Wednesday, October 23, 2019 / by Dennis Isip
Now that you’re seriously considering to sell your home, be aware of the following 6 steps before you make your final decision.
- Planning is the most important step. You have to be very clear in your mind about the reasons you’re moving. Don’t make the mistake of selling for the sake of cashing your equity, just because you can. Or even worse, “trying to sell” if and only if you get a certain price. In general, it’s not worth the effort to sell the house.
- Marketing is the most critical step, because it will significantly influence the final selling price. Effective marketing brings in more offers, resulting in better chances to get the highest and best price. Good marketing starts with good preparation.
- Evaluating Offers. Once you’ve received multiple offers, accepting the highest bid is not necessarily the best option. What’s more important is selecting the buyer who has the highest probability of closing the deal. This means that a good listing agent will evaluate the buyer’s financial capability, and consider the strength of their motivation.
- Inspection is the buyer’s right to look at the condition of your house. Based on what they find out, they can walk away, ask for repairs or accept it as-is. As a seller, it is best to know and disclose everything, instead of letting the buyers find out for themselves. You will be in a stronger position.
- Appraisal is the buyer’s lender’s requirement to validate the value of the house. They don’t want to underwrite a loan greater than the real value of the property. This is where sellers need to be cautious. If they’re asking too much, the bank can turn them down. This step doesn’t apply to cash offers because the buyers themselves, act as the appraiser.
- Closing is the last and final step, where a 3rd party (in the state of WA), acts as the intermediary between buyer and seller. The closing agent validates the funds from the buyer, and ensures that the seller has the legal right to sell the property, without any title deficiencies, including unpaid utility bills. Once everything checks out, they send the money to the seller, and submits the transfer of title to the County. The new owner is NOT OFFICIAL, until the County records the transfer of title.
Selling a home is a mini-project that will require a labyrinth of legal paperwork, and emotional ups and downs. Partnering with a qualified Spokane Realtor can help you along this roller coaster ride.