Step 1: Make a decision on how you want to sell
This may seem self-evident, but you do have options when it comes to selling your home. Everything else will be affected by your selection, therefore it’s critical to make the best decision for you and your position.
The first option is to hire a real estate agent to help you sell your house. This is a popular option because a real estate agent will all have experience in real estate sales and will take care of all the paperwork and negotiations for you. A qualified real estate agent will advise you on the local home market, prices, and how to differentiate yourself. An agent is normally paid a commission of five to six percent of the home’s final sale price in exchange for their services. Various closing costs and fees will very certainly be your responsibility throughout the process.
After that, you can sell the house without using an agent, which is known as For Sale By Owner. The advantage is that you won’t have to pay the listing agent a commission, which may save you thousands of dollars. The buyer’s agent will still be paid a fee, but you can haggle over the amount before the deal is closed. It’s critical to understand that you’ll be in charge of the entire home sale process, including scheduling, marketing, open houses, paperwork, and negotiations. Unless you’re a seasoned in-home seller, this can be a daunting situation, and it’s all too easy to overlook a crucial step that can cost you money.
Finally, you can sell your home to a real estate investor directly. Selling a home on the open market is fraught with risk, but this solution removes all of the unknowns. You’ll interact directly with an investor who will inspect your home and make you a fair cash offer. It is entirely up to you how quickly the deal proceeds, but you can sell your home in as little as a few days if you so desire. After that, you’ll receive the funds and be able to proceed. This option is especially advantageous for homes that may be difficult to sell on the open market due to issues such as water damage, a tax lien, or hoarders.
Step 2: Decide on a price
If you decide to offer your home on the open market, the first and most significant choice you’ll make is how much to ask for it. If you want to receive a large number of offers quickly, you must strike the correct balance between your expectations and the existing market conditions in your area. If your home appears to be overvalued, it could cost you a lot of money.
Take a peek at what’s going on in your neighborhood’s housing market to get a feel of what you should ask. You should check at the county or city markets, but don’t be afraid to narrow your search to your immediate area. The more granular you become, the more accurate your estimate of your home’s current value will be.
Look at the properties that are now for sale to see what their asking prices are, as well as the homes that have recently sold. This offers you a fair idea of the disparity between what your neighbors believe and what purchasers believe. Draw a graph showing how recent selling prices have decreased since the initial listing price. Take note of their blunders.
Step 3: Think about “curb appeal” and decluttering
Even if you think your home is ideal, it won’t matter once it’s on the market. What matters now is what the buyer thinks, not what you think. Is it possible for them to see themselves living here? Do they see a ready-to-move-in property? It’s your responsibility to provide it to them.
Begin by decluttering the entire house. You may adore your decorations, but purchasers are likely to be put off by them. Remove any decorative items to offer purchasers the visual space they require to perceive their own belongings. While you’re at it, strive to make things as neutral as possible in your décor.
It’s not only about getting your house ready; it’s also about getting your property ready. Consider your home’s curb appeal. When a potential buyer drives by your house, how does it appear? Is it in desperate need of a re-paint? Is it necessary to mow the lawn? Is it time to redo the landscaping? Consider what you’ll need to do to persuade the individual driving past your house to pull over.
Step 4: Put Your House on the Market
When it comes to listing your house, there are a few things to think about in order to make it stand out. To begin, engage a professional photographer and house stager to ensure that it looks great. They’ll make every room pop and draw the attention in the most flattering way imaginable. Even if you just hire a photographer, it will pay off. There is a significant difference between a property listing with professional images and one with amateur photos.
To persuade buyers to take a closer look, have an open house. Work with your agent to ensure that adequate advertising and marketing are in place to ensure that attendees show up. While you’re doing it, make yourself available for drop-in visits and visitors who want to see your home when you’re not there. Accept each chance presented to you by a possible buyer.
Step 5: Evaluate and Negotiate Your Offers
Hopefully, you now have a few options to consider. You can choose the buyer who appears to have the best chance of being fully authorized by their lender. You can also enable numerous purchasers compete for a higher sale price by allowing them to bid against each other.
You’ll want to keep an eye on things like loan pre-approval, proof of available money, potential concessions, how they plan to pay, buyer’s contingencies (such as the buyer’s current property must be sold first), and schedule constraints. Some purchasers will appear to be superior on paper, but you’ll want to do your homework to make sure. You’ll waste time and possibly money if you make the wrong decision.
Step 6: Accept the Offer
You’ve agreed to take the offer. That’s fantastic, but you’re not finished yet. The buyer now has the opportunity to inspect the property. They will complete their financing and enter the underwriting stage if they are satisfied with the inspection. Their lender will now perform due diligence on the buyer and the home contract before approving the loan.
All that’s left is to sign the titles and escrow agreements if the bank is pleased. The house is now sold as a result of this.
Thinking about selling your home? Give 365 Property Buyers a call or fill out the form below if you want to know more! (501) 369-0365
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