{"id":218,"date":"2014-10-13T16:41:02","date_gmt":"2014-10-13T16:41:02","guid":{"rendered":"http:\/\/mikeseder.com\/?page_id=218"},"modified":"2014-10-13T16:41:02","modified_gmt":"2014-10-13T16:41:02","slug":"the-selling-process","status":"publish","type":"page","link":"https:\/\/mikesederrealestate.com\/the-selling-process\/","title":{"rendered":"The Selling Process"},"content":{"rendered":"<p>There are many different steps in the selling process of a successful real estate transaction. You will want to know what is the right price, which means getting a Free Market Analysis done on your home. To get the price you want you will need to make your home look good. For instance just for starters, clean up the yard, plant some flowers, maybe a new coat of paint inside and out! And above all use a real estate professional! Sellers have to stay on top of the selling process.<\/p>\r\n<\/p>\r\n<ul class=\"sc-list style3 line\">\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal1\">Setting a Price<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal2\">Appraisal<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal3\">Comparative Market Analysis<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal4\">Net Proceeds<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal5\">Signing a Listing Agreement<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal6\">Exclusive Listings<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal7\">Length of Listing<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal8\">Marketing Your Property<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal9\">The Offer<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal10\">Seller&#8217;s Disclosure<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal11\">Accepting the Offer<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal12\">Title Search<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal13\">Inspection and Repairs<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal14\">Closing the Deal<\/a><\/li>\r\n<li><a class=\"sc-modal-link\" href=\"#sc-modal-window-modal15\">Basic Documents<\/a><\/li>\r\n<\/ul>\r\n<p>\r\n<p>&nbsp;<\/p>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal1\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Setting a Price<\/h4>\r\n<p>When setting a price, the important thing is to be realistic. If the price is too high, you may not find a buyer. Too low, and you cheat yourself out of money.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal2\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Appraisal<\/h4>\r\n<p>Regardless of what you originally paid for your home and the cost of improvements you have made, the only price that matters is what the market will bear at the time you decide to sell. You may consider hiring an independent real estate appraiser with specialized training and experience. Don\u2019t rely on assessed valuations made for tax purposes. Such valuations may not be reliable indicators of value, as they are usually made using mass appraisal techniques.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal3\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Comparative Market Analysis<\/h4>\r\n<p>Whether or not you get an appraisal, your REALTOR\u00ae can develop a comparative market analysis. This analysis will describe homes in your area that have recently withdrawn from the market and may compare specific features of your home to others\u2013the value of a corner lot, a city view, or an extra bedroom, for example. The analysis may also point out market fluctuations caused by the opening of a new school or business, as well as long-term trends.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal4\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Net Proceeds<\/h4>\r\n<p>Once you\u2019ve decided on a price range, the REALTOR\u00ae can help you calculate an estimated amount you might net from the sale. If you have owned your home for several years, you may have built up sizable equity. Equity is the difference between the value of your home and the balance on your mortgage. After subtracting what you owe on your mortgage, ask your REALTOR\u00ae what costs you will incur in closing. These may include title fees, taxes, a penalty for prepaying your mortgage, brokerage commission, attorney fees, and charges for preparing and recording documents. Finally, ask your tax adviser or attorney about the tax implications of your proposed sale.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal5\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Signing a Listing Agreement<\/h4>\r\n<p>After you choose a REALTOR\u00ae, you will most likely sign a listing agreement\u2013a contract in which you agree to allow a REALTOR\u00ae to sell your home during a given period and pay the REALTOR\u00ae a fee when your home sells. Most REALTORS\u00ae are independent contractors who work for a company operated by a licensed real estate broker.<\/p>\r\n<p>The amount of compensation you pay a broker is negotiable, but the REALTOR\u00ae will generally follow the company\u2019s policy regarding compensation. The amount of the fee will be spelled out in the listing agreement. Make sure you understand how the fee will be paid before signing.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal6\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Exclusive Listings<\/h4>\r\n<p>Most REALTORS\u00ae will ask for an exclusive right-to-sell listing. This means that you will owe the broker a commission regardless of who finds a buyer during the listing period. In other words, if you decide to sell the house to your cousin, your broker still gets a commission. In an exclusive listing, the broker is usually motivated to work harder to sell your home.