The Selling Process
The home selling process typically starts several months before a property is made available for sale. It is necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired, and thrown out.
While part of the “getting ready” phase relates to repairs, painting and other home improvements, you also need to “disconnect your emotions”. Buying real estate is often an emotional decision, but when selling real estate you need to remove emotion from the equation.
You need to think of your house as a marketable commodity. Property. Real estate. Your goal is to get others to see it as their potential home, not yours. If you do not consciously make this decision, you can inadvertently create a situation where it takes longer to sell your property.
Here is how the process works…
STEP 1: SET THE PRICE - CREATE A MARKETING PLAN - REVIEW SELLER'S DISCLOSURE STATEMENT
There are many factors that affect the price of a home: location, condition, and amenities of a home, supply and demand, and the local marketplace. We will create a market analysis on your home, so you will be able to develop a realistic, competitive pricing strategy on your home.
Implementing our full service, aggressive marketing program will be crucial to getting the most amount of money for your home in the shortest period of time.
Written seller’s disclosure has become a major part of a home sale transaction in Iowa. The Seller’s Disclosure Statement is a form on which the sellers describe, to the best of their knowledge, physical aspects of the property. This includes numerous categories such as land condition, structural condition, plumbing, roofing, electrical, additions or remodeling of the property. A written disclosure is the best way to clearly communicate information. It will reduce uncertainty and misunderstandings, thus giving buyers confidence and peace of mind when negotiating on a property. As a company standard, the Seller Disclosure Statement is provided on every Vermace Realty residential listing.
STEP 2: FIND THE RIGHT BUYER
Not just one, but over 400 agents in the Iowa City/Coralville/North Liberty area are working to sell your home! Through tremendous exposure, marketing and networking we will create the demand for that right buyer to find, fall in love with and purchase your home. Be assured that any buyer brought to your home will be pre-qualified to purchase your home.
STEP 3: PREPARE FOR THE SHOWINGS
A house that “sparkles” on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained. From experience, we know that a “well-polished” house is more appealing to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purhcasing a well cared for home because if what they can see is maintained, what they cannot see has probably also been maintained. In preparing your house for sale, consider how much you should spend to enhance the exterior of the home for curb appeal and the interior for appearance. Please ask us for a copy of Getting the House Ready to Sell.
STEP 4: THE PRESENTATION, CONTRACT AND NEGOTIATION OF OFFERS
When the time arrives for a buyer to make an offer on your home, the buyer’s agent will present the offer to your Vermace Realty listing agent who will promptly relay the offer to you and help you strategize your response in regards to price terms, conditons, closing date, inclusions/exclusions and all other pertinent issues pertaining to the offer. The process of offer and counter-offer may go on until parties arrive at an acceptable contract This step can go very quickly or can take days.
STEP 5: HOME INSPECTIONS, FOLLOW-UP MORTGAGE APPROVAL AND CONTINGENCIES
Home inspections, including but not limited to pest inspection, radon testing, septic and well inspections should be expected according to the terms of the contract. All inspections are typically ordered shortly after contract signing. As your agent, we will assist you in responding to any issues arising as a result of the inspections.
As your agent, we will assist in following up on all contingencies being met. We will deliver your abstract to the title company for updating and order up the Warranty Deed, etc. needed for closing. The appraisal will be ordered up by the buyers lender prior to a written mortgage commitment for the buyers.
STEP 6: UTILITIES TRANSFER
Prior to closing, both sellers and buyers must arrange to have the utilities transferred from one to the other. To accomplish this, a date (usually the possession/closing date) will be agreed upon for the transfer. The seller notifies the utility companies to cancel their service on that day. The buyers make application with the various utilities and ask that their service be established on that same day. It is important that these dates coincide to avoid a lapse in service.
STEP 7: THE WALK-THROUGH
Just prior to closing, the buyers, with their agent, will perform a “walk through” of the home to ascertain that the home has been left in good condition and that items were not left behind that should have been removed. Please refer to your contract of sale for specifics.
STEP 8: THE CLOSING
The location for the closing is selected by the buyer’s lender. Both agents should be present for both buyer and seller. Remember to bring all extra keys and garage door openers. At this meeting all of the paperwork will be reviewed and signed, title to the property will be transferred from the sellers to the buyers, the buyers receive the keys and the sellers receive payment for the home.