Good news! Selling a home is not a solo endeavor. Your goal in selling your home is to get the best price in a timeframe that meets your needs. To do that, you’ll enlist a team of professionals. So, who are the parties involved in a real estate transaction? Let’s review ten important people in the home selling process so you can be prepared once you’re ready to sell your home. And to understand the process from the buyer’s side, check out 10 Important People in the Home Buying Process.
We’re starting this list with your real estate agent for a reason. The agent representing you is known as a listing agent, and they will be your personal MVP of the selling process. Not only will they conduct a Comparative Market Analysis (CMA) to set a competitive price for your home, but they also know how to market it effectively, they’ll negotiate on your behalf, and they’ll guide you through the process of finalizing the transaction. When searching for an agent, find someone whose professionalism you respect, someone who knows the local market, and most importantly, someone who cares about your goals.
Having your home in tip-top shape when you sell will help you boost its value and get the best price. If you’re thinking about selling, it’s a great time to complete remodeling projects that will help your home stand out amongst the competition. Yes, you have a significant pay day coming when you sell your home, but you want to focus your attention on high ROI remodeling projects that will get you the most bang for your buck. Talk to your agent about which home renovations are drawing buyer interest and strategize accordingly.
Another important aspect of preparing your home for sale is being aware of what repairs it needs, which is why some sellers conduct a pre-listing inspection. Getting the information in this report before you hit the market will help you schedule repairs quickly and shows buyers a level of transparency that informs their buying process. Even if you don’t get a pre-listing inspection, a home inspector will enter the fold eventually. But hiring your own professional early on will give you a better understanding of your property’s condition.
We’re combining a couple professionals in real estate marketing here, but both are critical to successfully selling your home. Home staging can boost home value and helps buyers more easily imagine themselves living somewhere new. And in today’s world, it’s more important than ever to represent your home well online. High quality real estate photos maximize your home’s appeal and differentiate it from other listings. Both a professional home stager and real estate photographer will help you attract buyer interest. And for the do-it-yourself crowd, consider our 7 Tips for Staging Your Home Yourself.
We’d be remiss if we didn’t mention the party on the other side of the transaction—the buyer! To find the right offer, it’s important that you communicate with your agent regarding your goals. There are multiple layers to a buyer’s offer beyond the price, so the better your agent understands what meets your needs, the quicker they can identify it and the better they can negotiate on your behalf. For more, read How to Negotiate as a Seller.
Whereas a buyer’s agent helps them find and make an offer on your home, their mortgage broker assists them in securing substantial financing to actually purchase it. Once the buyer gets approved for a loan, their mortgage lender takes over the home financing process. Buyers may choose to work directly with a mortgage lender.
During the process of selling your home, the buyer’s lender will hire a professional appraiser to evaluate your home’s location, size, and condition along with recent sales of comparable listings to determine its appraised value. This is to ensure that the buyer isn’t overpaying for the property and that you’re not underselling it. Knowing the difference between appraised value and market value will help you understand how a home’s eventual sales price comes to be.
A home sale isn’t official until ownership has been transferred from the seller to the buyer. To do this, you’ll meet with a title officer during the closing process to sign paperwork and transfer the deed. The title company will conduct a search of the property’s records to make sure it’s in good legal standing and is fit to sell.
So, how does the buyer’s money actually make its way to you? That’s where escrow comes in. Escrow in real estate is a third-party company responsible for holding the funds while the deal is in motion and disbursing them once it goes through. Though you may not meet the person responsible for routing the money for your home sale, they’re a key part of the closing process.
Congratulations, you’ve sold your home! Whether it’s arranging utility service or updating your banking information, there are a thousand little things to do during this exciting time. Keep track of your moving timeline with our comprehensive Moving Checklist.
Thinking about selling your home? Start by finding the right agent, one of the most important people in the home selling process. Connect with a local Windermere agent to get answers to all your questions from list to closing.
Written by Sandy Dodge