Selling your home could appear to be an intimidating process, but our team has experience in developing the right strategy and plan that reduces the stress of sale to manageable tasks. Below are top 5 steps that we use to make the task of selling your home much simpler for you:
1) Determine your needs and priorities:
Moving is stressful process and deciding to sell your home could be an integral part of that decision. In this step we will discuss and evaluate your future housing requirements. If you are planning to purchase another home, we develop a plan and initiate a search agent to give you feedback about the school, homes and neighborhoods that will suite your future needs.
If your sale proceeds will subject you to capital gains tax, we will recommend you contact your CPA or tax professional to minimize the impact of this sale. We can also refer you to our Defer Sales Trust specialist who can devise a plan to defer your Capital Gains.
2) Confirm Sale decision with all principals on title:
At this stage of the process we will notify and engage all the parties on property title to and educate them about the plan to prepare the property for sale. Needless to say that if one of the parties on titles is not cooperating the sale process would stop till that parties objections to the sale are resolved.
3) Determine agency and select appropriate working model:
We will review the Agency relationship with the principals and have them sign an agency agreement that would authorize us to represent your property for sale and interface with buyer’s agents. There are several agency and listing types that can be appropriate depending on your requirements. Since we have an exhaustive list of qualified buyers, we could find you a buyer very quickly.
4) Develop marketing plan and pricing strategy
At this sage, we will develop a Competitive Market Analysis (CMA) to determine the ideal pricing strategy for your home. We will make adjustments to this CMA of recent sales based on size, age, floor plan, amenities to develop the pricing strategy that will fetch the highest possible price for your home.
Ironically, we have worked with banks on REO sales which was an amazing lesson in creating multiple offer conditions by pricing the property a tad lower than recent sales. Off course, this pricing strategy will not work with every market condition and we will review the market trends. In fact, this strategy could backfire if we are in a declining market.
Needless to say that the condition of your home will play a role in this strategy development since we need to determine if we are going to sell the house as-is or we will do some repairs.
5) Discuss home improvement recommendations (repairs/staging)
Our experience with pricing homes for banks, educated us about the strategy to market a home as-is vs as-repaired. For instance, if you have a fixer upper home that will need to be torn down, there is no reason to spend money on repairing the home unless there are safety concerns that might hamper the sales campaign. However, if your home will fetch much higher dollars with small kitchen or bathroom remodels, we will discuss these options with you.
In 2010 we remodeled a bank-owned REO for Wells Fargo who spent more than $70,000 to repair a los gatos home which was damaged by the previous owner. Even after the remodel, Wells Fargo spend $1,000 per month to stage this home for sale.
The results was a huge success where the bank recovered more than 100% of the repair dollars spent on the property and avoided the as-is sales which would have only attracted cash buyers and investors.
Contact Us if you have any questions about selling your home.