What to Expect in the Home Selling Process

The home selling process can be lengthy and time consuming. Having an idea of what to expect can make everything a lot smoother.

1. Find the right agent

This is one of the most crucial beginning steps in the home selling process. An agent is there to provide expertise of preparing and listing your home, using their networks and marketing to attract buyers, and negotiating the selling price to ensure you’re getting the best value for your home. You want to make sure you’re working with the best agent that is an expert in your local area. We recommend you interview different agents and choose one that meets your expectation. You can start that process by connecting with one of our expert agents in your area.

2. Prepare your home

You want to make your home look its best to attract buyers and receive high offers. This will be important when taking photos for the listing, when potential buyers visit, and when an appraiser comes for the appraisal. This includes a deep clean and possibly a fresh coat of paint. Your agent will be able to help with some ideas of what is needed. You will benefit from having a clean and beautiful home throughout the process, and it doesn’t have to be hard. Follow these five easy steps to make your home more appealing.

3. Negotiate if there are multiple offers

When there is a seller’s market, you’re likely to have multiple offers on your home. Be sure to negotiate with these potential buyers to get the best terms and price. Your agent will be able to assist you with this since they are an expert negotiator, but it’s important to play an active role in the process. After all, you will directly benefit from a higher price, fewer contingencies, or better terms in the contract.

4. Meet with the appraiser

If it isn’t an all cash deal, the buyers’ lender will likely hire an appraiser to visit your home and assess its value for the bank. The appraisal value is very important. If the appraisal comes in below the contract price, the buyer may ask you to renegotiate the contract price. It’s important to be informed that the buyer has other options such as paying in cash for the discrepancy between the contract price and the appraisal value, challenging the appraisal, working with a different mortgage broker or loan officer, and even potentially backing out of the deal. But the course of action that makes sense for you and the buyer will vary based on the situation. It’s in your best interest as the seller to have a high appraisal. Be sure to clean and stage your home and cooperate with any requests made by the appraiser.

5. Assist with the property inspection

Depending on the terms of the contract, there may be a property inspection contingency. This means if anything comes up on the inspection that poses serious issues with the property, the buyers reserve the right to back out of the deal. This is obviously not a good scenario to be in as a seller. It’s best if you are able to help with this part of the process.

6. Move out of the house

Moving requires a lot of logistics and expenses. Be sure you’re prepared to pay the costs associated with moving such as hiring movers, tipping movers, purchasing packing supplies, and paying building fees if moving to an apartment complex. The logistics are another crucial element of moving. You’ll need to be sure that the dates align with your old home and new home so that you are not homeless for a few nights. If you’re moving to or from an apartment complex, you may need to check with the building to schedule times to use the service elevator. You’ll also need to make sure you’re fully packed and prepared to move on your move out day.

7. Complete closing obligations

When closing, you’ll be required to pay closing fees and sign many documents. Be prepared for the fees and carefully read through the closing documents before signing them. You may also be required to submit property disclosure documents and repair anything mentioned in the contract or found in the home inspection. Lastly, you’ll need to have everything moved out and ready for the buyers to move in after closing. This includes handing over the keys!