1. Select a Listing Agent

When you're selling your home, a listing agent represents you and has a fiduciary responsibility to look out for your best interests. You should hire an agent based on experience and their ability to meet your needs. Be mindful of the length of time the home will be on the market and the commission you will pay for the agent’s services. Also, be sure to ask if you'll be paying the buyer’s agent's commission as well. 

2. Find Out How Much Your Home is Worth

Outside of obtaining an appraisal prior to going under contract, the best point of reference for determining a listing price is to review other houses for sale in your area. Don’t make the mistake of overpricing your home. Keep your price in line with homes that have sold near you. Ask your agent to provide a comparative market analysis report. Consider whether your market is hot, cold, or neutral and price your home accordingly. 

4. Market Your Home

You and your agent should identify the selling points of your home and choose the best way to advertise them to potential buyers. Review and approve your agent's potential marketing campaign for your home. Virtual tour companies can also do a great job of both taking photos of your home and creating a virtual tour for online viewing.

Be sure to also confirm that your listing is posted online. The internet and social media should be saturated with photographs and descriptions of your property. The more outlets your homes appear in, the more viewers — and potential buyers — will see it.

5. Show your Home

Making your home accessible to selling agents and their clients will definitely get you more showings. The use of an electronic lockbox or keypad helps facilitate viewings rather than forcing the agent to make appointments. However, if you'd feel more comfortable scheduling appointments to show your home, try to be flexible. Some buyers will want to see the home on weeknights (after work) and throughout the weekend. Be as accommodating as possible.

Prepare for an open house and be sure to ask for feedback from prospective buyers, so you can adjust your price, home's condition, or marketing campaign accordingly.

7. Open Escrow and Order Title

Once you've decided on an offer, your agent or transaction coordinator will open escrow and order the title policy for you. Make note of the closing agent’s contact information and select a date to close based on when the buyer's loan will be funded.

8. Schedule an Appraisal

Clean the house the day before the appraiser arrives. You do not want to give any reason to justify a low appraisal. The buyer’s lender will facilitate the appraisal. However, make sure your agent is present for the appraisal appointment because the appraiser may have particular questions to assist in justifying the property’s contract price.  

You are typically not entitled to receive a copy of the appraisal since you did not pay for it. If the buyer decides to cancel the contract based on an appraisal, ask your agent or lawyer about your rights. The buyer will need an appraisal contingency in the contract to cancel the deal. 

10. Deliver Seller disclosures

If you are aware of any material facts or problems with the property, you must disclose them using a seller’s disclosure form. This form must be completed prior your escrow and/or title company should provide the buyer with the Covenants, Conditions & Restrictions (CC&Rs) for your community. Also note, additional documentation may also be required if you belong to a homeowner's association.

Additionally, all homes in the U.S. are subject to lead-based paint disclosures, even those built after 1978.

11. Negotiate Requests for Repair(s)

You are not required to accept a buyer's request to make repairs. But, keep in mind, they may back out of the deal if they have an inspection contingency in place and you do not address their request.

In some cases, a buyer may be willing to accept a closing cost credit instead of actual repairs. This ultimately lowers the sales price, giving the buyer cash to make the repairs on their own once they take possession of the property. But, it can also save you from having to arrange and pay for repairs outright.

You are entitled to a copy of the home inspection report if the buyer requests repairs. Make sure to review the report carefully to see what issues are noted.

13. Sign Title and Escrow Documents

Depending on where you're located, you might sign escrow documents shortly after opening escrow or you'll sign them nearer to closing. It's common in some states for everyone to sit around the table — buyers and sellers — so ask your agent about the norm in your location. 

Also, be sure to bring a valid photo ID to sign the documents.

14. Close Escrow

Congrats, you’ve reached the finish line!

Your escrow company can arrange for closing documents to be overnighted or delivered to you by a licensed notary for signing. Or you can schedule a closing appointment, sign the final paperwork, and hand over your keys.

Your property deed, reconveyance, and deed of trust will go into the public record and depending on the buyer’s possession rights, you may be required to move out on the day the home closes or even in advance. Either way, this should be specified in the contract.

Once the buyer’s loan is funded, the sale proceeds will be wired to your bank account — minus agent commissions, repair credits, and any other fees.

Are you ready to sell your home in the Greater Los Angeles area? Contact us today to get started.