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Selling a Home

There are some things you'll want to do to be sure you get the price you want when you sell your home. The first is to determine what is that price? What should I list my home for? Here's where a REALTOR can be invaluable. She has access to data on comparable homes in your neighborhood and can help you set a price.
 

Spread the News
You can't sell your house until buyers know it's available. A REALTOR will help by listing the house on computerized services, putting up signage and connecting you with qualified buyers. In addition, you may choose to market your home by running ads in your local paper, advertising on the Web or asking for additional marketing suggestions from your REALTOR.
 

Get Ready, Get Set
When you put your house on the market, you want to be sure your house is in good condition and looks attractive to buyers. Doing any necessary repairs helps add to the attractiveness of your home and can substantially add to the price you can ask. Once you're ready, your REALTOR will list the house. She or other agents will bring you buyers and work together with you to get your house sold.
 

Showing Off
Letting your REALTOR show the house as much as possible and staying flexible are important to selling your home. It may seem inconvenient to have people viewing your house right when you want to wash the dog or sit around in your nightgown, but it's very necessary. Just remind yourself that soon it won't be your house anymore. You're moving on and your job right now is to make your house available so that as many potential buyers as possible look at it. Your REALTOR’S job is to narrow down the people who are interested in the house, to bring you plenty of prospective buyers and to point out the features your house offers. Soon enough, you will have an offer on your house.
 

Get It in Writing
All offers, counter-offers and contracts have to be made in writing. Verbal agreements are not legally binding. Once a buyer makes an offer for your house, you can accept it outright or make a counter offer. Your counter offer indicates that you are willing to negotiate, but that your terms haven't been met by the first offer. The process of offers and counter offers may go back and forth a few times until you and the buyer agree on terms.
While you're negotiating you can still accept offers from other buyers. You have no legal obligation to anyone until you agree in writing to their offer. When you consider any offer, you need to figure out what your actual profit will be on the amount proposed. You have to deduct your current mortgage balance, the legal fees for the transactions and anything else you'll be responsible for, like termite inspections, unpaid taxes on your property, etc. If the offer meets your expectations, you're ready to make a deal.

Once you settle on an offer, the buyer is now legally obligated to purchase your house. There are some standard contingencies though. Typically, these include issues like the buyer not being able to get financing, or the house failing inspection. These contingencies protect both you and the buyer.
 

Closing the Deal
Your buyers have their mortgage financing approved, the house has been inspected and attorneys have worked out the details. Now all you have to do is read everything carefully and sign on the dotted line. That's what the closing is. At the closing you are actually transferring ownership of your house to the buyer. Now you're done with selling your current home. If you've been looking for a new house at the same time, you'll want to have your closings close together so that the buyers can take possession and you can move to your new home.

 

©2005 Lila Ramkey