to try to take the pets with you while the home buyers tour your home. If you cannot do that, it is best to keep dogs in a penned area in the back yard. Try to keep indoor cats in a specific room when you expect visitors, and put a sign on the door. Most of the time, an indoor cat will hide when buyers come view your property, but they may panic and try to escape.


The Kitchen Trash

Especially if your kitchen trash can does not have a lid, make sure you empty it every time someone comes to look at your home --even if your trash can is kept under the kitchen sink. Remember that you want to send a positive image about every aspect of your home. Kitchen trash does not send a positive message. You may go through more plastic bags than usual, but it will be worth it.


Keep the House Tidy

Not everyone makes his or her bed every day, but when selling a home it is recommended that you develop the habit. Pick up papers, do not leave empty glasses in th family room, keep everything freshly dusted and vacuumed. Try your best to have it look like a model home - a home with furniture but nobody really lives there.
 

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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