You hear it’s a seller’s market so selling your home should be easy right? Why should you hire a realtor when the market is so hot? Surely you can sell it yourself and save some money.
All you have to do is put a sign on the front lawn, put it on a for sale by owner web site and wait for buyers to come with offers. Seems easy enough.
As a full-time Realtor, of course I will advise you to seek professional service in any situation, and especially in an extreme market whether it favored for seller’s or buyer’s.
If your home is in decent condition, in a desirable location and priced within fair market value, buyers will be coming through quickly and aggressively hoping to beat the crowd and those multiple offer situations.
There is little doubt you will have buyers and offers. What do you do next?
How do you organize the offers to properly analyze them and decide which is the best one? Are the buyers qualified, what type of financing is the buyer pre approved for, what are the contingencies, is the buyer represented, who prepares the sale agreement, what content do you need in the agreement to protect you as the seller? Where do you go from here? Will you be able to keep your emotions out of your decision making?
Although it is a fact that buyers are plentiful and willing to pay full price or more for your home, once their offer is accepted, they realize they are paying a high price and now expect to get their money’s worth.
A buyer has several opportunities throughout the transaction to back out of the deal and get their initial deposit back.
How you manage the intricacies of the transaction can determine if you get to the closing table successfully or not.
When you work with a professional to sell your home, your Realtor will...
- Represent you and assist in making difficult decisions that are in your best interest, keeping your personal information confidential.
- Prepare a plan to reach your specific end goal.
- If you are purchasing another property, it is important to have assistance with that purchase process, making sure there are proper contingencies protecting you from closing your current home before finding a new place. Managing timeframes for your transition requires strategic planning and coordination.
- Assess your property’s space and condition to advise how best to prepare the property for sale, and where your money is best spent to get a return on your investment.
- Prepare all list documents, property disclosures and marketing material.
- Take professional photos and video’ of the property
- Submit the property to MLS and all buyer search websites for the best exposure to maximize your buyer pool.
- Install a professional for sale sign at the property.
- Organize incoming requests for showings and ensure those who are coming through your home are qualified to purchase.
- Provide property flyers and disclosure packets for showings.
- Show the property pointing out the high points and monitoring buyers to protect your personal items and keeping everyone safe.
- Follow up with buyer’s agents for feedback from showings and keep you informed.
- Receive offers ( in most cases multiple offers} and organize to review and analyze with you to determine which one will get you to the closing table successfully.
- Contact lenders who provided pre approvals to ensure the buyer is still qualified to purchase your home.
- Expedite purchase and sale agreement, receive deposit check, and plan for the pending phase of the transaction.
- Be present for all inspections and negotiate requests for repairs from the buyer.
- Be present for the appraiser and deal with any potential issues from under value or condition contingencies.
- Assist you with getting the property ready for closing, providing resources for any repairs to be done, removing unwanted items in the home and the moving process.
- Coordinate smoke detector inspection with local fire department and be sure all units are in compliance with updated codes.
- Follow up with all parties involved with the closing process…lender, attorney’s etc.
- Be present for final walk through and closing.
If you do decide to work with a Realtor, be sure to research and choose one who can best serve you in one of the biggest transactions you will experience. Good luck!!
Donna DeLauro is a Realtor at RE/MAX Real Estate Center in Coventry. She is also a Senior Real Estate Specialist and the Proud Founder of Mature Matters.