<\/p>\r\n<p>It\u2019s possible that a REALTOR\u00ae from another company will find a buyer for your home. In that case, your broker is the listing broker, and the second agent is the cooperating broker. Many times the listing broker will agree to pay the cooperating broker a fee from the amount you pay the listing broker. Your listing broker cooperates with other brokers who procure buyers interested in your property and offers to compensate the other brokers for procuring a buyer. Cooperating and compensating other brokers is discussed in the listing agreement you sign with the listing broker.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal7\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Length of Listing<\/h4>\r\n<p>The listing agreement will specify how long you agree to list your house with a company. You want a period that\u2019s long enough to motivate your REALTOR\u00ae to advertise your home and respond to buyers, yet short enough to allow you to change to a different company if you become unhappy with the REALTOR\u00ae\u2018s service.<\/p>\r\n<p>Remember that the listing agreement is a contract. You should get a copy for your records. Your REALTOR\u00ae is bound to the terms just as you are. You can expect the REALTOR\u00ae to keep appropriate information confidential and effectively market your property.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal8\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Marketing Your Property<\/h4>\r\n<p><strong>Preparing your home<\/strong><\/p>\r\n<p>In preparing your home for viewing by prospective buyers, remember that people buy on emotions. Your home has to feel right, or buyers will look elsewhere. Ask your REALTOR\u00ae and some honest friends to look at your home objectively and suggest ways to make your home more inviting and sellable. Consider both the exterior and interior. Since you will be appealing to buyers\u2019 feelings, you need to pay attention to detail. An extra $50 you spend on red geraniums or new bath towels might mean a significant increase in a buyer\u2019s offer.<\/p>\r\n<p>Clean your home thoroughly and make minor repairs such as tightening towel racks and gluing wallpaper edges. For larger repairs, consult your REALTOR\u00ae as to whether repairing the item will generate a good return on the sale. Repainting the woodwork may be worth it, but replacing the carpet may not. Hire a professional inspector to examine your house for structural and mechanical defects. Get an inspection early, and you can avoid surprises.<\/p>\r\n<p><strong>Honesty and candor<\/strong><\/p>\r\n<p>If your home has a major problem you don\u2019t intend to correct, be candid about it. Don\u2019t paint over the water marks on the ceiling to hide a leaky roof. Buyers will find out about the problems anyway, especially if they are smart shoppers and hire a professional to inspect your home. In an age when lawsuits are as common as family sit-down dinners, it pays to be open about everything.<\/p>\r\n<p>You should consider including a one-year residential service contract with the sale of your home. This buyer perk is a common practice and helps ease concerns. Typically, after the first year, the buyer has the option of renewing the coverage at his or her expense. A residential service contract is simply an agreement with a company to repair certain items on the property if such items fail to function or are in need of repair (for example, air conditioning unit, heating equipment, plumbing system, etc.).<\/p>\r\n<p><strong>Attracting and screening buyers<\/strong><\/p>\r\n<p>As part of the overall marketing strategy, your REALTOR\u00ae may arrange a tour of your home for local REALTORS\u00ae and perhaps schedule an open house for the public. Your REALTOR\u00ae may also run ads in local newspapers, Web sites, and other publications tailored specifically for the type of home you are selling. As responses come in, your REALTOR\u00ae will screen out sightseers and half-hearted inquirers and make appointments with the serious prospects.<\/p>\r\n<p>When the showings begin, keep your home clean and ready. Your REALTOR\u00ae will try to give you advance warning before showing your home but be prepared anyway. If people drop by and are not with a REALTOR\u00ae, it\u2019s best not to show them your home. Ask for their names and phone numbers and refer them to your REALTOR\u00ae.<\/p>\r\n<p><strong>Purposeful absence<\/strong><\/p>\r\n<p>When a REALTOR\u00ae comes to show your home, it\u2019s best if you are not there. Many buyers feel like intruders when the owner is present; they tend to hurry away. Letting the buyers walk through your property at their own pace will help put them at ease. They will feel free to look around and ask questions. If you must be there, let the REALTOR\u00ae handle the showing. Sit quietly and be courteous, but avoid engaging the buyer in conversation. The REALTOR\u00ae needs the buyer\u2019s complete attention to show your home properly.<\/p>\r\n<p><strong>Fair housing<\/strong><\/p>\r\n<p>REALTORS\u00ae are required by law to make your property available to all persons without regard to race, color, religion, national origin, sex, disability, or familial status. Your REALTOR\u00ae will not discuss any matter that may potentially discriminate against any person.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal9\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>The Offer<\/h4>\r\n<p>When a buyer makes an offer on your home, your REALTOR\u00ae will contact you promptly. The REALTOR\u00ae will scrutinize the document, review it with you carefully, and answer your questions. The written offer lays out all the terms of the proposed transaction\u2013the price the buyer is willing to pay and the financing terms\u2013and becomes a binding contract if you sign it.The offer may be contingent on the buyer selling a home first or obtaining an inspection. Ask your REALTOR\u00aehow these terms affect you and whether the offer is in line with the market. The offer describes the property, states who pays for which closing costs, and specifies dates of closing and possession. Along with making the offer, the buyer may place some earnest money with the escrow agent as a sign of good faith. The earnest money will be kept in an escrow account and applied to the buyer\u2019s down payment or closing costs when the sale closes.