Austin TX Homes for Sale

Steps to Selling


Steps to Selling
 
The most important thing to remember is to ask questions. Look at each comparable that has sold:
  • What are its features?
  • When did it sell?
  • How long had it been on the market?
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Review these factors with your real estate agent and also discuss other important factors such as establishing financing options for the buyers, and what will be included in the sale of your home.

With the guidance of your real estate agent set a realistic price that will provide you with the highest possible net proceeds in the least possible period of time. Remember that overpricing lessens your chances for maximum net proceeds. After you have agreed upon the optimum selling price, your real estate agent will prepare a net proceeds sheet that will list the various closing expenses and will give you a reasonable idea of what you will net from the sale of the house.

Step one: Deciding to sell

You and/or your family have decided that you want to move. The reason for the move could range from a job transfer, a desire for a different location, to a wider range of home amenities within the same area. Whatever the reason may be, there are a series of steps to be followed.

A move to another city or state:

Call your real estate agent and ask him or her to refer an associate in the city where you will be moving. Your real estate agent here finds out exactly where you will be moving and then contacts the broker in your destination city in order to find one of the top associates who specializes in that area. A referral such as this is usually given to a higher-producing senior associate who will provide you with a much higher level of service than someone you might randomly reach when you arrive in your destination city.

This real estate agent will then contact you to discuss your needs and wants. He or she customarily will send you information about the neighborhoods and the homes in that area to get you acquainted with the locale, and then set up an appointment to meet with you when you arrive. All this assistance is free. If you take advantage of this service first, you will save yourself considerable time, money and worry.

A move within the same area:

The real estate agent who helps you in the sale of this home can also assist you in the purchase of a home in the area you desire. This is an advantage to you because working with the same associate for both transactions allows you to work with someone who is already familiar with your needs. If you decide that you move will be across town, this associate will probably refer you to an experienced associate familiar with that territory.

Step two: What you can do and what questions to ask

Before the real estate agent arrives at your home to review and plan the marketing of your home, have the following information prepared:

  • The deed
  • Warranties on appliances
  • Mortgage payment book
  • Tax bills and assessments
  • Community fees
  • Restrictive covenants
  • Any guarantees or legal documents concerning the property
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Having these documents on hand saves both you and the associate time, and additionally makes you newly aware of any different charges and obligations that are on the home. Also, having access to warranties and guarantees on any recent work — repaired or completed — may also raise the perceived value of the property from the viewpoint of the buyer.

Take the associate on a detailed tour of the property, being certain to point out any special features of the home that you have especially enjoyed. Mention the benefits that originally attracted you to the home: factors that originally appealed to you will probably be similar to what will attract the next buyer. This information can be used in the descriptive listing of the property and in the multiple listing computer printout that is used by cooperating real estate agents. Describe the neighborhood, ages of the neighborhood children, schools, shopping and any other features that might not be immediately visible. This type of information about the neighborhood might be the critical factor that sells the home, given that the right location is primary in the buyer's list of criteria.

Step three: What price to set

While pricing is always a variable that can determine the final net proceeds from your home, it is not the only one. Other factors, such as seller financing, having your mortgage assumed, offering a more rapid possession, including more extras with the home and more can influence your final net proceeds.

To get started, you need to ask questions and your real estate agent is the one who has the answers. He or she can provide you with a listing of properties similar to yours that have recently sold in your area. Although current listings of available properties presently on the market might be helpful, you must remember that they have not yet sold; therefore, what you need to pay closer attention to are the "sold" properties. The most important information about pricing for both you and your real estate agent is what buyers have actually paid for a certain type of property with certain features, in a certain neighborhood. You are aware yourself that in ten years your home probably will be worth more, or in a different location it could be worth much more or much less.

Step four: How marketing services can help you get the best price

With your associate, review the total marketing plan on your house. Normal activities such as open houses, tour by the entire sales office, exposure to buyers, along with the entire marketing plan should be presented in sufficient detail for you to understand exactly what is happening. The pages in the marketing kit that describe exposure and marketing will explain the process in greater detail.

After you have examined the marketing place, look at it in its entirety. Only 8% of buyers actually come from advertising and fewer than 4% of buyers buy the home that they call about. Obviously then the vast majority of buyers rely on other sources to aid them in finding the house that they want. Therefore, the real estate agent is the key figure in guiding buyers to properties they will find appealing. Ask your associate to explain how he or she will guide buyers to your property and ask questions about this. We think that our associates are the best trained and the most well prepared anywhere in the country. They are well acquainted with marketing, qualifying, legal documentation, in short, everything involved in the sale of your house. Draw on their experience and let them advise you about what comes next.

Step five: The signed documents

An offer to purchase, a contract or a purchase agreement will be prepared either by your real estate agent, another associate with the company or a cooperating real estate agent within the multiple-listing service, and then presented to you through your listing associate. At the time of listing, ask for a sample blank contract so that you can have ample time to review the content and language and ask questions.

When the offer is presented to you, it will cover such conditions as the down payment, the selling price, financing, inclusions/exclusions and closing date. After you review the entire offer, you may either accept the offer by signing the purchase agreement or changing some part(s) of the offer, thus constituting a counter-offer. Although you, of course, have the option of rejecting the offer in its entirety, it is preferable to counter the proposal if the terms are not satisfactory to you.

By countering the offer, you as the seller are able to communicate to the buyers what you will and what you will not accept and this communication is in writing. Advisedly, if the offer is close to your expectations you may want to accept the offer as it is rather than take the risk of having the buyers reconsider their entire decision to purchase your house because of a few minor changes on your part. Sometimes if a buyer is issued a counter on what they felt was a perfectly acceptable offer, they put up a psychological block and back out completely from the transaction.

Even after you have received a copy of the completed agreement, there is still plenty of work to do to ensure you maximum met proceeds.

Step six: The follow-up

After the buyer applies for a mortgage, an appraiser, who is usually hired by the lender, performs an appraisal of the property to assess the value of the house for which they are granting the mortgage. Then a title search and other inspections are requested. In order to determine which is these costs the buyer assumes, review the net proceeds sheet with your real estate agent.

Just before closing, the buyers will probably schedule a final walk-through for inspection of your property. This is the time when you will want everything to look perfect. If your furniture and belongings have already been moved out, take the necessary time to clean carefully, take care of any minor repairs and have the carpet freshly cleaned. Occasionally, buyers who might be having second thoughts about their new higher payments for this home or who might be a little unnerved with the prospect of change, will look carefully for flaws. The extra time you take in presenting the best possible face on your home will reassure the buyers of your sincere concern for their satisfaction.

Step seven: The conclusion

At the time of closing, the sellers usually give the keys to the buyer and receive a check for the entire net proceeds. This is the time to review any concerns and to ask questions about anything that you may not fully understand. The monies you receive can then be used for the purchase of your next home or for any purpose you want. Closing is a time of great satisfaction for both buyers and sellers. The buyers gain possession of a home for them and their family, and the seller receives the net proceeds to use for his or her own purposes. We want this final step to be a positive experience, and with thorough customer knowledge and an associate who cares, it will be.

Happy home selling!