By Donna DeLauro
You hear it’s a seller’s market, so selling your home should be easy, right? Why should you hire a real estate agent when the market is so hot? Surely you can sell it yourself and save some money.
All you have to do is put up a sign on the front lawn, put it on a for sale by owner website, and wait for buyers to come with offers. Seems easy enough.
As a full-time real estate agent, I would of course advise you to seek professional service in all situations, and especially in an extreme market, whether favorable to the seller or the buyer.
If your home is in decent condition, in a desirable location, and priced at fair market value, buyers will show up quickly and aggressively in hopes of beating the crowds and those multiple offer situations.
There is no doubt that you will have buyers and offers. What do you do after?
How do you organize the offers to analyze them well and decide which is the best? Are the buyers qualified, what type of financing is the buyer pre-approved for, what are the contingencies, is the buyer represented, who prepares the sales contract, what content do you need in the contract to protect you as a seller? Where are you going from here? Will you be able to keep your emotions out of your decision making?
Although it is a fact that many buyers are willing to pay full price or more for your home, once their offer is accepted, they realize they are paying a high price and now expect more. for their money.
A buyer has several opportunities throughout the transaction to withdraw from the agreement and recover their initial deposit.
How you handle the intricacies of the trade can determine whether or not you make it to the closing table successfully.
When you work with a professional to sell your home, your real estate agent will…
- Represent you and help you make difficult decisions that are in your best interest, keeping your personal information confidential.
- Prepare a plan to achieve your specific end goal.
- If you are buying another property, it is important to have help in this buying process, making sure that there are appropriate contingencies protecting you from closing your current home before finding a new place. Managing the timelines of your transition requires strategic planning and coordination.
- Evaluate the space and condition of your property to advise you on how best to prepare the property for sale and how best to spend your money to get a return on your investment.
- Prepare all listing documents, ownership disclosures, and marketing materials.
- Take professional photos and videos of the property
- Submit the property to MLS and all buyer search websites for the best exposure to maximize your pool of buyers.
- Install a professional for sale sign on the property.
- Organize incoming visit requests and ensure that those who pass by are qualified to buy.
- Provide property flyers and disclosure packages for viewings.
- Show off ownership by pointing out highlights and monitoring buyers to protect your personal items and keep everyone safe.
- Follow up with the buyer’s agents for feedback on visits and to keep you informed.
- Receive offers (in most cases multiple offers} and arrange to review and analyze them with you to determine which one will take you to the closing table successfully.
- Contact lenders who have provided pre-approvals to ensure the buyer is still qualified to purchase your home.
- Accelerate the purchase and sale agreement, receive the deposit check and plan the pending phase of the transaction.
- Be present at all inspections and negotiate repair requests from the buyer.
- Be there for the appraiser and deal with any potential under-evaluation issues or condition contingencies.
- Helping you prepare the property for closing, providing resources for repairs, removing unwanted items from the home, and the moving-out process.
- Coordinate the inspection of smoke detectors with the local fire department and ensure that all units comply with updated codes.
- Follow up with all parties involved in the closing process…lender, lawyer, etc.
- Be present for the final visit and closing.
If you decide to work with a real estate agent, be sure to research and choose the one who can best serve you in one of the biggest transactions you will ever experience. Good luck!!
Donna DeLauro is a real estate agent at RE/MAX Real Estate Center in Coventry. She is also a senior real estate specialist and proud founder of Mature Matters.