Selling a home is often a time-consuming and emotional process. There are negotiations and reams of paperwork to get through on top of the sentimental feelings that come with letting go of a place that holds so many memories.
But adequate preparation and informed decision-making, coupled with an objective eye, can ease the stress of selling a home.
The Real Estate Selling Process
Plan for a successful home sale with this brief, but comprehensive guide:
- Understand your selling intentions and goals
Selling a home is a life-changing decision. Be clear with your motivations to make your actions and decisions coherent with your long-term goals.
- Prepare to sell
During the preliminary stages of your home sale, be sure to do the following:
- Plan out a detailed timeline and a list of must-do activities.
- Look for experienced and dedicated real estate professionals to guide you through the process. Evaluate their ability to provide crucial market insights as well as their negotiation skills.
- Prepare the necessary documents and paperwork to facilitate the sale.
- As required by New Jersey state law, list relevant details regarding the condition of your home that you need to disclose to your prospective buyers.
- Stage the home
Be sure to make your property presentable before putting it on the market. Get your cleaning, repairs, and staging done early, so you can identify and resolve any underlying issues that can delay your sale or decrease your list price.
- Price the property
Accurate pricing is crucial to the success of every real estate sale. Overpricing – often because of sentimental biases – will hurt your chances of making a good return for the original investment you made for your home.
Get help from a professional appraiser or your real estate agent. Their deeper understanding of current local market conditions will help you arrive at a fair evaluation for your property.
- List the property on the market
Sign a listing agreement with your agent. This will authorize them to manage the marketing and sale of your property.
Work closely with your agent to create an appealing marketing plan for your home. Take advantage of today’s wealth of multimedia technologies to advertise your property more effectively.
- Entertain offers
When the offers for your home start coming in, you’ll realize the advantage of having a seasoned real estate professional by your side.
Real estate agents look after your best interests as a seller, but will also ensure that all negotiations are done objectively, ethically, and for the mutual benefit of the seller and buyer.
An important note to remember at this stage: Be flexible with your viewing schedules. Not all interested buyers may be available for your given open house schedules, so offer weeknights and extended weekend hours for their visits so they can fully appreciate your property.
- Seek an attorney review
In New Jersey, purchase agreements between a property seller and the buyer take three business days to become final. During this period, both parties may consult with a real estate lawyer to review the contract for any potential legal problems.
Ask your agent for recommendations for reliable attorneys who can carry out a thorough but timely review, so that your sale is not delayed.
- Go into escrow
After the attorney review, you and your buyer go into escrow. This requires an initial earnest payment that will be held by a third party until all contingencies stated in the purchase agreement are satisfied. These conditions include reviewing titles and disclosure documents, securing financing and insurance, and required inspections.
- Close the deal
When all contingencies are fulfilled, you and your buyer are ready to close the sale.
Both parties, as well as your closing agent, will sign a settlement statement that summarizes all the financial transactions that the buyer needs to fulfill to enact the purchase. The earnest money deposit held in escrow will be released to you, while your buyer will receive the keys to your former home.
Work with the Stacy Esser Group for a Smooth and Rewarding Home Sale
For more information and assistance for your home selling needs in Tenafly, Alpine, Englewood Cliffs, and other Bergen County, New Jersey neighborhoods, contact the Stacy Esser Group at (201) 894-8004 ext. 547 or email stacy(at)stacyesser(dotted)com