For Seller’s

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Posted on 2nd February 2015 by homesforsaleinchamplin

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home owners in champlin, home values 55316

For Seller's:

As you embark on the decision to seller your home, several thoughts may cross your mind. Am I ready to move? Sure, it's always great to dream of your next perfect home! The one with all the storage! The one with a bigger garage and a bigger yard…. well you're not alone!

The average person spends only five years typically at their home before they're ready to take the plunge, sell and do what we call in Real Estate a "move-up" buy. It's likely that you're at this same point and it only makes sense to purchase a home that can not only allow a place for everything, but also allow room for everyone!

After you have seriously made the decision that now is the time to sell, some consideration should be taken on the next steps. First, speak with an experienced Real Estate agent about the value of your home. In all instances, what we "want" sometimes is not always in our best interest. Have a licensed, experienced Real Estate agent speak with you about the value of your home. A sellers net sheet should always be provided during these appointments so that you know what this decision looks like from a financial perspective.

Yes, it will cost you money to move. Consider the financial piece on what that looks like. Factors such as selling in a sellers market versus a buyers market will ultimately help with your bottom line. After you have reviewed the cost of moving, does it still make sense? Likely it does because you can also consider the tax benefits when selling and purchasing a new home. Space sometimes always does not have a price!

Your next step after the financial piece is to consider the Realtor best fit to provide you with the services that you deserve. There are tons of Real Estate agents in the industry, but few have all the skills and education that you should be looking for. When it comes to selling a home, the activities that once easily sold homes in the past do not working anymore. It's customary to have your Real Estate agent place a sign in your yard, place the home for sale in the mls (Northstar Multiple Listing Service) and wait for another Realtor to bring a buyer to your home.

Those days have come and gone and in my opinion, I would consider that poor service on the Realtor's end. As a professional in this industry, I feel it's important to provide my clients with "out of the box thinking" and a comprehensive marketing plan for getting their home sold. Not every property is the same, your Realtor needs to evaluate who the prospective buyer would be for your home and then tailor that marketing plan specifically to that buyer. Truth be told, only 2% of homes sold from a Real Estate sign. The ways of searching for any consumer product now start online. Internet is the main source of bringing buyers to your home. You agent needs to a precise knowledge of where buyers come from and create that urgency from the moment that home hits the mls.

After you're confident in the Realtor's marketing plan and efforts to sell your home, let's talk about price! As a home seller it's easy to look at the net sheet your agent provided to you and say, "well, we need to make X…. well I'm sure you would like to, but what does the market say? A home is only worth what a "buyer is willing to pay"! I hear home owner's say all the time, "well can we just try it at this price?" You can but what if I told you pricing your home too high can also hurt your wallet? Pricing and a well thought out marketing plan is what sells houses!! After all you hired your Realtor to get you top dollar, and to actually provide you a service!

Comparable homes in the market determine your price. Yes, typically the list price is not ultimately the sale price, but we'll get into that later. When you place your home for sale, it's a competition there's really no other way you should be looking at it. The buyer's set the tone for the market. Your agent will review the homes in your specific area that have sold in the last six months. Your agent will consider what type of sale it was, did the seller pay concessions to the buyer, what kind of shape was the house in, how old was it, was it remodeled,  or new construction and how do all of these things match up with the home you're about to sell? As an experienced local Real Estate agent, I prefer the data on your sellers net sheet to match what the current Real Estate market values are at. Sometimes it does, sometimes it doesn't.

If you're looking at your net sheet and you find that the market doesn't support a profitable value, you may need to consider your options. First, the properties condition. Could minor fix-up's and repairs change the value of your home to get a higher sale price? Second, are you in a position that you have to sell and may need to consider a short sale? Third, would it be beneficial for you to still sell and possibly pay a little of the difference? Meaning, the value of the sale, less your debt and expenses, do you have some cash to make up the difference? Fourth, the market is still in recovery mode, some cities have seemed to bounce back at a higher rate for sale prices than others. If you're close to the value you need to walk away with a little profit or at best break even, it's possible you could wait an additional six months to a year to be in a better financial spot to make the move.

If your values match up and the market supports your sale, it's time to consider timing. How does the market supply look? Are we in a sellers market, a buyers market, or is it a good season to sell? Times of low inventory are always a great time to sell. Remember, it's a competition some people in colder climates sometime feel trying to sell in winter markets are a bad time, however, from a competition perspective, it's actually a great time! Buyers still buy in the winter, relocation occurs all year round and eliminating the competition pushes a buyer right to your door. Anytime inventory is low the demand for housing increases, which can lead to a higher sale price.

I know this sounds a little involved but it's the responsibility of your Real Estate agent to make sure that your goals are being met and that the sale of your home is really in the best interest of you and not the best interest of your Real Estate agent.

