Articles

Selling Real Estate Step 12: Escrow Closed.

By Leslie Macomber

The final step is closing the deal at the local title company. Deals can fall apart at this point, so be on point. However, because you’ve done your homework, your escrow will most likely be shorter and cleaner, meaning that the likelihood of walking away with a big check is high. Congratulations on a job well done!

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Selling Real Estate Step 11: Keep it in Contract.

By Leslie Macomber

Don’t blow a good deal by not keeping within inspection timetables. Expect the same from your buyer. As long as all parties are acting in good faith, you should get through the escrow without a hitch.

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Selling Real Estate Step 10: Negotiations.

By Leslie Macomber

Be prepared for negotiations and counter offers. This is where Steps 2, 3, and 4 give you the superior information to hold your ground. You know the market, you know your home and all of its relevant circumstances, and you’ve assigned an asking price that take all of that into consideration. End of story. You should expect a straightforward offer and clean escrow as a result. Any shinanigans and you’ve earned the right to send your buyer…

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Selling Real Estate Step 9: Offer.

By Leslie Macomber

Don’t be afraid of the first offer: There’s a saying that the first offer is the best offer. Remember there are serious buyers who know what they want, have researched the market, and have been waiting for the exact right house to hit the market. They may have already been priced out of another home and don’t want to make that mistake again. Know what your highest-and-best use price is and your bottom line price is. Then,…

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Selling Real Estate Step 8: Fielding Phone Calls.

By Leslie Macomber

Be prepared to field phone calls, mostly on weekends. The phone number posted on your yard sign and web page should ring directly to your cell phone. Know your pitch. Be able to describe in very few words why someone will fall in love with your home. Be prepared for just about anything. Grow a thick skin.

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Selling Real Estate Step 7: Multiple Listing Service (MLS).

By Leslie Macomber

If Step 6 doesn’t draw an offer in one month, you’ll need to consider listing your parcel through a real estate agent with access to the MLS. Inserting a real estate agent into the deal puts pressure on your walk-away money. Best to do a bang-up job in Step 6.

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Selling Real Estate Step 6: Market to the Serious Buyer.

By Leslie Macomber

Market to the Serious Buyer and your personal network first: Most serious buyers have already bought the neighborhood by the time they find your home. They’ve identified the schools and amenities they want and your neighborhood meets the definition. They will be delighted when you put up your FOR SALE sign and be amongst the first to respond as Buyers. Populate a web page on this website with pictures, descriptions, and technical facts to share with family…

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Selling Real Estate Step 5: Research Market Price.

By Leslie Macomber

More science than art, there is Market Price, List Price, and Sold Price. A List Price within 10% of Market Price gets the attention of serious buyers and, depending on how hot the market is, should draw an Offer within four weeks. An Asking Price within 0-5% of Market Price is most likely to draw a full-price offer within two weeks. Pricing your home higher than 10% of Market Price signals that either you don’t know what…

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Selling Real Estate Step 4: Legal Due Diligence.

By Leslie Macomber

Obtaining an opinion of your parcel’s legal risks could be one of the smartest things you do before listing your home. The “exceptions documents” listed in Schedule II-B of a parcel’s preliminary title report list the conditions of the home that title insurers will not cover. These circumstances negatively affect the value of your home and often can be mitigated, something you will want to do before you list. Stay in control of your price by…

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Selling Real Estate Step 3: Home Inspection

By Leslie Macomber

Hire a reputable home inspector. Avoid nasty surprises. Don’t compromise your negotiating position by being caught unaware of a physical condition of your home that will negatively affects its value. Negotiate from strength by knowing your highest-and-best use price. Minimize your days-on-market. Maximize your SOLD price.

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