Thinking about selling your home in Coronado, CA or greater San Diego? You’ve come to the right place. Here’s a step-by-step guide that will walk you through the selling process.
Step 1: Choose a Listing Agent
- Don’t try to go it alone. Studies show that sellers who use listing agents sell their homes more quickly, for more money and net a higher profit than For-Sale-By-Owners.
- A listing agent will represent you, negotiate in your best interests, and try to get you the best offer in the least amount of time.
- Interview and meet with local real estate agents who are neighborhood specialists.
- Negotiate your listing agreement.
Step 2: Prepare Your Home for Sale!
- Now it’s time to clean, de-clutter, and improve your curb appeal. Check out our list on 10 Inexpensive Ways to Wow Homebuyers.
- Talk with your agent about making repairs or small remodels before selling real estate. Check out our list on Top Remodeling Projects that Add Value to your Home, and Maintenance Issues You Shouldn’t Ignore.
- If you have small children, pets, or if you work from home, discuss with your agent appropriate times for home showings.
Step 3: Figure Out How Much Your House or Condo is Worth
- ·Thinking about pricing your home above market value, just to “see what happens?” Don’t! You won’t sell your home or condo that way. Home pricing is an art. Studies prove that over-priced homes take longer to sell and end up selling for less money than homes that are priced right from the get-go.
- ·Price your house or condo in line with sold homes identified in a comparative market analysis CMA) report. Request a free CMA.
- ·Consider whether your local home market is a buyer’s or a seller’s market.
Step 4: Market Your Home—Most Importantly, on the Web!
- ·In 2009, more than 90% of homebuyers started their search on the Web. Web use is extremely high for out-of-state or international home buyers purchasing second homes in vacation areas such as Coronado, CA or greater San Diego.
- ·Use a listing agent who hires a professional photographer to take great photos of your house. A picture is worth a thousand words, especially on the internet!
- ·Get a virtual tour. Have your agent post it online.
- ·Ask your agent to get your own home website URL. You can get a “sign rider” with your home website to put on top of the For Sale sign. That way, buyers that drive by your property can check out a virtual tour of your home and get more info right from your dedicated home website.
- ·You and your agent should identify the top selling points of your home and focus on those features on all marketing materials.
- ·Post home listings online. Your agent should saturate the internet with professional photographs and information to help sell your home or condo.
- ·Your agent will post your home listing on the MLS.
Step 5: Show Your Home
- ·If you’re wondering about lockbox vs. appointments, you’ll get more showings if you let agents use a lockbox.
- ·Make it easy for your agent to show your home. The more your house is showed, the more offers you will receive, the higher the sales price, and the faster your home will sell.
- ·Ask your agent to get buyer feedback so you can adjust your price, condition or marketing campaigns accordingly.
Step 6: A Buyer is Ready to Present an Offer!
- ·Everyone hates lowball offers. But keep in mind—a low offer is better than no offer. Negotiate using a counter offer. You never know how high someone will go unless you negotiate.
- ·Don’t be afraid to make a full priced counter offer, if you are priced competitively.
- ·If you are priced right, prepare for multiple offers—and even a bidding war.
- ·Have your agent explain the real value of each offer. The highest offer isn’t always the best offer. Sometimes an all-cash offer that is lower than an offer using a loan is the better way to go.
- ·Have your agent explain the buyer contingencies in each offer.
- ·Remember that a clean offer with minimal contingencies is usually best.
Step 7: Open Escrow and Order Title Report
- ·Usually within 3 business days after you accept the offer, you should receive the buyer’s good faith deposit. You’re on your way to selling your home!
- ·Within 7 days of acceptance, you should receive proof of funds—that your buyer has the funds liquid necessary to pay for the down payment and closing costs.
- ·Your agent or transaction coordinator will open escrow and order a title policy.
- ·Select a date to close based on when the buyer’s loan will fund.
Step 8: Deal with the Appraisal
- ·In Coronado, Ca and greater San Diego, usually the buyer’s lender will order the appraisal for the home to verify that the home value.
- ·Clean the house the day before the appraiser arrives.
- ·If you receive a low appraisal, ask your agent about alternatives.
- ·If the buyer decides to cancel the contract based on an appraisal, ask your agent about your rights.
Step 9: Cooperate with Home Inspection
- ·Expect that the inspector will want access for an attic inspection and will look for a wet basement. Prepare those areas for inspection.
- ·If the home is not occupied, make sure you have the power on.
- ·Keep in mind that anything that is not up to code or is questionable might show up in a “request for repairs.”
Step 10: Obtain Seller-Required Inspections
- ·If you don’t already have a recent termite inspection on file, your buyer will probably ask for a termite inspection. The buyer’s agent will schedule this.
- ·In Coronado, CA and greater San Diego, the fees for all inspection reports, even if seller-mandated, are negotiable, unless otherwise specified in the purchase agreement.
- ·Complete the Transfer Disclosure Statement. You must legally disclose EVERYTHING about the home that you know, including every leak, repair, etc. Disclose, disclose, disclose. The law is almost always on your side if you disclose everything.
Step 11: Deliver Seller Disclosures
- ·All homes in the US are subject to lead-based paint disclosures.
- ·Again, if you are aware of material facts, disclose them.
- ·Your title company should provide CC&Rs, but if you belong to an HOA, additional documentation will probably be required.
Step 12: Negotiate Request for Repair
- ·Ordinarily, sellers do not need to accept a buyer’s request for repairs, however, buyers can generally then cancel.
- ·You are entitled to a copy of the home inspection report if the buyers request repairs.
- ·If you do not choose to make repairs, a buyer might instead accept a closing cost credit.
- ·Most sellers find it reasonable to perform a certain amount of repairs or provide a closing cost credit.
Step 13: Ask Buyer to Remove Contingencies
- ·In California, for example, contracts default to 17 days, at which time, the buyer must release contingencies.
- ·If buyers do not provide a release, under certain circumstances, sellers have the right to cancel.
Step 14: Close Escrow
- ·Your property deed and deed of trust will record in the public records.
- ·Your agent will notify you when it records.
- ·Congratulations—you’ve sold your home!
Interested in Selling a Home in Coronado, CA or Greater San Diego?
Contact us for a free Comparative Market Analysis to learn more about your home’s current market value. Or, request a free seller consultation to learn more about the services we offer. We’re award-winning agents with Prudential California Realty, and we want to earn your business and referrals. Learn more about working with us.