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A brief overview of what happens when you sell a property
1. Select the right agent to sell your property
This is a very important step because once you have the right person for the job, the rest goes much more smoothly. Obviously you want a REALTOR who has a good personality, who is knowledgeable, hard-working, and intelligent. Most agents go through the same type of training and have the same surface knowledge, but the difference is in the details. I always like to find out what the agent did before starting a career in real estate. You also want to know how busy that agent's going to be with other listings; after all yours is the most important one to you, the seller.
2. Evaluation of the property / setting the price
Your agent shouldn't be so eager (desperate or inexperienced) to take on the listing at any price you plan on asking. An overpriced listing won't sell (put yourself in the buyer's shoes for a moment). The seasoned agent will conduct an accurate market analysis and won't be afraid to let you know if you plan on asking too much. You have a great deal to lose if your property stays on the market too long. Most buyers have their own agents and will obtain detailed information about market value.
Pricing correctly isn't the same as underpricing. I've seen agents attempt to price properties several thousand dollars below market value (not a short sale, not a foreclosure, nothing wrong with the property). The savvy seller can also recognize that agent who may just be looking for a quick sell.
3. Staging and showing your home
People buy what looks good. You don't have to hire a professional home stager, but you should always make sure the property is clean and has curb appeal. Your agent can help you prepare your home to show it under an advantageous light.
4. Marketing
Nowadays, with Internet, you'll want to make sure your agent will post your listing on-line in addition to more traditional advertising techniques.
5. Negotiations
Once you receive an offer, you can accept it but most often the seller makes a counteroffer (unless of course you receive a full-price offer). Your agent can help you sort through the numbers and make an enticing counter-offer.
6. Inspections and appraisals
In the contract, the buyer will typically pay a small sum of money (in addition to the earnest money) to buy the opportunity to cancel the offer for any reason within a specified number of days. During that time period, the buyer will hire an inspector who will go over the house with a fine-toothed comb. Inspection reports can be quite daunting. It's not unusual for a buyer to request a few repairs, based on the inspection report.
The buyer's lender will send out a professional appraiser. For some reason, this happens late in the game - too late for my taste. Make sure your agent takes back-up offers and lets all the other agents know (through MLS), otherwise if your buyer can't obtain a loan for the amount specified in the contract you may lose a "good" buyer while your first buyer is trying to secure financing.
7. Getting ready for closing
You'll be receiving paperwork and requests from the title company; be sure to reply and provide documents in a timely manner. Your agent will work with you and the title company (along with the buyer's agent and many other people) to ensure that nothing falls through the cracks.
Our agents have represented people from every walk of life in several Texas counties and all over San Antonio. Call us today for a free market analysis!
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