When getting your home ready for the market it’s a great idea to have a CHECKLIST on how to prepare your home for sell. That way you can ensure your home stands out when it hits the market. Selling in the next 6 months? Schedule a no hassle Home Prep Consultation with us Today. Call 206-459-0688 and ask about “Scheduling a Home-selling Prep Consultation”
Step 1: Preparing Your Home for Sale
- Preparing your property to sell.
- Depersonalizing your home to be a house.
- Consider a Pre-Inspection to identify issues before going to market.
Start from the other side of the street and then turn and REALLY look at your house. This is the very first impression that buyers will have. Adjust from the outside to the inside and begin with the landscaping. The yard should be neat and clean with mowed grass, trimmed hedges, and pulled weeds. Make any repairs that are needed to the exterior of your property, including paint touch ups. Now prepare the inside of your house for sale. Remove all items and clutter that might distract potential buyers. Depersonalizing the house will make it easier for potential buyers to visualize how it might look with their own possessions inside. Buyers are always curious about storage space and will want to check closets and cabinets; so, it is important to ensure these are uncluttered and organized.
Consider a pre-inspection by a licensed professional to identify any potential issues with the house before putting it on the market. It will give you an advance notice of any issues that a potential buyer would identify in doing their own inspection. Giving you an opportunity to address and correct any issues that are found before you list the property. This will give you a better chance to sell quicker and may increase the opportunity to receive stronger offers.
Step 2: Choose Your Real Estate Team
- Choose your Real Estate team that specializes in the local market.
- MPSH is versed in all aspects of the selling process.
- Our entire team is at your service, all for the same cost as a solo agent!
The listing agent you choose to work with will represent you throughout the entire process, looking out for your best interest. Consider choosing a team that specializes in your local area and is highly educated on your local real estate market and community.
My Puget Sound Homes is highly versed in the diverse aspects of the process. We take the time to listen, understand your goals, challenges and answer all questions you have along the way. Our local market knowledge and experience in the Puget Sound area allows us to create the best pricing strategy for your property. Our team also analyzes the unique selling points of your property and neighborhood so that we can implement effective marketing that will attract many potential buyers.
Our team approach to selling your property is different than most as we have specialized individuals and tasks for the different elements of a transaction. What that means for you is ease of sale, access for potential buyers and an entire team that comes at the same cost as a solo agent!
Step 3: Determine How Much Your Property Is Worth
- Receiving a Comparative Market Analysis Report for your house.
- Strategically pricing your house.
- Estimated Net Proceeds at closing.
Before putting your house on the market our listing department and your agent will provide you a Comparative Market Analysis (CMA) Report. The agent will present you with a report that indicates comparable sales, pending sales, and active properties from the Northwest Multiple Listing Service (MLS).
Our agent will suggest the price range to list your property which will attract a buyer for the highest price and with terms that will work for you as the seller. The report will include sold properties that have closed within the past three to six months which will give property value; similar to an appraisal. When reviewing comparable sales, we consider square footage, age of construction, amenities, condition, and location. This analysis will allow us to determine the home value. Last and maybe the most important is the money you will net. The listing agent will evaluate your costs of sale with market price and provide you with an estimated net proceeds to inform you of the total cash proceeds you should expect to receive at closing.
Get started with your free home market evaluation report!
Step 4: Marketing Your Property
- Staging your property for sale.
- Professional photography for Marketing.
- Strategic & targeted Marketing plan.
Marketing is a crucial part of the selling process of your property; and so your place needs to look the part! Remember we will go through the outside to the inside, top to bottom. We will assist in getting the property staged and advise you regarding clutter, valuables, and personal items in sight. It starts with photography, as they say, “you may not get a 2nd chance to make a first impression”. Staging your property to make it more visually appealing by advising you on arranging furniture, organizing, and decluttering or we can recommend professional stagers that can assist with the process. We provide professional photography and drone shots of your property. Additionally, we put together a marketing program specific to your property which will be determined by location, community, and amenities that surround the property.
Step 5: Showing Your Property
- Installing a lockbox for showings & security.
- Holding an Open House for the public.
- Virtual recording and live feeds available.
