How to Sell Your Home and Get the Best Offer for It

How to Sell Your Home and Get the Best Offer for It

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Carrie R. Robinson:

So you're ready to sell your house or apartment. That's a major project with potentially great rewards. To help make sure your process goes smoothly and that you get the best offer for your home, we suggest that you take these four steps. Number 1, work with professionals.

It's important that you find a licensed real estate professional who has experience marketing property in your area and at your price point. To find someone who's right for you, get recommendations from people you trust. Interview two to three Realtors so that you can evaluate how committed they'll be to selling your property. Make sure you're comfortable working closely with this person, and be sure to discuss terms.

For example, how long will they have the right to sell your home? Six months is common. Remember that the real estate agent's commission is negotiable. Be prepared to have this conversation.

Later, we're going to talk about getting your property ready for sale. But first, let's make sure you have a real estate attorney to help you with the process. This attorney should have experience with properties in your area, and they will help you evaluate the proposed sales contracts. At closing, this professional will review and finalize documents to make sure your interests are represented.

You may want to have your attorney evaluate whether you have a mortgage that buyers can take over at your rate of interest. These so-called assumable mortgages can be very attractive to buyers. Number 2, get your property ready. This step might take the most time and effort, but if you get it right, you could significantly boost your asking price.

Is your property move-in ready? It should look great and outshine other homes that are for sale in your area. Ask your real estate agent to help you take a hard look at your place. Pay attention to landscaping and structures, such as gazebos, pool houses, and guest houses.

Ask your Realtor to assess which improvements you should make and which you can skip. Be prepared to do minor upgrades and make cosmetic fixes, freshen the paint, fix that leaky faucet, put in a screen door. You get the picture. Also, you might want to install or upgrade smart home features and security systems, if such amenities are the norm for properties in your area.

Be sure to put away any personal pictures and family treasures and remove any signs of pets. Total the cost of improvements you've made to your home from the moment you purchased it. This sum is important because it can be deducted from any capital gains tax that you might owe after selling your home. Now you're ready for step 3, marketing your property.

Depending on the type and location, there will be an ideal time to put your home on the market. For example, if it's a starter house in an area with good schools, springtime is likely your selling season, as families will want to move in during the summer holidays. If it's a vacation home, your best selling time is likely to be when you won't be using the property. Your real estate agent will suggest a price based on comparable homes in the area and their experience.

Trust this judgment, but verify it with local brokers, too. Put a sign out, if your community permits and you don't mind neighbors knowing your home is for sale. We suggest asking your real estate agent to be there every time the property is shown. This way, you'll have more information and more control over who visits the premises.

Part of the fee you pay your real estate agent should go towards hiring a real estate photographer to take pictures of your place, a videographer to create virtual tours, and maybe a drone to showcase aerial shots. Also, ask your agent to have a floor plan drawn and included in your listing. Once your home is listed, it should appear on a number of real estate sites. Make sure you like the way your property looks online.

The fourth and final step is to evaluate buyers. It's counterintuitive, but the highest price offered for your home may not be your best deal. We suggest you look for both top dollar and a clean offer, that is, it has the least number of conditions. Ask, does the buyer need a mortgage or are they able to pay with cash?

Can you confirm the buyer actually has the funds? Can they close on the property when you want to? Tell buyers with the second and third best offers that you are happy to put them as contingencies in case the offer you accepted falls through. This way, you will be more likely to sell your home when and how you want to.

So let's quickly review the steps to selling your home. Work with professionals. Prepare your property. Market the property, and evaluate buyers.

That's it. Following these four steps should help you get the best deal for your home. Good luck with the sale. And for advice on finding your next place, check out our video titled "Buying a New Home."

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Before you put residential property on the market – watch this video.