Ten Steps to Selling a house
- Price Your House
- Clean-up Your Property
- Collect Old Paperwork
- Prepare New Paperwork
- Learn about Mortgage Options
- Marketing Your Property
- Purchase Contract
- Prepare for Closing
- Sign Closing Papers
- Transfer Possession
Step 1: Price Your House
The 1st step is to determine with accuracy how much money you owe on the house, how much selling it will cost and does the price asked for it cover those costs and is this price in the range of 'Fair Market Value'. If NOT, then you may be upside down and need to come up with money out of your pocket or need assistance from your lender(s) aka 'Short Sale' in order to sell it.
Step 2: Clean-up Your Property
Professionally clean your property inside and outside prior to showing it to prospective buyers. Replace or repair any items that can easily be done with minimal up-front moneys.
Step 3: Collect Old Paperwork
Find your old paperwork - appraisals, surveys, inspection reports, well & septic reports, engineer reports, previous property disclosures, closing documents, photos and others
Step 4: Prepare New Paperwork
Fill out a new/up-to-date Property Disclosure form. Identify your property's specific data details. Take great photos. Identify which local, state or federal forms will be required to sell your property.
Step 5: Learn about Mortgage Options
Find out which loan programs are available for your specific property. FHA/VA loans are Not Available for all types of properties.
Step 6: Marketing Your Property
Determine the asking price for your property while considering current market values & trends. Choose a marketing program that may meet with your expectations.
Step 7: Purchase Contract
Once you have a prospective buyer, both you and them fill out and sign the purchase contract and any required local, state or federal forms.
Step 8: Prepare for Closing
It is common for lenders to require specific property information. Order new appraisals and/or reports and replace or repair any items prior to closing.
Step 9: Sign Closing Papers
Sign the necessary documents to transfer your ownership to the buyers.
Step 10: Transfer Possession
Move out and close all accounts - utilities, insurance, cable, phone and others.