What to Expect When Selling Your Idaho Home
Youâ€™ve been doing your research. Youâ€™ve look up all of the tips you need to know, and all of the secrets, for selling your home in Idaho, and you feel ready. But it weights over you; the constant feeling that you donâ€™t have everything ready, and that selling your house is going to be a nightmare. What do you do if your house doesnâ€™t sell? What if it does sell, but at a price much lower than you had originally asked for? And what do you mean youâ€™re going to have to keep your house immaculately clean the entire time your house is listed?
Buying a house gets all of the attention. Itâ€™s exciting and scary, but in the end, when you find your perfect house, itâ€™s all worthwhile. The mountain of paperwork, the dozens (or hundreds) of houses that you looked at, and arranging your schedule to meet your real estate agent for the next showing. Selling a house is quite similar to buying a house, except instead of looking at dozens of houses, dozens of prospective buyers will be looking at yours.
This is your first time selling a house, and thereâ€™s a lot to take in. Do you have everything ready? Should you use an agent, or you should try and sell it yourself (pro tip: use an agent)? To be honest, you have no idea what to expect when selling your Idaho home, and no matter how many tips you read, you simply donâ€™t get a good idea of what selling a house is actually going to be like. You get a good feel of the basics, like selling your house for 15 percent under market value (which you figure out how?), staging your house, and finding the right real estate agent.
But you still donâ€™t know what to expect. Fortunately, you donâ€™t have to tackle selling your house alone (nor should you try). Boise has a highly qualified and experienced team of real estate agents with 46 years of combined experience. Plus, youâ€™ll have the full support of a marketing team and photographers. Together with the real estate agents, Boise has access to a team that uses the latest in technology to make sure, no, to guarantee that your Boise home sells, and sells quickly. The professional team at TheSellersEdge.com has you covered, and will make selling your home easy and as stress free as possible.
Selling a House is Hard Work
Thereâ€™s a reason that only around nine percent of homes being sold are for sale by owner. Itâ€™s hard work. Using a trusted and local real estate agent helps significantly with the amount of work, because you wonâ€™t be doing all of it. How much is there to do? If you donâ€™t know, thatâ€™s why it makes even more sense to use a real estate agent to help you sell your home.
Your house wonâ€™t sell if no one knows that it is for sale. Just planting a â€śFor Saleâ€ť sign in your front yard isnâ€™t good enough, especially if you donâ€™t have a lot of traffic near your house. Selling a house requires advertising, and the right kind of advertising. In this day and age, the internet has become a huge part of real estate, both in buying and selling houses. Advertising your house online, on social media channels, and on the MLS requires a lot of attention, and a lot of great pictures. Donâ€™t think for one second that snapping a few quick pictures with your smartphone is going to cut it. If your pictures are too dark, or just not great, prospective buyers arenâ€™t even going to want to come look at your house. Fortunately, the team behind TheSellersEdge.com has this part covered with professional photographers and the latest equipment and software.
After the advertising comes the showing. With good pictures, and plenty of exposure, potential buyers will want to come look at your house. Yes, you will have strangers coming and going throughout the weeks and weekends that you are selling your house. Be prepared to leave your house at a momentâ€™s notice, and you are going to need to keep your house show ready (read: spotless) the entire time that your house is listed.
The buyersâ€™ real estate agents will be doing the showings, but donâ€™t think your agent is working for you just because they arenâ€™t showing your house. Your agentâ€™s job is to advertise and market your house, and then handle the negotiations with you when a buyer puts in an offer. Before this, your agent will help you determine the market value of your home by performing a CMA, or comparative market analysis. They take a look at the MLS to find comparable homes that have sold, and for how much. After taking into account the condition of your home, and comparing it to other similar homes, they will determine the market value of your house.
After the Offer
If you thought getting your house ready to sell was hard, just wait until an offer is put in. This is where the real fun of selling a house comes in, and the reason you will be so glad you have the best real estate agents and team on your side. Because one the offers come in, you have to start negotiating. Once a price and terms have been agreed upon, prepare to go through paperwork and a lot of stressful waiting. Not to mention the dread of the home inspection and the appraisal.
But before you get that far, first you have to go through the initial offer. Before a buyer can even put in an offer on your home, they will have to have a prequalification letter from a lender. Basically, they need to have a mortgage loan already lined up and ready to go. But sometimes, thatâ€™s not enough. Maybe the buyer bought a new car before they put in their offer. That alone might change their financial situation enough that they are suddenly not qualified for their loan. Now you are going to have to wait for them to try and get approved again, or wait until another offer comes in.
