Buying or selling a house can be a stressful and confusing exercise. It can also be one of the largest purchases (or sales) that you will ever do in your life. Having a real estate agent that you trust and enjoy is an important part of the process. Here are some questions (and in my opinion, the correct answers) that you should ask your real estate agent prior to working with them: Read more…
Selling a home in today’s economic status may be difficult, but it is not impossible. It is a process that can become lengthy but is well worth it in the end. There are things you can do to improve your chance of selling your home at a price you are comfortable with. It is just a matter of following the process and doing what you can to put a top notch home on the market.
You Need A Realtor
The first step in the process is to contact a real estate agent who you can trust. You will want to be sure they are familiar with the neighborhood. Another trait you want in an agent is one who works with both sellers and buyers so they can give you the buyer’s point of view as well. You will rely on your real estate agent to help put your home on the market, show the home to prospective buyers, write out contracts, and deal with closing.
Fix It Up
The next step you want to look at doing is making any repairs or modifications you can to increase value and appearance. Some of the basics you want to take care of are painting, fixing any holes, leaky faucets, and other minor improvements. Your agent might also have you do a deep clean and remove any clutter to boost appearance during the showing phase.
Show It Off
Showing your home is a part of the process you do not want to turn down. It is proven that homes sell a lot faster if the buyer can see it in real life rather than just on paper. Many buyers will give little or no notice to when they want to see the house so be prepared at all times if possible. Let the buyers look freely, do not hover or try pushy selling as this will make them feel uncomfortable. Buying a house is not like buying a car.
The Contract
The buyer will work with their agent to draw up a contract. Then they will send an offer over to your agent who will then present the offer to you and decide whether to negotiate or settle. Once there is an agreement both sides will sign the contract and the buyer will write a check for the earnest money showing they are serious about buying the house.
Closing Attorney
Most states require that a lawyer be present during the closing phase of the process. Many sellers will use the same lawyer as their buyer to keep it simple. The lawyer will then draw up a deed.
Home Inspection
The will have a home inspection completed by a professional inspector. If there are items that need to be repaired or replaced the buyer will create a list for the seller. The repairs will be negotiated between the buyer and seller. Another thing to inspect for is termites. The seller is usually required to have the house inspected for termites, wood rot, mold, and moisture.
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The real estate market in Ontario, has been hammered like crazy in the last year or so. Kind of like every where else in the North America or the world for that matter. But, it would seem that some areas haven’t been all that adversely affected. The beaches area in Toronto for instance, still seems to be pretty hot. A buddy of mine recently listed a home there for an asking price of around $600,000. That seemed a little lower than what the asking price would have been a few years ago, but still pretty good. The house had been cleaned up pretty good, and had a few nice upgrades. The day of the sale had people and their lawyers lining up on the front lawn waiting to sign papers and hoping their offer was good enough. The surprising thing, is the house sold in one day, and there were ten offers presented. Basically a bidding war, as all bids were over the asking price. The house ended up sell for $680,000.
Few housing markets in Ontario, could hope to demand this kind of interest. Even few sections in the city of Toronto could hope to do so well for a home seller. I must admit to being pretty surprised, as with the news of housing collapses in the US, I just assumed that the Canadian market would have calmed down as well. Apparently, I was mistaken. I can only hope, that when I decide to sell my hope someday, that I’ll have the same success. I’ve been in my current home for 20 years now. While, it can definitely be hard to sell a home you’ve be in for that long, with so many memories, sometimes circumstances dictate that it’s necessary. I’m not there yet.