We are sensitive to the times with showing your property. We practice safety guidelines. First our listing department will install a lockbox at your door which provides security, monitoring and grants access to your property. More importantly is that it gives the information that allows us to monitor the showings. Any agent that enters your house is recorded and documented upon entry and departure; then followed up with for feedback. It will give peace-of-mind with the knowledge of who, when and how long the agent and potential buyer(s) are at your property. Agents must be licensed and in good standing with the NWLMS daily to have this privilege. We will guide you on the proper procedure for holding an Open House; with safety and security procedures of any and all new guidelines. Virtual recording and live feed are additional opportunities to reach a greater audience and all showings are held by appointment only.
Step 6: Receiving a Purchase Offer & Negotiating the Contract
- Agents are prepared for negotiation to represent you.
- Agents will educate you on the market conditions.
- Guidance on counteroffers & having a competitive edge.
Strategic negotiation in any market is a notable skill that all our listing agents hold. The market is always shifting and depending on the current market conditions our listing agents are prepared. Our vast experience and history offer the skill of a sellers’ or buyers’ market where multiple offers and appraisal validation is so relevant. When having to consider a contingent contract because you are also purchasing another home, our agents will educate you on the market conditions to warrant how that will be carried out to closing. We will also educate you to how counteroffers are handled and contracts that hold one or more change conditions.
Typical changes could include sales price, the addition or removal of certain contingencies, earnest money deposit, types of financing, inspection terms, or closing date, among other options. Various financing types and different contingencies can impact the sale, so being versed on all options is imperative. We will guide you on how to handle counteroffers, being competitive and backing it up with comparable sales. With each contract we will take you through the entire process to achieve mutual agreement between both parties on all terms and conditions.
Step 7: The Escrow Process
- Contract goes mutual & Escrow process begins.
- Escrow officer ensures that conditions of the contract are met & addresses objections.
- Earnest money is collected within 48 hours of mutual agreement.
Once a contract has been mutually accepted our transaction manager with follow the contract from submittal to closing of escrow; ensuring that every deadline is met. Escrow will be set up when a signed purchase and sale agreement is delivered to a dedicated escrow office. An assigned escrow officer will ensure that all the conditions of the contract are all met and satisfied. Our transaction manager will verify that the home inspection, appraisal, and counters are complete and resolved within deadline. Escrow will ensure that insurance, liens, judgements, clear title and disclosures, including any objections are completed or resolved on time. The earnest money is collected within 48 hours of mutual agreement and the check is held with escrow until closing; providing all conditions of contract are satisfied.
Step 8: Inspection and Appraisal Process
- Inspection is scheduled to catch any deficiencies or repair needs.
- Appraisal is ordered to assess the value of the property compared to the buyers’ loan.
- Final Underwriting & Final Lender Approval.
The inspection happens within the first week to 10 days of mutual acceptance and it will determine the structural integrity of the property. Allowing for discovery of any serious deficiencies, repair or replacement requirements, age, and life expectancy of major components; plus pointing out the positive aspects of the home and allowing the potential buyer a “home” orientation. Additionally, giving maintenance and safety information to the new home owner.
Once the terms of the inspection are agreed upon, the appraisal is ordered. The purpose of the appraisal is for the bank to assess the value of the property in relation to the buyers loan (Loan to Value Ratio) In various markets there may be a difference between how much a buyer is willing to pay for your property and how much the bank is willing to loan for the property.
After the appraisal complete, any lender “required” work would have to be complete before closing. This condition would be a post-inspection requirement prior to final underwriting. Once cleared than the buyers loan package is submitted for final lender approval.
Step 9: Closing Documents & Escrow Closing!
- Estimated closing statement will be released to review all seller costs & net proceeds.
- Closing appointment will be scheduled to sign all legal documents & they will be recorded with the county.
- Handing off the keys, congratulations!
The final step in order for you to release your property and keys to new buyer. Your listing agent will review your estimated closing statement; also known as HUD statement, to review all seller costs. The purpose is to be in line with the “Net Proceeds” received at the beginning of this process. Escrow will make sure that your current mortgage, taxes, liens, insurance, encumbrances, and fees are paid. Then an appointment will be set for the signing of all the legal documents related to the sale of your property. The keys and any property related items that will remain with the house are handed over to the buyer once you vacate the premises as directed per your contract with the buyer. The deed for the property will be retired in your name and recorded with the county. Escrow will pay all underlying costs involved with the sale and you will receive the net proceeds available; in the manner indicated by you at signing! Done!