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal10\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Seller&#8217;s Disclosure<\/h4>\r\n<p>In most residential sales, law requires that the seller deliver a seller\u2019s disclosure notice to the buyer on or before the effective date of purchase. This document provides important information about the seller\u2019s knowledge of the condition of the property. Complete the notice to the best of your knowledge and belief. Your REALTOR\u00ae will most likely ask that you complete the notice at the time the listing is first taken. Copies of the completed notice will be made available to those looking at your property.<\/p>\r\n<p><strong>Lead-based paint disclosure<\/strong><\/p>\r\n<p>If your property was built before 1978, federal law requires that before a buyer is obligated under a contract to buy the property, the seller shall: 1) provide the buyer with a lead hazard information pamphlet (as prescribed by EPA); 2) disclose the presence of any known lead-based paint or hazard; 3) provide the buyer with a lead hazard evaluation report or records available to the seller; and 4) permit the buyer to conduct a risk assessment or inspection for the presence of lead-based paint or hazards. A contract for the sale of property built before 1978 must contain a statutorily prescribed Lead Warning Statement to the buyer. Your REALTOR\u00aewill provide you with the forms necessary to comply with the law and will suggest procedures to follow in order to comply.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal11\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Accepting the Offer<\/h4>\r\n<p>Once you and the buyer agree on terms and sign the contract, the buyer will generally have to find a lender and apply for a loan. Your REALTOR\u00ae may monitor the loan process, which could last several weeks. During this time, your REALTOR\u00ae will also be busy coordinating other arrangements to prepare for the final sale.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal12\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Title Search<\/h4>\r\n<p>As part of the process, the title company may order a survey of your property and research the title to your home, making sure the chain of title is clear. Clearing the title may require paying off liens\u2013that is, any monetary claims against your property. Examples are: mechanic\u2019s liens, unpaid state and federal tax liens, court judgments, and probate considerations (if a co-owner has died). The product of the title search can be in the form of title insurance, abstract of title, or certificate of title, depending on what is commonly used in your area.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal13\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Inspection and Repairs<\/h4>\r\n<p>If the buyer requires it, your REALTOR\u00ae can coordinate an inspection of your home. A buyer may hire an inspector to review many items in the property such as the structural components, mechanical items, electrical systems, and plumbing systems. The inspector will report to the buyer the items that the inspector finds to be in need of repair. Most likely, the buyer will provide a copy of the inspection report to you and may ask you to complete certain repairs. Don\u2019t be surprised if the inspection notes some items in need of repair. An inspector is trained to see items and defects that are not obvious to you and your REALTOR\u00ae. No matter how new or well-maintained a home is, an inspector may find some items in need of repair.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal14\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Closing the Deal<\/h4>\r\n<p>The sale formally ends at the closing table. In most transactions, the closing lasts less than an hour and often occurs at the title company office. Your REALTOR\u00ae and the buyer\u2019s agent may be present. A title company officer or escrow agent will preside. Be sure to bring your driver\u2019s license to the closing (DPS identification cards and passports are also acceptable).<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n<div style=\"display: none;\"><div class=\"sc-modal-content entry-content content-style\" id=\"sc-modal-window-modal15\" style=\"position:relative; width:600px; height:550px;\"><br \/>\r\n<h4>Basic Documents<\/h4>\r\n<p>The sale actually consists of two transactions: 1) transferring the property to the buyer, and 2) paying off the existing mortgage on your home (or allowing the buyer to assume your mortgage). To transfer the property, the title company will present documents proving that you have the title. Proceeds of the sale may be disbursed at closing or shortly thereafter, once all the paperwork and verifications have been processed. When you give your house key to the new owners, the sale is complete.<\/div><\/div><script type=\"text\/javascript\">\tjQuery(document).ready(function() {\t\tjQuery(\"a.sc-modal-link\").fancybox({ \"hideOnContentClick\": true });\t});<\/script>\r\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/pages\/218"}],"collection":[{"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/comments?post=218"}],"version-history":[{"count":1,"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/pages\/218\/revisions"}],"predecessor-version":[{"id":219,"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/pages\/218\/revisions\/219"}],"wp:attachment":[{"href":"https:\/\/mikesederrealestate.com\/wp-json\/wp\/v2\/media?parent=218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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