
Even if you've
bought or sold a home before, this process can still be daunting. Let's look at
the
many steps involved in selling a home and see how a
real estate professional works to tie them all together. For assistance
selecting a Prudential WRI Realty sales associate,
click here.
Step 1
List your property with a Prudential WRI Realty real estate professional. Select
someone who's knowledgeable, listens carefully to identify your needs, and with
whom you feel comfortable.
Step 2
Discuss how the real estate professional can assist you in finding your new
home. If you have not identified a property to purchase, you'll want to work
with someone with an in-depth knowledge of the area to guide you.
Step 3
Establish price and time frame. Your listing agent will prepare a comparable
market analysis (CMA), which compares your home with similar homes in the
area that are currently listed, in contract or have sold within the last six
months. Supply and demand, craftsmanship, amenities, condition and any special
circumstances can also impact price. For instance, a relocation might
necessitate a quick sale.
Step 4
Develop and implement a marketing strategy. It's important to develop a plan
that will expose your home to as many buyers as possible. This usually includes
scheduling open houses, advertising in local newspapers and magazines and
on the Internet, preparing property brochures, registering with a multiple
listing service, exposing the listing to brokers' and referral networks and
installing a lawn sign.
Step 5
An offer is submitted. A buyer will make an offer through his agent. The buyer's
agent will present the offer to your representative, who will promptly relay it
to you and help you evaluate it.
Step 6
The negotiation process begins and eventually an offer is accepted. The process
of offer and counter-offer may go on until parties arrive at an acceptable
contract. This step can go very quickly or take days, even weeks.
Step 7
Buyers submit a loan application and home inspections are scheduled. Most often,
the loan approval is contingent upon a satisfactory appraisal and various
inspections
Step 8
The loan is approved. All parties breathe a sigh of relief and begin
preparations for moving.
Step 9
The listing agent coordinates all activities required for closing. Your agent
will funnel all the closing documents to the escrow agent. Papers include the
deed, mortgage, numerous tax receipts, a Certificate of Occupancy and other
documents. A final walk-through will also be scheduled.
Step 10
Finalize and close transaction. What you call this final real estate transaction
depends on where you live and if the parties gather for the proceedings. The
term settlement applies when a meeting takes place. Many people refer to this as
the closing. On the other hand, closing of escrow occurs without a meeting. When
the escrow agent receives the paperwork and the funds pertaining to the sale of
the property, the escrow is closed.
Step 11
Time to move!