Selling a house

Old Sep 4th 2012, 2:50 am
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Default Selling a house

Hi
We want to sell our place. We've never sold any of our houses, so don't know the first thing about selling them. What is the general process? Do you just call a realtor? Or do you phone a few and go with the best one? Anything to be on the lookout for? Any other tips?

Thanks
CWT
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Old Sep 4th 2012, 2:00 pm
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Default Re: Selling a house

I imagine there are some regional variations so this is just my experience.
I have sold previously in the UK so not completely green.

We canvassed a couple of agents for an opinion of value and sellability.
Went with the one who seemed most in tune with our aims.
Be clear what your aims are!? We needed to sell to come back to UK.
What you might call a motivated seller.
Research you prices locally and see what is selling and what is not and price right for your situation. (redfin.com is good for this)

Negotiate you agent's activity and fee and the buyers agent split.
Regional 'norm' as vendors fee of 6% which is usually split between the 2 agents.
We got this down to 4% with a split in favour of the buyer's agent.
We had 2 or 3 open houses and found our buyer.

Make some enquiries on title company costs of selling. Realtor should be able to help here.
Check mortgage (if applicable) does not have any tie ins or exit fees that will suprise you.

Draw up a snagging list. All those little fixes and jobs that need taking care of and get them done.
Be out of the house with it clean and tidy for the open houses.
Consider renting some storage if you have mucho clutter!
Make the rooms tell the story so you don't have vague spaces.
If funds allow consider redecorating 'loud' coloured accent walls to something more neutral.

By no means an exhaustive list but maybe get you started.

And good luck! Selling and buying can be stressful so make some space to chill out along the way.
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Old Sep 4th 2012, 2:05 pm
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Default Re: Selling a house

It can be involved and laws vary from state to state. I was a Realtor in Ohio for a while.

Generally the transfer of Real Estate is a fairly well understood process. Not that there isn't a million little things that can slow or kill a deal, but in most states the boilerplate contracts a Broker will use are time tested.

The single most important thing is valuing your property accurately. Many think that hey if my house is worth $100k we’ll ask 120 and see what happens, but the only thing that’ll happen is it’ll languish on the market. Have your agent show you their ‘comparables’ (recently sold properties like yours) and explain their thinking to you. If they are vague or try to brush it off look for a different realtor.

According to the National Association of Realtors you get the best price and fastest sale by undervaluing your house! It takes brass balls though, if you’ll forgive the phrase.

Finding an agent that really knows what they’re doing can be difficult. The best way is usually a referral but I would still interview at least 3 unless your referral is bulletproof. A warning, they train very hard at ‘the hard sell’ and will try repeatedly to get you to sign a listing agreement on the spot. Some of them are very very good at this. Stand firm until YOU decide. A good agent is invaluable, and you’re paying a lot for it.

People tend to be very emotionally attached to their house (I’m no exception) and it can cloud one’s judgment. I suggest leaving the house, and then coming back to it like you are looking at it to buy. Be very hardheaded and harsh inspecting it. This can help you though the sale later, and perhaps you can spot some little things that perhaps should be done before it goes up, or lowers the asking price.

There are a number of things that effect the impression your house makes on buyers. ‘Curb appeal’ really matters! I’ve pulled into driveways with buyers and they wouldn’t even go in. It can hurt a sellers feelings (beware). Not to mention the sell price.

Cleanliness is next to homeselling godliness. Start out in the front (for that curb appeal!). Inside there are 3 main things – NOTHING on the (clean!) closet floors (and stuff on the shelf should be minimal). All hard surfaces (floors, counters) should be mirrorlike. Lastly all glass should be invisible (and window treatments impeccably clean & neat).

If you have any specific questions I’ll try to help. Good luck!

Pete
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Old Sep 5th 2012, 2:47 pm
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Default Re: Selling a house

A referral is good...also worth asking for recommendations from your local bank, they shouldn't get any kickbacks, certainly down this way at least, but the missus who works in a bank has so many folks talking about their realtors when sorting out mortgages.

They get a good idea on who to use, who to avoid and how smoothly and rough those realtors can make the process.
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