Steps in How to Sell Your Home.

Step One: The first step is selling your home is determining why you are selling your home. Are you selling your home for profit, because of job relocation, moving to a new neighborhood in the same area, illness or death of a family member, or change of scenery?
Suppose you are relocating due to a job advancement or placement. However, you are not scheduled to move for another six months. A well maintained and well marketed home, once listed, can sell within the first 30 days. You could be living in a motel for months prior to your relocation. If you are selling your home for a profit then you will need a complete analysis of your homes value. You will still need to consider your next home. Will you be paying a higher mortgage? How much of your profit do you put down on the next home?
Determining the why is very important in meeting your overall objective.

Step Two: You should get Pre-Approved for a mortgage on your next home, if you plan to have mortgage. Talk to your mortgage lender about your plans to sell and purchase a new home. Your lender will be able to tell you how much home you will be able to purchase upon the successful sell of your current residence.

Step Three: Once you have your Pre-Approval in hand you should contact a Realtor. I know that some people are apprehensive about paying fees (you may find the fees are not as high as you think). However, time is money and although you might not be in the real estate business, you should understand that selling a home should be treated as a business. Your realtor will assist you in obtaining a lawyer, pay for the marketing of your home, show your home to prospective buyers and prepare all the documentation.
Selling a home on your own is very risky. There are many new regulations governing real estate and if you are not careful you may find yourself on the end of a law suit. For example in the state of Massachusetts, disclosures have to be made to the buyer in reference to any existing lead paint in a home, especially homes built to prior to 1978. Unfortunately we live in a time where there are many people waiting for an opportunity to sue someone. Why take the risk? An agent works with lawyers and lenders has all the resources to help you.

Step Four: Get a Comparative Market Analysis (CMA) of your homes value. Your realtor can do this for you. The process involves evaluating your property and comparing it with homes like yours that have recently been sold or are pending. A comparative market analysis is not an appraisal. If you like you can have an appraisal done, however this can cost you up to $500. The results of the CMA normally are very close to the appraisal. The CMA shows you the similarities of the homes sold compared to yours. It will also give you an estimated of costs and net proceeds after the sale. You will be able to determine your asking price based on the CMA and your needs. A home that is overpriced will not sell. As an experience Realtor I have seen homes remain on the market for years because of overpricing. It is very important that you work with an agent that you trust (A Business Relationship Trust). A relative or friend is not always the ideal person to sell your home. You must be able to communicate your desires without restrictions.

Step Five: Prepare your home to Market. When you go to purchase a car or anything, you expect it to be appealing to the eye. Your home should be the same way. The most important aspect of selling your home is Curb Appeal. I have a complete article on Curb Appeal- Click Here at www.mawestrealty.com You will also want to make all the necessary repairs in your home that you know that have to be done. Your agent can also advise on a few things.

Step Six: Showing Your Home. Your agent will ask you not to be present during showing if at all possible. The reason for this is that buyers are very discriminative and nervous around owners; they don't feel comfortable inspecting the house when you are there. They feel they may intrude in your personal space. Make plans to have Open Houses. You should not be present during open houses, therefore make plans with your family for a Sunday outing (most open houses are on Sundays).

Step Seven: Sign Accepted Offer and Purchase and Sell Agreement. Your agent will prepare the contracts for you once you accepted an offer. Your agent will work with your lawyer to protect you as the seller.

STEPS 1-6: When Buying Your Home

Step 1: Defining What You Want
Start by creating a prioritized list of features you want in your next home and the reasons why. Use it as your search guide, but remember that depending on your funding, you will probably need to make some compromises. In addition, talk to your real estate professional about where you want to live. Location is a huge part of any move. Century 21® professionals are trained to help their clients narrow down their choices by sharing market trends and local information.

Step 2: Figuring Out What You Can Afford
Now that you know what you want, it's time to see what you can afford.
When you're ready to move to the next step, you can get pre-approved for a mortgage. This process can often be performed in under an hour and it accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly payments would be. Second, it tells the seller that you can afford to buy their home.
By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property. Many times a buyer can use this pre-approved status as leverage during the negotiation process.

Step 3: Shopping For Homes
Once you know what community you'd like to live in and have an idea of how much house you can afford, its time to start checking out actual properties. Beginning this search online can help save you time since it can help you target homes that meet your search criteria. Our home notifier can even email you when properties come on the market that meet your search criteria.
Next, begin visiting homes in person. Ask your local real estate professional to arrange visits and attend open houses that are in your target area and price range. When comparing homes, make sure to look at all aspects of the property. Is the property tax approximately the same? Are both the houses renovated? Do they both have the same amount of bedrooms and bathrooms? Are both houses located on the same or similar streets? Does either house have any encumbrances?
Remember to keep an open mind when you are looking at homes. Use a virtual home planner to help you imagine what the house could become with you as the owner.

Step 4: Making An Offer
Once you find the home you want, you need to make an offer for the house. Typically this is a very difficult and trying time since both parties have totally different goals. In most cases it is better to have a third party, such as a real estate professional, negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.
This might also be a good time to consider purchasing a home protection plan. These insurance policies can be purchased by the buyer or seller and help protect against unexpected costs or home repairs during the listing period or in the initial years after a home has been purchased.

Step 5: Inspection & Insurance
After your offer is accepted you will need to set up, coordinate and interpret various inspections, including insect, radon, building quality, oil tank, title, etc. You will also need to arrange for homeowners insurance and finalize the mortgageThis is a major step in the buying process and there are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller.

Step 6: The Final Closing
Before you arrive at the closing, make sure all the necessary paper work and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary under local and state laws are not completed and brought to the closing table, the closing may not happen on time. And, depending on what the contract says, this could result in further action including financial penalties and even the loss of your rights to the home.
Once you close, it's official - you own the house! But there might be a few things you want to do before you lay out the welcome mat. These include arranging for an alarm system, turning on the electricity, subscribing to the local paper, cleaning or replacing the carpet, arranging for lawn services, etc. This could also be a good time to make some needed renovations.

Learn more about otaining Pre-approval and financing your home at www.mawestrealty.com.