What does the process entail when I want to sell my home? What is the process I will have to follow? What steps do I need to follow when I want to sell my property?
Having at least SOME knowledge about the home selling process will certainly prepare you mentally and physically for this exciting yet challenging time which may at times feel rather exhausting.
So what are the steps to follow when you want to sell your home?
1. Hire A Suitable Real Estate Professional Who Will Deliver Service With Flair
There is a major difference when you want to really sell you home and whether you just want to place it in the market. Be sure that your agent is not just a listing chaser, who will list your home and run and leave you hanging out to dry, when your home does not sell fast.
Be sure to hire an agent with a good track record and superb area knowledge. And please, do not simply go for the cheapest of them all, as it may just bite you later in the home selling process...there is a reason why established agents request a higher professional fee...
You have tried the rest, now hire the best!
2. Disclose Any Property Defects You Are Aware Of
Sorry, there is no way you can turn a blind to all the old repair jobs you neglected for such a long time. Buyers may miss it the first time around, but when they move in and discover the latent and patent defects, you may find yourself in deep trouble.
Disclose and discuss all those hidden shortcomings with your agent and determine a plan of action to do the necessary repairs before they go to the market.
You never know, your home may sell in a day! Be prepared from the get-go!
3. Determine if all alterations are on approved, municipal plans
Approved municipal plans are an absolute necessity when you want to sell your home. Banks tend to request proof of the approved plans before they grant your buyer's mortgage loan.
As the drawing and approval of plans could take several weeks to finalize, you are encouraged to get started on this before putting your home on the market.
Every Wendy house, lapa, pool, or carport you added whilst living in the house, should be reflected on the approved plans.
4. Determine The Correct Selling Price
Carefully determine a fair market price for your home. A fair price is the estimated value value of your home, based on recent sales in the area for similarly sized properties. A fair price would be the price an able buyer would be willing to pay for the property. This estimated asking price should be based on recent sales in the local property market.
Your chosen Real Estate Professional will have completed a comparative market analysis by reviewing recent sales, pending sales, and active sales to help you determine your home’s best asking price.
5. Prepare Your Home To Be Listed
Listing preparation is absolutely key when you wish to sell the home swiftly and at a great price. De-clutter your home, get rid of the lazy man's compost heap in your backyard, fix the crack in the boundary wall, and change the washer on the kitchen tap now.
Leaving such repairs for your buyer will only result in weaker offers for your home that will eat away at your profit.
6. Prepare For Home Viewings
After completing the important planning phase, you are ready to invite potential buyers into your home to view the property and hopefully sign an Offer to Purchase.
In this phase, it is important to keep everything in place and ready for potential viewings. Although this is an uncomfortable phase with strangers viewing your property at weird times, you simply have to persevere and keep all in order at all times. We never know when a client will be the one to purchase your home, so be forever ready and willing to put your best foot forward.
Remember, first impressions count.
7. Review Buyer’s Offer To Purchase Your Home
Once your agent presents you with the Offer to Purchase, you need to pay close attention to every word written in the contract. Familiarize yourself with all filled-in spaces such as; deposits, financing commitment periods, as well as any additional terms written in the contract.
In the contract, you will see the date the buyer will have to provide proof of mortgage loan received from a financial institution or deposit made if it is a cash sale. If they’re paying cash you will want the transfer attorney to request proof of their funds. These funds must be liquid not tied up in stocks, bonds, mutual funds, or other investments not liquid. The statement of their account also needs to show that the funds are indeed in their name and not in the name of someone whose names are not written in the Offer to Purchase. Once proof of bond approval is received, you can be 90% sure your house was sold.
From this moment on, the registration process may take between 6-8 weeks and once the registration is through you may need to vacate the home and hand over the keys if no other special arrangement such as the payment of occupational rent was agreed upon on the Offer to Purchase.
8 Prepare For The Electrical / Gas/ Electrical Fence Certification
As per regulations, you will have to provide an electrical certificate, gas certificate, and electrical fence certificate to the attorneys, before registration.
The cost of the Certificate as well as the cost of any repairs that need to be performed, will be for your account.
A certified electrician and gas specialist need to provide the formal certification.
A Buyer may also decide to hire a property inspector to inspect your home for any structural defects, at his own cost.
9. Keep Your Home In Mint Condition Until You Move
You may be so relieved your home has finally sold that you just want to let go...let go of all responsibilities such as maintenance and general upkeep...however, this may land you in deep trouble!
As per the Offer to Purchase, as seller is obligated to maintain the property in the same condition as when the buyer bought your home. Failure to do so may end up costing you a lot of money.
So, mow the lawn, keep the walls and carpets clean, gently handle wardrobe doors to keep them on their hinges, and keep the house clean. hew, it was tough to get your home ready and to keep your home in tip-top shape.
9. Prepare to Move
By now, you should start gathering boxes and organizing your furniture to be transported to another home of your choice that you either bought or decided to rent.
Pay close attention to what was negotiated in the Offer to Purchase regarding the occupation date. Strictly adhere to this agreement to avoid breach of contract.
It is also of utmost importance to plan how you will clean the property once all your furniture and belongings are removed. Remember, when all furniture is removed your house may be dusty and dirty. It is important to schedule enough time after your stuff was removed to clear up and clean up and leave the presentable for your buyers to move in. Also, consider hiring a cleaning company to assist you to save you some time and effort.
10. Title Deed Registration At The Deeds Office.
At the end of the 6-8 week home selling process, documents will prepped for lodgment at the Deeds Office. Once documents are lodged, your home may be registered in your buyer's name within 5-8 working days. Once the property is registered, the property is no longer yours.
As soon as it is registered all monies will be distributed to the different parties and the transaction is finalized.
Feel free to call ALTA. from eXp Realty on 071 758 0996 for assistance and property advice.
Comments