Selling Guide
Step-by-step guide on how to sell your house in the US. What processes you must go through and some tricky moments that you must pay attention to.
Guide List
Navigating the Home-Selling Journey with Confidence
Find a Reliable Real Estate Agent
A good real estate agent will save you time, effort and money. There are some sellers who think they are saving money by cutting real estate professional out of the transaction but in reality, a savvy (not just any) real estate agent will market your house using all sources available to real estate professionals. This will get the best exposure of your house and get the best price for your home. They should check the buyer’s ability to buy the house, should stay on top of the process to make sure you are protected and take the stress out from the transaction as much as possible.
Once you find a professional you trust, ask him or her to do market analysis of your property to come up with the fair market value of your house and for any recommendation to get your property sold faster and for the most money. There is a good chance your real estate professional will recommend you to de clutter your house, may be to update/renovate something in the house, create better curb appeal etc. Listen to his or her advise, they are in the real estate market and know what buyers are attracted towards. Especially in the market like Tampa Bay, where there are lots of opportunities to sell your property for the highest price because of demand and low inventory.
Do your inspection
It’s better if you are proactively getting your property ready for buyer’s inspection, which will allow for a smooth transaction.
When you get an offer, your buyer will do a home inspection to make sure the house they are buying is free of repairs and issues. If something is not functioning they will ask you to repair or request a repair credit. Save time by repairing any known issues with the home.
List your home
Let’s assume your home clean and neat, you determined the price you want to sell your house for, and you’re ready to list it with your real estate professional.
There are many important questions, but as it pertains to money – Make sure you discussed the commission you will pay your agent to sell the house, how commissions are split if the buyer has his own agent and how long the listing agreement will last.
Getting an offer
Ok, it’s getting real! You just received your first offer for the house! Don’t take it personal if it’s a low! Some buyers are simply testing waters and want to see how low you can go. Regardless of the offer price, review it with your real estate professional or attorney.
Besides the price for the house there are lots of other things in the contract to pay attention at, like either it’s cash offer or financed. If cash offer, did the buyer provide proof of funds and you know the funds are liquid? Are the funds in US bank or outside? All of it is very important to know to consider the offer.
You want to go over all the contingencies the offer has and make sure it’s within your expectations. Ensure the buyers are leaving escrow deposit with the title agency and have reasonable amount of days for inspection. Go over the contract by yourself too and ask any questions until you are sure it’s within your expectations.
Prepare For Your Home’s Inspection and Appraisal
A Buyer will hire an Inspector to inspect your home to make sure there are not any major issues with the house. Of course, the inspector will list all minor and major things in the house. Usually, the buyer will ask to repair or provide a credit for major issues but sometimes buyer’s expectations to get a house completely free of repairs. Hopefully you have done your own inspection and you just breeze through this step.
Right after inspection, you will have appraisal done if the buyer is getting mortgage. That’s when the role of your agent gets crucial as he can help the appraiser to come up with the price which will depend how much the borrower can borrow from the bank.
Buyer Completes Final Walk Through
By now you definitely know your closing date and time. You already moved everything out and cleaned the house. Make sure the property is in the same condition when the buyers saw it originally, you don’t want last minute surprises as much as buyers don’t.
Closing
This is an emotional day for many. This is the day when the ownership goes from your hands to the buyer’s! Get ready to sign lots of paperwork, hand over the keys and collect your money.
But remember the zero step
You don’t pay anything to your mortgage banker! We are being paid by the bank! So don’t wait, get your mortgage now!
Frequently asked questions
To qualify for a mortgage loan, you generally need to have a good credit score, a stable income,and a down payment.Lenders will also consider your debt-to-income ratio and your employment history.
The amount you need for a down payment can vary depending on the type of loan and the lender. For conventional loans, you may need as little as 3% of the purchase price, while for an FHA loan, you may need as much as 3.5%.
There are several types of mortgages, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and USDA loans. Each type of loan has its own terms and qualifications.
The mortgage process can take several weeks to several months, depending on the lender and the type of loan. It is important to have all necessary documentation and to be responsive to the lender’s requests.
A pre-approval is a letter from a lender indicating that you qualify for a mortgage loan based on your credit score, income, and other financial information. It does not guarantee a loan will be issued, but it does show a real estate agent or seller that you are serious about buying a home.
It can be more difficult to get a mortgage with bad credit, but it is not impossible. You may have to pay a higher interest rate or put more money down. It is best to speak with a mortgage broker or lender to determine your options.
