© 2022 Team Laurie & Kalene | Colorado Springs, CO 80921
READY TO SELL YOUR HOME?
We're dedicated to making this process as seamless as possible... our "FINEST" guarantee
The Colorado's Finest 6-STEP PROCESS
To Selling Your Home
1.
PREPARING TO SELL
2.
PRICE YOUR HOME TO SELL
3.
UNDERSTAND HOW TO MARKET YOUR HOME
4.
ART OF NEGOCIATION
5.
INSPECTION, DUE DILLIGENCE, APPRAISAL
6.
CLOSING OF ESCROW
STEP ONE
PREPARING TO SELL
So you have decided to sell your property. Before anything else, it is a good idea to sit down and clarify your motivations and draw up a basic time frame for the selling process.
Why Sell?
Why do you want to sell your property? Do you intend to simply find a larger property, or do you plan on moving to another neighborhood, school district, city or state? You might think your reasons are obvious, but it would do well to consider the implications of each option for your lifestyle, opportunities, and finances. Being clear about your intentions for selling will make it easier for us to determine the most appropriate option for your specified financial, lifestyle, and real estate goals.
FIND YOUR REALTOR?
Allowing one of our agents to represent you as your REALTOR® is important because we’ll be guiding you through one of the biggest transactions you may ever make. Knowing exactly how the process works, when things need to be taken care of, and what to do when things go wrong is what we’re here for. You don’t want to be on your own if things don’t go as planned and your home is not selling. We’ve got access to multiple resources not available to consumers and the know-how to effectively use them. Our team will manage all the details from start to finish so the transaction goes as planned and the burden of selling a home is placed on US, not YOU.
WHAT IS THE MARKET LIKE?
When you work with us, you can be sure that you will have our knowledge, expertise and negotiating skills at work for you to arrive at the best market prices and terms. We will keep you up-to-date on what is happening in the marketplace and the price, financing, terms and conditions of competing properties. With us, you will know exactly how to price and when to sell your property.
GETTING READY…
Preparing your home to sell can make a huge difference in what a buyer will be willing to pay for it. First impressions are crucial because buyers begin judging your home the moment they see it. A home that is well maintained, updated, staged and move-in ready will fetch a much higher price and usually sells much quicker.
Depending on the condition of your home, there are three categories you should consider when preparing to sell: maintenance/repairs, renovations/upgrades, and staging. Taking the time to properly prepare your home should also make for a much smoother transaction. Go ahead and make the essential repairs you know need to be made, they’ll likely come up in the inspection report anyway.
You should also work with your agent to determine which renovations/upgrades will give you the best return on investment. Finally, staging your home will allow it to look its best and maximize the appeal to the widest array of buyers. Getting all this done in advance will allow your property to show its best during the crucial first few weeks it’s on the market.
In addition to your home, you should also prepare yourself to sell. This means knowing where you’ll be moving after the sale, ensuring your finances are in order, being ready to keep your home in showing condition, and maintaining a flexible schedule to accommodate buyers.
STEP TWO
PRICE YOUR HOME TO SELL
THE ART OF PRICING YOUR HOME TO SELL FOR TOP DOLLAR…
Determining the best asking price for a home is one of the most challenging (and important) aspects of selling it. In fact, it’s a balancing act. You don’t want to set a price that’s so high that it discourages showings. A high list price could also keep you from getting serious offers from motivated buyers with strong financing. These are the buyers who are most likely to pay top dollar for your home.
On the other hand, you don’t want to set a price that’s so low that it attracts lots of interest, but sets the stage for offer negotiations that could result in your getting less than the market would actually support if you had priced it higher. So, what is your home really worth?
To find out what your home should sell for in today’s market, contact us for an in-home consultation and detailed property evaluation. Once we’ve had a chance to review your property and others like it, we’ll provide you with a CMA (Comparable Market Analysis) that gives you the complete breakdown of your home’s value.
What impacts the value of your home? Your home’s value is primarily based on comparable property sales in the immediate area. Accurately determining your property’s value can be done by evaluating your home’s size, upgrades, condition, lot size and type. Local conditions such as schools, location, market conditions and the appearance of your neighborhood play a big role as well. We’ll discuss these factors and more during your seller’s consultation.
Previous
Next
STEP THREE
ART OF NEGOCIATION
NEGOCIATING WITH THE FINEST:
With rare exception, negotiating the transaction is the most complex part of selling a home. That’s why it’s important to have an experienced and savvy REALTOR® who has successfully worked through many different transaction scenarios.
When negotiating, it is important to keep in mind your situation, priorities and needs. The best offers usually come from serious buyers that have been pre-qualified by a lender and need to move soon. These are the type of buyers we are looking for. This type of buyer typically makes stronger and is ready to move forward with the purchase.
There could be multiple back and forth offers (counter offers) until a deal is reached. Once ALL parties agree to ALL the terms of the offer in writing, you’ve got a contract. If you’ve got a hot property in a popular area, we may be able to get you a backup offer too. The backup offer would immediately kick in if the first contract happens to fall through.
STEP FOUR
ACCEPTING AN OFFER
The Price Is Not Always Right.
