Seller Information 

Sellers, you'll find plenty of information on the web regarding every issue you can possibly think of.  You'll find some links and items of interests below. 

We'd like to explain the basic process and order of events that generally takes place in our area of expertise (North Texas).

The economy greatly affects the price of a home.  As you know, the real estate market has slowed.  There are many factors that have contributed to the current market.  But, the bad news for sellers is this is a "Buyer's Market".  The Good News is that our local market has not been terribly affected by the National downturn or Bubbles.  Prices have dropped some and Days On Market are longer than normal.  But, quality homes in good condition are selling and quicker than you may think.  More good news - if you are going to purchase another home, your savings on a mortgage will probably offset any reduction in price that is needed to sell.

The Prep Work Begins

You've decided to sell your home.  What next?

The process to sell your home begins weeks before you call your favorite Realtor®.  Take an objective look at your home inside and out.  If I were buying this home, what would I want? 

De-personalize - Begin by removing personal items.  Pictures of family should be removed and put up.  Some paintings are ok if staged appropriately. 

De-clutter - Put up knick-knacks, geese, ducks, cows, roosters, etc.  Clean off counter areas.  Remove and store large pieces of furniture.  Reduce the clothing in the closets.  Take any stored boxes to storage.

Remove any items that you do not want to convey - If there are any items, such as, window treatments, you may want to replace now to save controversy later. 

Make repairs - Patch walls and add fresh paint where needed.  Use neutral colors when you paint.  Fix leaky faucets.  Change burned-out light bulbs.  Look for ways to add light to any dark rooms. 

Clean - The most important factor to selling your home is cleanliness.  Buyers can overlook most things if they want.  But they don't like a dirty home.  Thoroughly clean your home or have it professionally cleaned.  Pay special attention to the windows, cabinets, sinks, ceiling fans, check the corners for cobwebs, bathroom grout, tub caulk, floors, and most important is the oven.  Some ladies judge the whole house based on the oven.  Odors are a no-no.  Pet or tobacco odors must be eliminated prior to putting on the market.

Curb Appeal - Make sure the front of your home invites potential buyers in.  Fresh plants, fresh paint on the door or entryway will help. 

Ok, your home is almost ready.  Change your seller hat to buyer hat and stand at the front walk.  Would I buy this home?  Why not?  I want this home now look for reasons to say no.  When you find the no's eliminate them.  I don't want this home now look for reasons to say yes.  This is the typical husband and wife looking at your home. 

Locate your listing agent.  You  may have a friend or relative that is a real estate agent. Think twice about using a person close to you for obvious reasons.  Why hasn't my house sold?  What are you doing to market my home?  Why should I lower the price? 

If you can't ask these and other questions without creating personal anxiety, then you have the wrong agent?

Be sure the agent has a marketing plan for your home. 

• The plan should include internet marketing that includes syndication to as many sites as possible. 
• The plan should include multiple photos on large sites like Realtor.com, Trulia.com, Zillow.com and others. 
• Your plan should include listing on Craigslist and Backpage.  
• Your plan should include E-mail blasts to top producing agents in the area. 
• Your plan should have some print advertising through local monthly magazines and the Magazine has a highly ranked website.  
• Your listing agent should send you new listings, price changes and other news regularly. 
• Your listing agent should be able to create a hotline message and install a rider for potential buyers to call. 
• Your agent should have a highly ranked website like the one you're visiting now. 
• Your agent should use a Showing Service so you don't miss any showings when the agent is not available. 
• The Service will also send out showing requests for you and will forward the replies to your email or phone as a text message. 

Your listing agent will supply you with typical contracts and amendments for you to review.  It is a good idea to become familiar with the terms and language.

The Listing

OK, your home is listed for sale.  Your Marketing Plan has begun.  What's next?

If your agent uses a Showing Service, then you will be getting calls from them to schedule showings on your home.

When you have a showing, be sure to follow the guide your listing agent gave you concerning showing instructions or click on the link below to view.

You should be receiving feedback by email and/or text from your showings.

If potential buyers have liked your home then an offer or multiple offers may be forth coming.

Negotiation begins.

Once, you have received an offer, then you and your agent will need to consider all the terms.  You need to negotiate based on your needs.  Do you need time to move after closing?  Do you need to find another home?  Do you need to close quickly?  Obviously, you and your agent will want to get the best price possible for your home, but you need to include your need items as well.

It is important that you realize that offers are not personal .  Do not get upset over a low offer.  Every offer or counter-offer is an opportunity to improve on your last offer.  Look at each one as a positive not a negative.  Your attitude could determine the success or failure of the negotiations.  Keep in mind that the buyer's agent is hopefully telling his or her buyer the same thing.

You have countered the offer and the counter-offer and have arrived at an agreement.  The offer is now an executed contract.

Great, the negotiations are complete and Escrow is started.  We're half way there.

At this point, you're forced into reactionary mode.  The buyer will be doing inspections, such as, mechanical, structural, termite, mold, etc.  These may be at the same time or separate.  In any case, you will need to try to work with their schedules if possible.  You don't necessarily need to be gone but it is better that you have as little contact with the buyer as possible, at this stage. 

Once the inspections are done, the buyers will want to negotiate defects found in the home.  You should start practicing your Ying & Yang or whatever calming technique you have.  You haggled over price, terms, etc., and here we go again.  Stay calm!  This is why you have a listing agent.  You'll discuss what to give up and what to get. 

Ok, amendments are done, executed and at Title. 

Escrow Continues

Survey and Appraisal will be done at the buyer's or the lender's request.  Inspectors may be doing re-inspects to verify the repairs have been done.  The buyer's agent may schedule a "Buyer Walk-Through" prior to closing.  You will be re-acting until closing.

The Title Company will be gathering documents from various sources.  You will receive a title commitment.  Schedules B & C will describe things that have to be done prior to closing by both the buyer and seller in order to provide title insurance.  It may also detail any deed restrictions, HOA requirements, etc. 

The Title Company will receive a copy of the survey. 

The Title Company will have contacted the HOA to determine if there are any dues or fees that are unpaid.  The State of Texas requires the HOA provide notice of any lawsuits or claims pending against the HOA.

The Title Company will receive closing instructions from the lender and prepare the necessary closing documents for all parties to sign.

The Title Company will notify all parties when doc's have been received to schedule closing times for each party.

OK, you're ready to close.

Your listing agent will attend the closing with you.  You will need to bring your driver's license for the notary public to verify your signature. 

Once you have signed the necessary documents, then the Title Company will fax for funding.  They fax or mail the doc's to the lender, once they receive and confirm everything is signed and complete, they will issue a fnding number.  This number is used by the Title Company to access the wire transfer from the Mortgage Company.  This is called funding.  Once it funds, the buyer will receive the keys, garage door openers, etc.