Learn About
Selling a House
Are You Ready to Sell Your Home?
Congratulations! Selling a home can be an exciting venture, however it can also be an emotional, or even stressful, experience. Paris Group Realty, LLC agents understand and empathize with what you may be feeling during this process. In our experience, the best way to manage uncertainty is to arm yourself with knowledge! That’s why we provide small pieces of information to prepare you for each step of your home selling journey. For even more in-depth information, check out our Resources!
Prepare to Sell Your Home
First, find an agent to work with
An experienced and trained agent will ensure your home has an enticing online presence and develop a targeted marketing strategy to find the right potential buyers. The Paris Group Realty, LLC team understands the Portland, Oregon real estate market and will ensure your home sells with the terms that are important to you. Learn more about our team.
Next, finalize important details
Your timeline is an important part of the process. Are you in a hurry to sell? Do you need to sell quickly to close on another property? Are you moving into a second property or a rental and have more flexibility in your timeline?
Another notable detail is deciding how much the home will list for. Your agent will run a Comparative Market Analysis (CMA) to compare your home with others in your area. This will give you an idea of what buyers may pay for the home. Your agent will walk you through the results and, using his or her knowledge of the Portland area and expertise in the market, work with you to determine the price.
Along the way: declutter!
Once you’ve decided to move, it’s a good idea to start cleaning out closets and getting rid of excess items. Even if you’re moving into a home of an equivalent size, it’s likely that you’ve accumulated a lot. By minimizing your clutter, it’ll be easier to get work done, deep clean, and stage your home. Plus, it’ll be easier to move!
Preparation
Show Your House
Once your home is ready to sell, your Paris Group, LLC agent will list the property. It’s then time to manage upcoming showings.
Some important questions you might have include:
What is a home showing?
A showing is when potential home buyers visit and tour your home. This might be a virtual online showing, a private appointment, or an open house, where your home is open to anyone who stops by during a scheduled window.
How do I prepare for listing my house?
If your agent suggests something to make your home more attractive to buyers, it’s important to take his or her feedback into consideration. As seasoned real estate professionals, Paris Group Realty, LLC agents know how to sell your home! The goal is for your home to be viewed in the most positive and competitive light possible. We’ll advise you on what exactly needs to be done, which may include:
- Deep cleaning
- Painting the interior and exterior
- Minor repairs
- Major repairs
- Home staging with furniture and décor
- Organizing closets and storage areas
- Decluttering and removing personal items
- Enhancing curb appeal
What do I need to do during showings?
As much as most home sellers would love to be present when their home is seen by a potential buyer, you’ll need to leave your home whenever it’s shown. While this may sound inconvenient, buyers are more comfortable touring and assessing homes without the buyer present. Keep in mind that it’s important for buyers to be able to see your home when it’s convenient for them, even if that means times that are inconvenient for you — such as weekends. Don’t make excited buyers wait!
How To
Evaluate Offers to Purchase Your Home
It’s an exciting time when your home begins to receive offers! The next step will be to consider each offer’s terms and determine which best meet your expectations.
What’s an offer?
An offer is submitted by a potential buyer, and it is not legally binding until it has been accepted by the seller.
It includes the following:
- Offer amount
- Description of the buyer’s financing – such as all-cash
- Closing terms – such as contingencies or a positive home inspection
- A closing date
- The amount of earnest money
- The offer’s expiration date
How should I evaluate offers?
You may wonder, what makes an offer good or bad? How do you know which one to pick if you’ve received multiple offers? Don’t worry! Your Paris Group, LLC agent will help you evaluate the merits of each offer you receive and guide you toward a decision. Together, you’ll both consider factors such as:
- Amount offered
- Contingencies, or conditions of the purchase – and whether they’ll work for your needs
- Details of the financing – including whether the funding is from a well-known lender or if it’s all-cash
- Desired closing date
- Inspection requirements
Your agent will help you identify your strongest options by measuring the amount offered versus the strength of the financing, as well as how realistic the contingencies are. You’ll then decide with your agent’s guidance If you want to counter any offers or pick one that stands out.
What exactly are counteroffers?
You may accept an initial offer if it’s strong enough. Or you might see if an offer can come in stronger. The negotiations might go back and forth a few times until the final contract is agreed. For example, your counteroffer could request minor or major modifications to the terms of the deal. Then, your counteroffer could be accepted outright by the buyer, or the buyer might make his or her own counteroffer.
Your Paris Group Realty, LLC agent will work with you to decide what you’re willing to concede on and where you’ll hold the line.
Last Steps
Home Inspections and Appraisals
After you’ve accepted an offer, your home is under contract, however, the sale is not yet final.
You’ll most likely be anxiously waiting for this process to conclude (which can feel long!) while the buyer waits for all the financing pieces to fall into place, including the home inspection and the lender’s appraisal.
What happens during the inspection?
The buyer chooses his or her own inspector, who will tour your home and assess the condition of the structure and systems. The buyer can withdraw his or her offer if the inspection reveals a major issue, or they may request repairs.
What happens during the appraisal?
The appraiser, who works for the buyer’s lender, will determine the value of your property. This is done by assessing comparable properties in your neighborhood, the condition of your home, the number of bedrooms and bathrooms, and other metrics.
How do I prepare for an inspection?
To get ready, you’ll need to:
- Ensure that spaces like your attic, crawlspace, or garage are easily accessible
- Make sure your house is clean and appliances are empty
- Leave the file you have for the house out for the buyer to page through. This includes any maintenance, repairs, or improvements you’ve done on the property.
- Leave the property along with your pets (or crate them)
How can inspections and appraisals impact my home’s sale?
The results of a home inspection and appraisal could potentially lead to renegotiation with the buyer. For example, if the inspection yields a major issue, you may need to perform some repairs or lower your price. If the appraised value comes in low, you may reduce the purchase price, request that the buyer makes up the difference, or cancel the sale.
No matter what happens during the inspection and appraisal, your agent at Paris Group Realty, LLC will be there to advise your next move.
It’s closing time!
Closing on the Sale of Your Home
Your agent will help guide you through the process and answer your questions, which may include:
How do I prepare for an inspection?
We’ll help you stay organized during these busy last steps. You’ll want to consider the following:
- Complete any repairs that are noted in the contract and keep the receipts
- Collect manuals for appliances and systems
- Clean the house
- Cancel utilities and change address
- Get ready for the buyer’s last walk-through
What happens at the closing?
You likely won’t need to attend the closing as your documents can be signed prior to the event. Your expenses, including final mortgage balance and prorated property taxes, will be deducted from the proceeds.
What is a final walk-through before I close on the sale of my home?
Before the end of the home selling process, a final walk-through will occur — usually one day before closing. The buyer will check to see that everything is in good condition and that all repairs have been completed. If a last-minute issue arises, your Paris Group Realty, LLC agent will help you decide how to deal with it.
What happens after we’ve closed on the sale of my home?
Congratulations — your home sale is complete! After the closing, you’ll receive a wire transfer of the sale proceeds and you’ll be free to proceed to your next big adventure! Pro tip: Save all your documents for tax purposes.
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