Once an offer comes in from a buyer that has a mortgage lined up, and everything is good, be prepared for the negotiations. Odds are, the buyers will come in with a price under your asking price. Even if they come in where you want, be prepared to spend a fair amount of time on the phone, or in person, with your real estate agent creating a counteroffer. You might get lucky and just be able to accept the first offer, and then this part of the selling process is over. But the work isnâ€™t done yet.
The Inspections and Appraisal
You arenâ€™t alone in dreading the house inspection and the appraisal. As you remember, buyers tend to get nervous as well, because no one wants to have anything wrong discovered in the inspection, and you are both hoping that the appraisal doesnâ€™t come in low. When it comes to the inspection, though, that is kind of a false hope. The simple truth is that no matter how well you have kept your home, or how new it is, the inspector is going to find something.
If you thought that the negotiations were done at this point, youâ€™d be wrong. The inspection brings on the second round of negotiations. Depending on what the home inspection finds, the buyer might ask you to repair the problems that were discovered. Some of these may be small, while some might be big. Youâ€™ll have to decide, by working with your real estate agent, if you are going to accept the buyerâ€™s request and do the repairs, or refuse. The buyer might even ask for you to do the repairs and lower the price. You are not obligated or required to make these repairs, but if the buyer doesnâ€™t accept that, they can simply walk away, with their earnest money.
After the second round of negotiations from the home inspection, and you agreed to do the repairs that the buyer requested, the buyer is going to ask for a final walkthrough of the house. This is the final chance for the buyer to inspect the work that was done, and make sure that it was satisfactory. If the work hasnâ€™t been completed, or it wasnâ€™t done properly, you are going to enter into yet another round of negotiations, or you might lose the sale altogether. Itâ€™s much easier to hire professionals to complete the work, to avoid any further delays, and to make sure that the work is done correctly, and covered by a warranty.
Once the inspection, repairs, and walkthrough are complete, you donâ€™t get a breather. Now, you have to wait for the appraisal. While both you and the buyer were concerned about the inspection, the appraisal can actually determine if they can purchase your house. The inspection gives them a chance to walk away. The appraisal might mean they their lender wonâ€™t finance the home.
Unfortunately, regardless of what you feel that your house is worth, and what your real estate agent valued your house at, the appraiser has the final word. If you have an experienced and knowledgeable real estate agent, their market value for your house should be really close to the appraised value. However, in the event that your home is appraised below the asking price, be prepared for a third round of negotiations. At this point, the buyer will either renegotiate to the lower appraised price, or simply terminate their contract. The might terminate their contract because the lender will only let them bower the appraised amount.
You still arenâ€™t done, although you are getting closer. Once everything is finished, and the inspection is done, the repairs made, and the appraisal is complete, the sale of your home still needs to close. And this can take awhile. The paperwork has to be processed, the buyerâ€™s loan has to be finalized, and all of that might get delayed due to a holiday weekend, someone being out of the office, or even a heavy workload.
Closing might take a day, or it might take a couple of weeks. Either way, youâ€™ll need to be prepared, especially if you are buying another house or needing to move out. Donâ€™t forget that closing isnâ€™t just signing some paperwork and being done with sale. You have to pay closing costs. As a buyer, you might have had to pay some closing costs, but as a seller, you have a lot more than you are paying for. The seller pays transfer taxes, property taxes, attorney fees, courier and copy fees, commissions for the real estate agents, and of course, the payoff for your current mortgage.
Fortunately, most of that is simply taken care of as a part of the transaction, and the majority of closing costs wonâ€™t have to come out of your pocket. But you have a lot more to pay for when you are selling your house. It doesnâ€™t hurt to set some money aside before you even list your house to pay for a professional staging company and any repairs or updates you might need to make.
You Arenâ€™t Alone
It takes a lot to sell a house, and now you have a pretty good (if not a little scary) idea of what to expect. Fortunately, you donâ€™t have to go through this process alone. Which is a good thing if this the first house that you have sold. The real estate team behind TheSellersEdge.com is here to help you, every step of the way, from finding the market value and selling price of your home, to the very end when you close. Let the professionals help you. Their track record speaks for itself.