The Complete Home Selling Process
We understand that real estate transactions are probably the biggest monetary transactions that most people make in their entire lives. Buying and Selling a home can be stressful, time consuming, and sometimes confusing. It makes sense to employ the best agent and the best company to assist you. With North Beach Realty you have over 30 years of experience at your disposal. Our full-time real estate agents are devoted to making your Myrtle Beach Real Estate dreams come true. Here are some tips to help with the process.
1) Define your needs
Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job change may necessitate a relocation. For your goals, write down your time frame and desired profit margin. Work with your North Beach Realty agent to select the best plan to achieve your goals and set a realistic time frame for the sale.
2) Decide on a price
A given home’s value depends primarily on three major factors:
- the physical characteristics of the property (land, structure, and location)
- the local economy
- the economic supply and demand for homes in the given property’s neighborhood.
Setting a price that is fair is one of the best things you can do to help sell your home. It is often difficult as a homeowner to remain unbiased when setting a price. A North Beach Realty agent can assist in this by providing you with a FREE Competitive Marketing Analysis that takes all factors into account, arriving at a proper valuation for your home.
3) Prepare your home
This is the time to look at your home from a buyer’s perspective. Most of us do not keep our homes in showroom condition. Things tend to accumulate in closets and small repairs get overlooked until, all of a sudden, there is a lot that needs attention. The condition of your home will affect how quickly it sells and the price the buyer is willing to pay. First impressions are the most important. Your North Beach Realty agent can help you look at your home with “buyer’s eyes” and suggest ways to make it more appealing. Check faucets and bulbs, clean up the yard, repaint the front door, open up the blinds, clear out the clutter, and make everything look as spacious as possible. Then when a potential buyer views your home, it will make a lasting impression.
4) Marketing your home
Now that your home is ready to sell, your North Beach Realty agent will recommend a marketing strategy geared specifically for you. Some of the many tools at our disposal:
- Multiple Listing Service(MLS)
- Open Houses
- Online advertising
- Print Media such as The Real Estate Book
- Yard Signs
- Agent-to-Agent referrals
- Direct Mail advertising
5) Receive an Offer
When you receive a written offer to purchase from a potential buyer, your North Beach Realty agent will review the offer and determine whether the potential buyer is prequalified to buy your home. If so, then you and your agent will review what is required of both parties as stipulated by the offer in order to execute the contract. The offer should contain:
- Legal description of the property
- Offer Price
- Down Payment
- Financing arrangements
- List of fees and who pays them
- Deposit amount
- Inspection rights and possible repair allowances
- Methods of conveyance
- Who will handle the closing
- Settlement date
At this point, you have three options: accept the offer as is, reject the offer, or accept the offer with changes (make a counteroffer). Remember, Time is of the Essence. Any questions or concerns should be discussed with your North Beach Realty agent and dealt with immediately. Once the offer has been signed by both parties, it becomes a legal contract.
6) Negotiate the Sale
Most offers to purchase will require some negotiation. Your North Beach Realty agent has the expertise to advise on all the details of an offer to purchase and will be invaluable to you during this stage of the sale. Your agent knows what to expect and will protect your best interest throughout the negotiation. Some items that may be discussed:
- Closing Costs
- Conveyance of fixtures
- Occupancy Date
Once all items are agreed upon, your agent will prepare the final contract.
7) Prepare to Close
Once you accept an offer to purchase your home, a list should be made of all the things the buyer and the seller must do before closing. The property may need to be formally appraised, surveyed, inspected, or repaired. Your North Beach Realty agent can lead you through this process of dealing with the buyers agent and help co-ordinate the service providers. Depending on the purchase agreement, you may be responsible for all, some, or none of the costs involved. Once all contingencies and other stipulations have been satisfied, the sale may continue.
A few days before closing, contact the closing attorneys office to ensure that all the closing documents will be prepared on time and ready for signature on the closing date.
8) Close on the Sale
The closing process is the legal transfer of title to the property from the seller to the buyer. The buyer will receive the keys and the deed; the seller will receive payment for the property. All legal paperwork will be filed with the local courthouse. Possession transfers when the deed is recorded at the courthouse. Your North Beach Realty agent will assist in this process to make sure that everything goes as planned. By being involved in this step, he or she can mediate any last minute issues that may arise.
After closing, remember to provide door keys, garage door remote openers, and any other items the new owner will need to gain access to your home or otherwise enjoy their new house. Be sure that either you or the buyer changes services such as electricity, phone, cable, water, sewer and garbage services into the new owner’s name within 10 days of closing (or whenever the buyer takes possession of the property).