Q & A #1 Question: What steps should I take to sell my house?

Wondering what steps you should take to sell your house?

Answer: Selling a property may appear to be a simple task because, at first glance, it merely involves putting up a sign, showing it to a great group of potential buyers, and subsequently accept an offer (and the closing day is a breeze). 

Reality is far from this perception. 

To sell a property one must be informed of a few things in order to avoid legal issues later.

A seller, who decides to be a For Sale by Owner (FSBO), must be careful to perform each and every one of the following tasks:

1. First, prepare the property, making necessary repairs (get a checklist) and gather specific property documentation (lien information from property appraiser, city records, also mortgage records, tax records, association records, repair records, etc.) for the proper sale of the home.

2. Create a thorough CMA, or comparative market analysis, with a few similar homes nearby that have sold within the past 3-6 months, adding and deleting features your home has and calculating accordingly.

3. Establish a selling price, taking in consideration what is owed on outstanding mortgage or other liens and armed with these, design a detailed marketing plan.

4. Hire and take professional photos with correct lighting (after decluttering and thoroughly cleaning and staging) of the property.

5. List the property in a MLS (Multiple Listing Service) or other area where it would get exposure to potential buyers looking in your area.

6. Promote the property by different means (signs, real estate portals, classified ads, social networks, flyers to neighbors, among many more).

7. Be ready to receive a variety of calls from potential customers and screen them.

8. Show and explain each area of the property as requested, this could mean multiple times in a day and/or week or weekend to potential customers.

9. Receive offers from potential buyers and screen them.

10. Negotiate the price further based on inspections and surveys and what the bank has declined.

11. In a perfect world, potential buyer (having obtained a loan to afford the purchase) provides seller with appropriate pre-approved for loan or cash documentation.

12. Accept the best offer and prepare sale transaction paperwork for the sale of the property that includes everything agreed to in the accepted offer.

13. Hire an attorney or deal directly with a closer from a title company and verify proper credits are applied on taxes, insurance, and outstanding mortgage(s) in order to convey the property free and clear of defects.

14. Agree on a closing date that is mutually agreed to by all parties to attend and prepare the property for delivery.

15. Ensure the correct preparation and signing of deeds so it doesn’t become a problem later, and formally deliver keys to the property and its documentation.

Selling a property is an expensive and a task which requires quite a demanding and daunting task. 

Usually the amount that is being invested in this transaction is very high. Likewise, the risk of making a mistake is quite high as each step is done sometimes several times. The common citizen performs this type of transaction about 3 times in his/her life. 

For this reason we suggest contracting directly with a real estate professional who specializes in your sector or type of property.
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Any questions? Feel free to email us yours.
[email protected]
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sUBMIT YOUR QUESTION 

Kay Pedre, RE/MAX Agent serving the tri-county area in South Florida

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