When all these scenario's are in line, your next step is to get your home ready for pictures and showings. Your very first showing will be what a potential buyer will see online. Your Real Estate agent should have a photographer to photograph your home. Lighting and good photo angles will bring out the best features in your home. Make sure that your home is free of clutter, pack knick knacks and things of that sort away. You will be moving anyway, so removing several items from the home will help open up the space, make rooms appear larger, and safeguard small items from possible disappearing during a showing or open house.

It's always a great idea to remove electric can openers, large knife blocks, extra accessories and coffee makers from countertops, remove coupons and magnets from your refrigerator and clean closets, yes, a buyer will open your closets and cupboards, don't "hide" or overstuff them. To see the full list of tips for sellers to get your home show ready, click here.

While your Real Estate agent is busy marketing your home to the fullest, don't be shy on using your Real Estate agents links to market your home on your own social media websites. The more exposure your home receives, the more possibilities you have to sell it! Remember, it only takes one person to buy!

Hopefully you have priced your home competitively, and your agent has wow'ed you with a full and complete comprehensive marketing plan so you receive an offer on your property shortly after listing. When an offer is received rejoice! But then get down to business as time is always of the essence. Keep your sellers net sheet handy as this is how you will measure your offer, your expenses and your profits. Remember in any Real Estate transaction there are three choices after you have received an offer. You may of course accept the offer as-is, you may counter the offer, or if you find the offer to be offensive and just too low to negotiate you can simply decline the offer.

Your Real Estate agent will educate you on the best course of action so that you can make a decision on what the next best step will be. Hopefully the negotiations do not take long, and you and the potential buyer come to terms quickly.

Depending on the terms of your offer and what it entails, the potential buyer has likely added a inspection contingency to their offer. An inspection contingency is a pretty common formality for a buyer to complete. The buyer's inspection, as it sounds is the financial responsibility of the buyer. For the most part, the buyers inspection will identify some possible code changes or safety concerns. In preparation for a buyers inspection you should be checking your smoke detectors to be sure the batteries are fully charged and working and also that you have carbon monoxide detector(s) depending on the size of your home.

This is the point where possible deferred maintenance on your home could be uncovered, if there's a leaky faucet and such that maybe you have overlooked, this is the point where the buyer will be aware of the condition of the home as little as the item might be. This might be a good time to refer to the tips for sellers to get your home show ready above you may want to refer back to.

Buyers inspections are not something you should be afraid of, in fact you should be prepared to see something the buyers will ask for. Remember this is not personal, the inspection identifies code changes over years and may identify something you did not even know was a problem and/or something you never viewed as an issue. All this is normal! Please don't be offended! View this as a negotiating point if it's a large issues, say a roof, structural etc. Be aware of this portion of the Real Estate transaction as things do come up. If it's a large issue, your Realtor should be getting bids for you and be in your corner to verify costs etc. As a seller, you must be comfortable should these kind of things arise, but please be aware depending on financing, these items may come up again with a new buyer regardless of the price the buyer is willing to pay.

As I understand this can be a difficult situation, please be assured with the right agent, they will always be mindful of your best interests and make sure all points are valid. This again is a reason to hire an experienced Realtor familiar with all aspects of the transaction.

Hang in there, after the inspection period has ended and all parties are satisfied to proceed, the next step is the appraisal. An appraisal will be conducted at the buyers expense as part of their loan process. The appraisal is different than the buyers inspection as they're looking at the property a little differently. The appraiser will first acknowledge what kind of financing the buyer is seeking. If the buyer is looking at a VA loan or an FHA loan, they're looking at value defects mainly, electrical, are all outlets grounded properly, hand rails on the deck and stairwells, is there any broken widows, peeling or chipping paint that is visual on the exterior of the home, window sills, or garages. They're picky on these things. These would be touch-up items that should/could be fixed prior to listing your home for sale.

The value of your home is dependent on the status of the loan for your potential buyer. Typically, if the house does not meet the specified value on the written offer, it's at the buyer's discretion to cancel the offer. If the buyer wants to continue the purchase of the home after a low appraisal there's financing options as well as price terms to consider if the situation should arise. These would obviously be on a cast by case basis.

If all goes well, and that is usually the case. The closing will be setup. The title company will be responsible for completing a title search on the property, the seller and the buyer to make sure that everything has been stated correctly and the title is free and clear to be transferred.

Expect the closing to go well at this point, remember to bring your driver's license as the closer will take a photo copy of it and remember your social security number, they do not necessarily need to see your actual card, but you will be asked to verify your social security number on the closing documents. In some instances, they may also ask you to identify the last 10 years of residency, it's best to write this down on a piece of paper ahead of time and bring it to the closing if they may need it. This is true for Minnesota so please reference the state you are currently selling or purchasing in for the appropriate closing requirements.

Since you're the seller at the closing, the documents you are required to sign will be much less than the buyer. At this time, the keys and garage door openers will be surrendered! Congratulations you have sold your home!
 

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