“The higher the price, the better the offer.” Do not let yourself be fooled by this popular misconception. Price is not always the determining factor when accepting an offer for several important reasons: the initial offer is usually not final, and there are a number of terms and conditions that may influence the final outcome of a price. You can trust our professionals to help you thoroughly evaluate every proposal without compromising your marketing position.
Negotiating The Right Way.
We take the ethical responsibility of fairly negotiating contractual terms very seriously. It is our job to find a win-win agreement that is beneficial to all parties involved. You may even have to deal with multiple offers before ratifying the one you judge to be the most suitable for you – and as your agents, we will guarantee a thorough and objective assessment of each offer to help you make the right choice.
The Initial Agreement And Deposit.
An effective agreement is a legal arrangement between a potential purchaser and the property’s seller. Laws vary from state to state, but in order to be a legally, binding agreement, the agreement may require consideration. This consideration (initial and additional deposit) is to be held in the closing agent’s escrow account pending the fulfillment of conditions or contingencies in the effective agreement.
Some important tips to keep in mind to streamline the process even further:
- Keep written records of everything.
For the sake of clarity, it will be extremely useful to transcribe all verbal agreements including counter-offers and addendums, and convert them to written agreements to be signed by both parties. We will assist you in drafting all the paperwork for your sale and make sure that you have copies of everything.
- Stick to the schedule.
Now that you have chosen your offer, you and the buyer will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother flow of negotiations and also ensures that each party involved is not in breach of their agreements. During the process we will keep you constantly updated so you will always be prepared for the next step.
STEP FIVE
INSPECTIONS, DUE DILLIGENCE, & APPRAISALS
INSPECTIONS
Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate. A buyer of a commercial property may also have a complete environmental audit performed and/or soil test, if required by the lending institution.
DUE DILLIGENCE
The due diligence period, if there is one, is a period in which the buyer of a home will investigate the condition of the property to their satisfaction prior to being obligated to proceed with the purchase. The due diligence period, usually ranges from 7-14 days and is a time in which the buyer has the choice to proceed or back out for any reason, or no reason whatsoever.
Buyers may have various inspections performed at this time, including: general property inspection, termite, radon, mold, structural, and more. Home inspectors typically check the major components of a home including: exterior, driveways, roof/gutters, HVAC, electrical, plumbing, appliances, interior etc. Buyers may also have a survey done to pinpoint the property lines and discover any encumbrances to the property.
Once inspections have been completed, the buyer may request repairs be made for issues discovered during the inspections. This may result in a second round of negotiations for repairs, price reductions and/or change in other terms of the contract. If an agreement can be made and the buyer is satisfied, the due diligence period will terminate and it’s on to the next step in the process.
Appraisal.
If a buyer is seeking a loan to purchase your home, they’ll likely need time to secure the financing and have an appraisal performed. The buyer must submit multiple documents to the lender for review by the underwriting department before final approval for the loan can be given. This can mean dozens of documents and multiple review stages, so it’s important to keep in touch with the buyer’s lender throughout the process.
The appraisal can make or break a deal. It is the bank’s verification that the property is worth what they’re loaning towards and helps prevent mortgage fraud. As a seller, you want the property to appraise for at least the contract price or more, otherwise the buyer may seek a reduction in price or walk away from the deal all together.
Unfortunately, a low appraisal can cost a seller tens of thousands of dollars, and disputing them can be very difficult. After all, appraisers don’t like to be told their calculations are wrong, and disputing an appraisal means more work for them. If your appraisal comes in low, we will discuss your options moving forward before simply agreeing to reduce the sale price.
STEP SIX
CLOSING OF ESCROW
CLOSING TIME…
Once you’ve made it through due diligence and any financing/appraisal contingency periods, the closing is in sight. After the lender has confirmed the buyer has been conditionally approved for the loan and can provide a commitment letter, things look good to close.
If you agreed to make repairs during negotiations, work on getting those completed. Don’t wait around to start making the negotiated repairs, you never know when something may take longer than expected, which could delay the closing if not completed in time.
Keep in mind, things have been known to go wrong right up to the closing, so its still not a 100% guarantee the sale is done until you sign the papers at closing. Because of this, many sellers negotiate to stay in the home a day or two after closing so they can make sure the deal is finalized before moving everything out. Once you’ve got everything out, the buyer will typically do one last walk through to make sure repairs were done, everything has been moved out, and the home is in the condition it should be.
You’ll also want to coordinate with the buyer to have all utilities switched out of your name or to your new address the day of closing. Also remember to notify contacts of your new address and cancel any other services you have at the residence (i.e.: lawn care). It is a good idea to remain in close contact with the buyer’s agent, closing attorney and the lender just to make sure nothing will interfere with the closing.
OUR PROMISE
Our promise to you is to provide you with amazing service, negotiate with fidelity, and deliver a real estate experience you will want to share with your friends and family. We are with you throughout the process and we appreciate you taking us on this journey with you. We realize that this journey becomes your home, your future, your happiness.
DON'T JUST TAKE OUR WORD FOR IT
Kalene and Laurie were extremely helpful while looking at a listing pointing out various items that the property had like a vac system, age of a water heater, the potential of a listing that we looked at and other important facts. She understood what my requirements were in purchasing a home and provided listings that I was able to consider. It was a definite pleasure working with her to find my home that I love!
WE'RE COMMITTED TO YOU
We’re dedicated to making this process as seamless as possible… our “FINEST” guarantee