8 Steps to Selling Your Home

8 Steps to Selling your Home
The 8 steps to selling your home are:

  1. Appraise and set a price.
  2. Prepare the home for showing.
  3. Advertise and market the home.
  4. Allow inspections by buyers.
  5. Sell the property by real estate agent, auction, Internet or sell yourself.
  6. Receive and deal with all offers that come in.
  7. Negotiate and complete the deal.
  8. Finalise the settlement and agreement.

8 Step Process of Selling

  • Step 1: Appraise and set the price.
    Before you set the price for your property you need a valuation or good appraisal. A good appraisal compares sale prices of similar properties in your neighbourhood, to give you the information from which you can set a price for your home.

  • Step 2: Prepare the property.
    Prepare your property using the minimum amount of cash so it can be presented at its best. There are many tips that won't cost you a lot of money, but can make a big difference in the appearance of your home. All in all, you have to do everything possible to maximise the exterior and interior appeal of the property when people call to inspect.

  • Step 3: Advertise and market.
    This is when the real adventure begins. Ask yourself - will your property sell? Marketing involves presenting your property to buyers so that they are interested enough to come in and inspect. Hopefully, after inspection a sale will eventuate. Your marketing efforts and consideration includes advertising, showing the property and opening up the property to potential buyers. There are many areas to consider when advertising and marketing your property. You can use traditional methods, or even consider the Internet, which is emerging as one of the leading mediums for selling real estate.

  • Step 4: Inspections to buy.
    At this stage you would have received an offer on your property and it is conditional upon the buyer having a full inspection done. Should you be worried about what the business inspector may find? The answer depends of course on the condition of your property and how well you have maintained it over the years. Regardless of what a business inspector may uncover, however, you shouldn't be overly concerned about the actual property inspection. There are various things to do to make this process easier for you and all concerned.

  • Step 5: Sell by estate agent or by yourself.
    You are now at the point where the sale is being carried out. Selling a home can often be a gruelling experience, so a good real estate agent will make this whole process easier. Find a good agent by getting recommendations from people who have sold properties in the area, or call in and speak to agents in local real estate offices. If you are selling the property yourself, there are things you need to know about in order to maximise your success.

  • Step 6: Receive and deal with the offers.
    In today's strong real estate market, property sellers can expect to receive a number of offers for their homes. Learning how to deal with these offers and making a choice can be confusing, so you may need some professional help from real estate agents. You may accept the highest price offered, or you may prefer the lowest price offered that has more attractive terms. You can also make a counter offer to the buyer if the offer received is not acceptable.

  • Step 7: Negotiate and complete.
    You have now reached the stage where you (as the seller) and the potential buyer begin talking. Negotiating a deal is perhaps the trickiest aspect of any property deal. Most home buyers, as well as investor sellers, want to arrive at a win-win type of agreement, but this is not always easy. Successful negotiating is more than a matter of luck or natural talent. It encompasses the ability to use certain skills and techniques to bring about the coveted win-win situation.

  • Step 8: Settlement and agreement.
    The point has been reached where you have closed on the home in question, to the point in the transaction when all the terms of the agreement have been met and you are ready to finalise the settlement and arrange transfer of ownership. Possession of the property will change from the seller to the buyer at closing and each party's solicitors will carry out this function. The solicitors will agree that all conditions have been met and then the buyer's lawyer will make the final payment, while the seller's lawyer will hand over the keys and the title.