| The Selling
Process There are few
things more exciting and overwhelming than the prospect of selling a
home. Following these steps will ensure that you secure the
best possible price for your home in the most timely and efficient
manner.
These five steps will help you find
the right buyer for your home.
Select an Agent
The first step in the selling process
is to select a real estate agent. A good agent will be
familiar with your neighborhood and understand the dynamics of the
local market. Interview a few agents and ask them to prepare a
listing presentation.
The listing presentation will give
you a good idea of the knowledge, skills and experience of the
agent. In addition, a good agent will be able to provide a
Comparative Market Analysis of your property giving you an initial
indication of the price you can expect to receive for your home.
Please give me a call at 415-360-9191
if you are considering selling your home. You can review my
background and experience here.
Pricing Your Property
Using the Comparative Market Analysis
I will provide you, you will determine the price to list your
property. There are several key factors that determine the
price of your home.
Location is a key factor in the
pricing of your home. In Marin, in general, the closer you
move towards San Francisco the higher the price. This is due
to the fact that many people work in the City and a shorter commute
is more valuable. More specifically, within a certain city,
certain neighborhoods are more desirable than others.
The size of your house and lot
greatly influence the price. Obviously larger homes are priced
higher as are larger lots. The ability to expand a home on an
existing lot is highly desirable.
The condition of your home has a
significant impact on the price too. The better the condition,
the higher the price. New construction is greatly valued since
the cost of building a new home in Marin can run from $250 to $500+
per square foot.
It is essential to establish a
realistic price for your home at the very start of the listing.
Your property will generate the most attention and showing in the
first two weeks on the market. As your agent, I will have
intimate knowledge of the market and pricing and can help you
determine the optimal price.
Sign the Listing Agreement
Once you select an agent and
determine the optimal price for you home, you will then need to sign
a listing agreement and fill out the necessary paperwork. A
typical listing agreement will be for a period of six months for
properties under $1,500,000 and a year or more for properties over
$1,500,000.
Besides the listing agreement you
will be faced with a plethora of paper, most of which addresses
disclosures concerning your property. In today's litigious
society, you should fully disclose any and all issues concerning
your home - no matter how small. Many sellers order a pest
inspection and/or a home inspection to include in their disclosures.
A city inspection and natural hazards disclosure report are usually
required at the sellers expense.
Prepare and Execute the Marketing
Plan
Prior to listing your home, you will
need to prepare it for showing. A good first impression is
essential to a prospective buyer. The most important aspects
of preparing your home are curb appeal, neatness, and elimination of
clutter. In general, major remodels are better left for a new
buyer. For more details on preparing your home for sale click
here.
As your agent I will prepare a
detailed Marketing Plan in order to maximize the exposure of your
home. This plan will include listing on the Multiple Listing
Service (MLS), placing the listing on the Frank Howard Allen Web
site, placing a For Sale sign on the property, advertising in the
local newspapers and on the Internet, mailing brochures and flyers to the local
community, Broker Open Houses, Sunday Open Houses, Buy/Sell Events
attended by local agents and other effective means for reaching as
many agents and prospective buyers as possible.
Receive Offers
Finally, you receive one or more
offers on your home. You may choose to be present when any
offers are presented by the buyer's agent or you may wish to have me
handle the receipt of the offers. If you receive only one offer,
you can expect it to be less than your asking price. You then
enter negotiations on the price and other terms.
In Marin, the typical terms of the
average contract are a 30 day close, a 21 day financing contingency
(pre-approved buyer) and a 14 day inspection contingency. In a
multiple offer situation, each of these terms is usually shortened
in order to make the offer more desirable to you.
Enter Escrow and Close the Deal
Once an offer is accepted, you
begin the escrow process. In most cases, there will be an
inspection contingency in which the buyer has a certain amount of time to
inspect the property and back-out should an undisclosed
defect in the property be found. Typically, the buyer will order
their own pest inspection and home inspection.
There will also typically be a
financing contingency in which the buyer will have a certain amount
of time in which to obtain a pre-approved loan. This will
require an appraisal of the property at the buyer's expense.
The buyer will also need to obtain
insurance for the new home and may want to employ the services of
other specialists such as surveyors or contractors.
Finally, once all the contingencies
are removed and the financing is in place you close - successfully
selling your home!
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