Selling Guide

If you are reading this guide it is safe to assume that you have experienced the joys of being a homebuyer and a homeowner. Now you will need to prepare yourself to be on the selling end of the transaction. Depending on whether it is a buyer’s or a seller’s market you will need to be prepared to invest some time to prepare your house for sale. In a seller’s market your home may be sold in a matter of days at the price it was listed at or maybe even at a higher price. In a seller’s market you may not need to do much preparation like repairs or painting however it is certain that if you do these things you are more likely to get or even exceed your asking price. In a buyers market it is strongly advised to prepare the home for sale by making necessary repairs and generally cleaning the house up. Remember that in a buyer’s market your home will be in competition with the many other properties that are for sale so you will need to make sure your home has every competitive advantage.

Before You Sell
You've made the big decision to sell your property. Now What? There are many questions you will need to ask yourself before moving ahead. The biggest question is: Why sell?

When you decide to move, it is not as easy as putting a "For Sale" sign in front of your home. So take a careful look at where you want to move in the first place. You may have little choice if you are being relocated because of your work or if you current home is too small for your family. Moving simply because you want to move may not be the smartest thing to do and you do not want to make a mistake and that you may later regret. When you move you will most likely need to buy a new home and the expense involved in selling and buying can be considerable.

Home Value
What's your home worth?
Pricing the home can be the single most difficult decision when selling your home. You will hope that the home has appreciated in value since you purchased it. This is the norm though it is not always the case. You will want to ensure you get the best possible price for the home.

Following using an agent, the most common and tried and trusted way of establishing the sale price is by investigating the sale prices of comparable homes in your area. Comparable homes are homes similar in structure, size and appearance to your home. Comparable homes will have the same number of rooms and same type of rooms. You can always attend open houses of similar homes in your area and also look in the local papers to get a feel for list prices.

How should you market your home?
The most common way of marketing a home is by putting up a "For Sale" sign out front, however, beware of any city laws or neighborhood ordinances that prohibit putting up these signs. When you put the "For Sale" sign be ready for all sorts of people who will want to walk through you home. Initially most of these may be agents. It is good to have a one-page information sheet available to give to people that they can take away with them.

You can take out an advertisement in a local paper. Most local papers have Real estate sections and you can even include a picture. Make sure you provide the following information in you advertisement:

* Price
* Contact number
* Number of bedrooms, bathrooms and other rooms
* Style and condition on home
* Any special characteristics or features the home has that makes it more interesting

Preparing the Home for Sale
Repairs and Cleaning
You will need to prepare your home for potential buyers. The preparation may consist of cleaning or repairs or probably both.

Using an Agent to Sell Your Home
If you are reading this guide it is safe to assume that you have experienced the joys of being a homebuyer and a homeowner. Now you will need to prepare yourself to be on the selling end of the transaction. Depending on whether it is a buyer’s or a seller’s market you will need to be prepared to invest some time to prepare your house for sale. In a seller’s market your home may be sold in a matter of days at the price it was listed at or maybe even at a higher price. In a seller’s market you may not need to do much preparation like repairs or painting however it is certain that if you do these things you are more likely to get or even exceed your asking price. In a buyers market it is strongly advised to prepare the home for sale by making necessary repairs and generally cleaning the house up. Remember that in a buyer’s market your home will be in competition with the many other properties that are for sale so you will need to make sure your home has every competitive advantage.

Seller’s Disclosure
The seller is bound by law to disclose certain information about the house. Most but not all states require disclosure. The seller is required to disclose any latent material defects. This essentially means that the seller must disclose whether the property has any hidden defects or problems that could adversely affect the value of the property.

Offers and Negotiations
So you have an offer?
All your hard work has paid off and you got an offer. The cleaning, repairing and decision making was for one thing in mind to get this offer. You are not quite finished yet however. You will need to assess the offer including the price, terms and contingencies and then make a decision on whether you accept, decline or make a counteroffer.

Closing
The closing (also commonly known as "settlement") is the final step when selling a home. This is where money and keys are exchanged. During this stage, many documents are signed by both the seller and the buyer.

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