If you have never sold a home before, you may be wondering what actually goes into the process. While every transaction is a little different, the basic steps are detailed below. It may seem daunting at first, but don't worry, an experienced Charleston SC Real Estate Agent can help you navigate all the hurdles. At PRG, we will gladly sit down with you to discuss the process months or even years before you ultimately decide to list your home. We want to help you. There is never any pressure or obligation. So if you have questions, give us a call. Even if you don't think you are ready to sell, there is never a bad time to start considering your options.
Make The Decision to Sell
This is the first, and most important decision you will have to make. Nobody can make this decision for you, and nobody should pressure you into making this decision - especially your Real Estate Agent! If you have questions, let us answer them for you and we promise to spare you the sales pitch. Even if you're not ready to sell right away, we'll be here for you when you are.
Hire A Local Real Estate Agent
This is the second most important decision you should make. There is no reason to EVER sell a home - especially your first - without hiring an experienced local real estate agent.
It is important that you hire a real estate agent with whom you are comfortable. At PRG, it is our mission to provide you with the fastest, best, and most friendly service available. To learn more about working with us, visit our Seller's Page HERE or CONTACT US to schedule a no obligation, no pressure meeting. But don't just call us. We encourage you to speak with at least 3 different agents, ask questions, and discuss details before signing a listing agreement. We hope you will choose us, but at the end of the day, we just want you to make the choice that is best for you. It can be an intense process, and it is important that you are comfortable with whatever agent you select.
Prepare to Sell
There are a few things that must be done before your home even hits the market. First, you must complete all necessary disclosures so that your real estate agent can present them to potential buyers. Your real estate agent will help you prepare these documents.
Next, you should prepare your home to show. This includes cleaning and decluttering your home, as well as making minor cosmetic repairs and maximizing curb appeal. Your real estate agent should help walk you through this process by offering helpful tips.
List Your Home
The listing is the most important part of the selling process. Most buyers will view multiple listings, choosing only a select few to visit in person. Therefore, if your listing does not catch the buyer's eye, he or she will never even see your house. The listing starts with price. Working with you, your real estate agent will generate a comprehensive comparable market analysis, to make sure that your listing price is in line with other comparable properties that have recently sold in your market. It is important, for obvious reasons, not to price your house too low! But it is equally important not to price your house too high. A house that is over priced will generate less showings, causing it to sit on the market for longer periods of time, and ultimate, make the house less attractive to potential buyers, even if the price is lowered at a later date. Buyers will see that a house has been on the market for several months and that the price has been lowered several times and wonder, what is wrong with this house that nobody wants to buy it? To learn more about a comparative market analysis, click HERE.
In addition to appropriately pricing your house, your real estate agent will help you craft a listing that is optimized to generate the most amount of interest. Your real estate agent will take professional photographs, may suggest and coordinate professional staging, and will be sure to highlight all the best details of your home.
Once this listing is drafted, your real estate agent will post it to the MLS and as many other sources as possible so that potential buyers will see it and generate interest. Your real estate agent will saturate the market with photographs and descriptions of your home with the intention of scheduling as many showings as possible.
Show Your Home
Once your home is listed, potential buyers should start contacting your real estate agent to schedule showings. Your real estate agent will coordinate with your schedule to make these as painless as possible. However, in order to ensure that your home is seen by the maximum number of potential buyers, you should be as flexible as possible with allowing your home to be shown. Your real estate agent should give you advanced notice of any showings so that you can make sure the house is clean, and any pets are properly secured.
Receive and Negotiate Offers
When a potential buyer is interested in purchasing your home, he or she will present a written offer to your real estate agent. The offer will contain certain terms and conditions including the price they are willing to pay, when they are willing to close, and what contingencies they reserve. This offer will also include an expiration date. In many cases, especially in certain Charleston real estate markets, you may receive several offers at once.
Your real estate agent will present all offers to you as soon as possible, and walk you through the process of responding. Your real estate agent can be particularly valuable to you in the event of multiple office. With your real estate agent, you will decide whether to accept an offer, decline an offer, or make a counter offer. Your real estate agent will prepare all of the paperwork necessary to take the actions you choose.
Negotiations may continue back and forth between your agent (at your direction) and the buyer's agent, until you and the buyer agree on all necessary terms. At that point, you and the buyer will execute the agreement, the buyer will deposit earnest money, and your home will be "under contract."
Work Through Contingencies
Contingencies allow the potential buyer to get out of the sales contract if certain conditions are not met. The most common contingencies include repair provisions to be addressed following the home inspection, a clause allowing the buyer to back out if he/she cannot obtain financing, and/or a clause making the purchase contingent upon the buyer being able to first sell his/her house. Your real estate agent will fight to make sure that the contingencies in the contract, if any, are fair and desirable to you before you sign the contract.
Once the contract is ratified, it is in your best interest to clear the contingencies as soon as possible so that you can close the sale on time and/or retain the earnest money deposit if the buyer otherwise breaches the sales agreement. Many of the contingencies (such as financing) are out of your control, although your real estate agent will keep close tabs to make sure the buyer and buyer's agent are doing what they need to do to clear them. The primary contingency which requires your involvement is the repair contingency, which is discussed below.
The Inspection
Once your home goes "under contract" the buyer will set up a home inspection. The contract will require that the inspection be completed within a certain amount of days, and the buyer is generally responsible for the cost of this inspection. You can help keep the deal on track by making your home readily available for the inspector. You should also make sure that the home is clean and that certain ingress points such as the attic and crawl space are accessible.
Clear Contingencies
Following the inspection, the buyer may request that you make certain repairs. Here, again, there is room for negotiation. You may refuse to make any repairs, at which point the buyer will accept the house "as is" or cancel the contract as allowed by the contingency. You may elect to make all of the requested repairs, in which case, the buyer will be forced to proceed with the sale (once the repairs are completed) or forfeit the earnest money deposit. In most cases, however, you will agree to make some of the requested repairs, but not others. You may also elect to simply give the buyer a credit at closing so that he/she can make their own repairs with the credited money. Once you and the buyer agree on what repairs will and will not be made, the agreement will be reduced to writing and added to the contract.
If you agree to make repairs, you should work with your real estate agent to complete them as soon as possible. The buyer will likely require proof that the repairs have been made before moving forward with closing, and may even order a second inspection. If you fail to complete the repairs, your closing may be delayed or the entire deal may fall apart.
In most instances, you are also responsible for providing the buyer with a CL-100 or "termite letter" prior to closing. The cost of the termite inspection is customarily paid by the seller and your real estate agent will help you get this inspection scheduled and completed. Depending upon the results of the inspection, you may be asked to make additional repairs.
Once all of the conditions are completed, your real estate agent will have the buyer sign an addenda clearing the contingencies from the contract. This is the last major step toward completing the closing.
Close
At closing, you will meet with the closing attorney and sign all the documents necessary to transfer your deed to the buyer. If you have an existing mortgage on your home, the closing attorney will pay it off with the proceeds of the sale, and deliver any excess funds to you. Often times, your real estate agent will attend the closing with you in case you have any last minute questions or concerns.