Selling Process

The process of selling a home can become cumbersome and overwhelming. There are 6 important steps that must be carried out to ensure the proper sale of your home. Each step represents an equally important stage in the process.

Step One: Determine Your Home's Value

When establishing the sale price of your home, it is important for you to avoid the two most common mistakes that homeowners make.

1. Under pricing your home—Real Estate values change quickly. It is imperative for you to realize the many factors that make up the true value of your home. If you list your house for sale for less than its true value, the law of supply and demand dictates that you will sell it quickly. Unless you like giving away the equity that you have worked so hard to build, you must price you home properly so it sells promptly at its true market value.
2. Overpricing—A correctly priced home sells. The most common reason that a home is not selling is that it is overpriced. Overpricing usually occurs when homeowners have an unrealistic value of their home. Keep in mind that today’s real estate buyers are very educated and have a good understanding of the current market. If you price your home too high, many qualified buyers will not view your home. The additional risk of overpricing is that after an extended period of time, your home becomes "stale" as it has been on the market for a while.

Your home is typically one of the largest investments you will have. There are several important factors that make up its true market value. These factors include.

• Location
• Current Market Conditions
• Condition of the Home
• Interest Rates

If you would like additional pricing information on your home, contact us for a free market valuation.

Step Two: Prepare Your Home For Sale

Items to consider when preparing your home for sale.

• Try and look at your home and yard from the buyers’ perspective.
• Make only necessary improvements that will improve the appearance of your home and not cost a lot of money.
• First impressions are important! Clean out the clutter and move excess items into storage.

Exterior

• Keep lawn and shrubs trimmed and neat.
• Plant flowers if climate permits.
• Clean gutters and exterior surfaces.
• Paint and caulk front door and entryway if necessary.
• Clean windows thoroughly (inside and outside).
• Remove any trash, newspapers, and toys in the yard.
• Keep your garage door closed.
• Move any extra cars from driveway to another area.

Interior of your home

• Remove as much personal items as possible.(This will allow the buyers to visualize their belongings in the home)
• If necessary, repaint any dingy or dirty walls; also consider making your home more neutral by repainting strongly colored walls.
• Carpets and floors should be vacuumed and cleaned .
• Put toys away.
• Turn on all lights and open the blinds and drapes.
• Keep pets out of the way and locked up for their protection.
• Turn off the TV and play soft music.

Bedrooms

• Closets should be neat and organized. (box up and put away excess items)
• Make sure all of the beds are made and rooms are neat.
• Keep personal items put away.
• Use room deodorizers to eliminate odors.

Kitchen

• Repair or replace any defective hardware (faucets, door handles, locks, etc.).
• Put away all dishes in the kitchen and keep countertop clean and clear of clutter.
• Use potpourri to make the kitchen smell good.
• Organize and clean out pantry.

Bathrooms

• Consider replacing caulking in bathroom areas.
• Keep tub, toilet, sink and any mirrors sparkling.
• Consider buying new towels to put out.

Basement/Garage

• Dispose of everything that your will not take with you when you move.
• Pack away excess items and clutter.
• Brighten up basements with fresh paint and additional lighting.
• Arrange items neatly so areas will look larger.
• Keep walkways and stairways clean and clear.

Step Three: Market Your Home

For years homeowners have searched for ways to market their homes professionally and save money on commissions. At Residential Realty Advisors of America we have developed a proven marketing plan, which meets the specific needs of different home sellers. With our powerful marketing plan, you will receive great exposure and excellent service, all at the lowest commission rate possible!

We guarantee that we will sell your home quickly and for its true value. Here are some of the many reasons why families have chosen Residential Realty Advisors of America to help them sell their home.

• We will give you straight forward approach to selling your home, and back it up with our Performance Guarantee.
• We offer full service real estate brokerage at a competitive price with our Premiere Marketing Plan.

If you are looking for a no-nonsense approach to selling your home quickly and professionally, give us a call at 314-892-6000.

