The Home Selling Process

A Guide To Selling Your Home

1. Choose a listing agent. This is the most important decision you'll make in the process. This is the individual who will help you set your price, assist you in getting your home ready to show and represent your interests throughout the marketing and closing process.
2. Sign listing agreements. This set of agreements will explain the listing agent's legal obligations and give you the opportunity to tell the listing agent what he/she needs to know about your home in order to accurately represent it to buyers.
3. Get your home ready to sell. Your listing agent should help you identify what improvements need to be made to make your home show great. You can also review our guide to Preparing Your Home to Sell.
4. Value. Determine what your home is worth and how much you'll take away at closing. Your listing agent will analyze the homes that have recently sold and the homes on the market that are similar to yours to determine a likely sale price for your home. They should also explain your closing costs and help you estimate your profit.
5. Photos. Your listing agent or a photographer should come in to take photos of the house (after you've completed #3), which photos will be used for advertising. It's important to make sure the house shows it's best for the photo shoot.
6. Going "active" with your listing:
   
   • Multiple list. Your listing agent will post all of the pertinent information about your home and the photos on the multiple list and make that listing active for all other agents and buyers to see.
   • Sign. A For Sale sign will be placed on your property so people who drive by know your home is for sale.
   • Lockbox. A lockbox with one of your house keys will be placed on your home so agents who bring their buyers to see your home can get in.
   • Appointments. Discuss how you want to be notified of showings with your listing agent so a system of contacting you can be set up.
7. Feedback. Analyze buyer and agent feedback to determine if you need to make any changes in how your home shows or the price.
8. Offers. When a buyer wants to make an offer to buy your home, they should submit their offer in writing using the standard contract and forms for your area. The contract should include the price, closing date and conditions that need to be met for them to proceed (such as inspections, financing or selling their existing home). If the offer falls short in any areas, you'll respond with a counter-offer and that process can go back and forth a few times before the contract is finalized.
9. Inspections. It's likely that a buyer will want to do a standard home inspection to identify defects in your home. The buyer and their inspector will spend a few hours in your house, after which they'll send you a copy of the report and a list of anything they want you to repair.10. Title process. You'll receive a request for information from the title company buyer has chosen to handle the purchase for them. This request is important to keep your closing on schedule so be sure to get the information back to them timely.
10. Pre-settlement walk through. Buyer will make a final inspection of the house the day before or morning of settlement to be sure the house is clean, that any agreed-upon repairs have been made, everything works and the house is in acceptable condition. You should leave all appliance manuals, extra keys, remotes, garage openers, etc. for the buyer. Bring one set of keys to the settlement to give to buyer.
11. Settlement/closing. Closing will likely take place at either the office of the title company or one of the agents. The title company will present you and buyer with a HUD-1 settlement statement that explains in detail all the charges, payoffs, etc. that will occur in connection with the sale. You'll walk out with a check or have your profit wired to your bank.