Home Selling Process
Selling a home in today’s complex real estate market can be stressful and difficult. However, choosing to work with experienced agents like The Reger Group will ensure that things run as smoothly as possible. Here is a simple outline of what a typical home selling process in Oregon is like:
10 Steps to Selling Your Home
Step 1: Define Needs
Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, reasons for selling include: a growing business that needs more space or a job opportunity that necessitates a move to another city. Things you want to accomplish with the sale may include the time frame in which you’d like to sell or a particular profit margin. Work with Craig and his team to map out the best path to achieve your objectives and set a realistic time frame for the sale.
Step 2: Pricing Strategy
Your next objective should be to determine the best possible selling price for your house. Craig and his team will prepare for you price recommendations based on a comprehensive analysis of your home, your neighborhood and the current state of your local real estate market. In the industry this process is called a Comparative Market Analysis or CMA. The Reger Group will do this for you for FREE and with no obligation. Be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price too high. If your home stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price.
Step 3: Prepare Your Home
It’s time to get your home in “showing and selling” condition. Most of us don’t keep our homes in the condition they need to be in to be sold. Piles of boxes in the garage, a broken porch light and even an overgrown garden just seem normal after awhile. It’s time to break out of that owner’s mindset and get your house in tip-top shape. How your home looks will impact how quickly it sells and the price the buyer is willing to offer.
First impressions are the most important. Craig and his team will work with you to help you take a fresh look at your home. What’s normal for you may be unacceptable to most buyers.
Step 4: Marketing Strategy
Now that your home is ready, it’s time to put it up for sale and market it. The Reger Group’s Comprehensive Marketing Plan will expose your home to the greatest number of potential buyers, and not only the most buyers, but also the most qualified buyers to your doorstep.
Step 5: Receive An Offer
When a buyer decides they like your home, they will make you a written offer. Craig and his team will advise you as to whether or not the prospective buyer is qualified to purchase your home. After all, who needs to review an offer from a buyer that is unable to buy it? After determining the buyer’s qualifications, you and Craig will review the written contract, taking care to understand what is required of both parties to execute the transaction. Remember that the legalities of this phase are very important. If you have any questions or concerns, be certain to address them immediately.
Step 6: Negotiate To Sell
Most offers to purchase your home will require some negotiating to come to a win-win agreement. Craig’s vast experience means that he is well versed on the intricacies of the contracts used in Oregon and will protect your best interest throughout the bargaining. Craig and his team also know what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. They will review the written offer with you to make sure you thoroughly understand what the buyers are offering and what they are asking you for in return. Once both parties have agreed on the terms of the sale, the contract will be final and binding.
Step 7: Selling Service Providers
Once you accept an offer to sell your house, the property may need to be formally appraised, surveyed, inspected or repaired. Depending on the specifics reached during the negotiations, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. Depending on the contract, you or the buyer may decide to walk away, open a new round of negotiations or close. Again, this is the stage where The Reger Group’s experience and expertise will help navigate you through even the most complex and difficult issues.
Step 8: Pre-Close Preparation
A few days the Title Company will contact you to schedule signing of the necessary documents. Begin to make arrangements for your upcoming move if you have not done so.
Step 9: Closing
“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. As the seller, you will need to be prepared to hand over any necessary documentation regarding the property and, depending on the arrangements made during negotiations; you may be required to have done something specific in order to close. Be sure to read all the documents and ask questions. It is important you understand every document you are signing.
Step 10: Post Close
Congratulations on the successful sale of your home!
Now that you have closed, prepare to vacate your home in the time frame agreed upon. You should make a list of all the items you will need to do to turn the property over to the new owners. For example, make sure to cancel electricity, gas, lawn care, cable, etc., or if the new owner is going to retain some of the services, change the name on the account. The home and all items specified by the contract should be prepared appropriately for the new owners.