Step Four: Hold an Open House

Holding an Open House has the sole purpose of marketing your home for sale. However during this process, you will inevitably encounter nosy neighbors, people looking for decorating ideas, and if you are marketing your home by owner you will likely encounter real estate agents who will be looking for you to list your home for sale with them. Instead of viewing these people as a hindrance to your goal of selling your home, welcome them graciously and then sell them on your homes many merits. After all these guests live and work in your area, how many people do they know that might be looking for a house like yours?

• Place an inspiring ad  advertising your open house.
• Use balloons on signs and directional arrows during open house to attract attention.
• Send kids and pets to neighbors or relatives during open house.
• Secure all personal valuables.
• Bake some fresh cookies or bread in the kitchen.
• Purchase some fresh flowers to display.
• Turn on all lights and open blinds and drapes.
• Play soft relaxing music and turn off the TV.
• Have someone help you greet visitors.
• Have all visitors sign in a guest register with their name and phone number.
• Have informational sheet readily available for all guests.
• Allow guests to explore and look freely.
• Try to be available yet not overbearing to answer any questions your guests may have.
• Have information about your home organized for a buyer to view (utility bills, tax records, and comparable homes that have sold in the area).
• Be prepared and ready to write a contract with an interested buyer.
• After open house use your guest register to call back interested parties.

Step Five: Negotiate With Buyers

Ok, you have found an interested buyer now what? Negotiate! Here are a few pointers to consider when you are negotiating your home's sale.

• Try and keep your emotions separate from your negotiations.
• Use your recent home sales in your area or our comparative market analysis as your negotiation tool when making a counter offer to the buyer.
• Only accept one offer at a time. If you receive several offers at the same time, it is prudent for you to pick the best one and try and negotiate it. You can not sell your home to two different buyers, so don’t negotiate two offers from different buyers at the same time.
• Get it in writing! A verbal contract can be misleading and misunderstood. Many blank contracts are available for you to use. However if you are uncertain of what you are doing, seek professional assistance from your attorney or one of our experienced Realtors.

As part of our Premiere Marketing Plan, we will represent your best interest, and handle all contracts and negotiations.

Step Six: Close the Transaction

Once you have a signed contract there are a few more hurdles for you to cross to complete the transaction.

Obtain earnest money—Earnest money is typically collected at the time of an accepted contract. It is used a symbol of good faith from the buyer. This down payment is usually held at a reputable title company. The earnest money is applied as part of the sellers down payment, however if the buyer changes his mind and backs out of the contract, the earnest money may not be refundable to the buyer if the transaction does not close.

Building and Termite Inspections—Most sales contracts allow for the buyer to have the home inspected at his expense. After reviewing the inspection report, the buyer generally has a limited number of days to request any unsatisfactory structural defects either be corrected or that the seller make an adjustment to the selling price. If the seller chooses not to work with these requests, the sale contract could be terminated.

Municipal Inspections—In addition to the building and termite inspection, many municipalities require their own inspections prior to the sale of the home. If you live in a municipality that requires an inspection, it is typically the seller’s responsibility to obtain, pay for and correct any defects found in this inspection.

Gas Inspection—In most areas if your home is connected to a central gas line, it is the sellers responsibility to request a gas inspection at their expense. It is typically the seller's responsibility to obtain, pay for and correct any defects found in this inspection.

Appraisal—An appraisal of your property is usually performed when the buyer is financing a portion of the homes purchase price. The appraisal will give the lending institution an unbiased value of your homes value. Property appraisals are usually paid for by the buyer as part of their loan approval process. Keep in mind that if the buyer of your home is going to obtain a loan, the lender will make their loan based on the home’s appraised value.

Loan Commitment—If the buyer is obtaining financing for the purchase of your home, the lender will issue loan commitment prior to closing. The loan commitment date is usually stated in the sale contract. The lender will only issue the commitment after carefully reviewing all of the underlying factors of the loan such as the borrowers down payment, credit, work history, and the appraisal of the property.

Final Walk Through—The final walk through is the process where the buyer reviews the home usually within 24 hours prior to the closing. The purpose of the walk through is to make sure that the house is being sold in the same condition as agreed in the sale contract.

Closing—The closing and transfer of property typically takes place at a title company. The title company will take care of all aspects of the transaction. The Title Company will take care of transferring the ownership, providing title insurance, and the collection and disbursement of the proceeds from the sale.

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