The Process of Selling Your Home

Preparing to Sell

When preparing to sell your home, making your property show well can go a long way in increasing the value of your home as well as attracting potential buyers.

1. Curb Appeal

The first thing a potential buyer will see when they get to your home is the curb appeal. Curb Appeal can do a lot to attract potential buyers to yur property before even stepping foot in your home. Getting a dependable landscaper who can assist you with the initial clean up of your property will help greatly with your curb appeal and the way potential buyers perceive it.

2. Home Repairs

Potential buyers will notice minor repairs that have not been taken care of prior to the showing of the home. This will reflect on how you as home owners cared for the property, and what other potential problems may exist. A little fresh paint, stain remover on the carpets, and other minor repairs will go a long way in how your home is perceived. Sprucing up your home’s interior brightens up your home and entices potential buyers to take a second look.

3. Cleanliness & Clutter

A clean home that does not have a lot of clutter and a fresh scent has more appeal than a home that looks as though it hasn’t been cleaned in weeks. When a home is clean, and uncluttered it allows a potential buyer to envision their furniture and style in the home without distractions and a bad taste in their mouth. It is important before you show your home to properly prepare the home for showing. I will provide you with a guide on how to do this effectively.

Accepting an Offer

1. Knowing When an Offer Is the Best One

When you receive an offer it is often below what you are asking for the property and it is important to not let emotions take over at this point. Make sure to consider any and all terms or conditions of the offer such as closing date, repairs, concessions and other items. The highest price tag might not necessarily be the best price since you might have to pay for repairs, inspections, or other expenses. I will walk you through every offer to make sure you know exactly what is being offered and if need be the best way to counter offer.

3. The Acceptance and Escrow

If a contract is mutually accepted by both parties, the next step is to set up an escrow account with earnest money as outlined in the cotnract. The Earnest money reflects the buyer’s seriousness in purchasing the property.

4.  Home Selling Process

During the process from acceptance to closing, you as a seller will have required documents to provide the buyers, as well as the escrow company. it is important you stick to time periods specified in the contract and make a schedule and keep to it in order to simplify the home-selling process. The buyer will also have his own timetable to stick to regarding each and every task. Meeting all deadlines allows the process to move forward in a unified manner and  contributes to a smooth transaction. I will keep you informed as to the documents you need to provide and when.

Documents Provided or Signed by the Seller When Selling a Home in Arizona

In Arizona, the sale of a home involves a variety of documents that sellers should understand since some of these are provided by the seller and others are simply signed by the seller. They include:

• Real Estate Agency & Disclosure- a document clarifying the relationship between the seller (and buyer) with the real estate agency.
• Exclusive Right to Sell– a document giving the REALTOR® the exclusive right to represent the seller, sell the home by bringing in a buyer, and earning a commission from the sale.
• ARMLS/Tempo Form- a form provided by the Arizona Regional Multiple Listing Service.
• Seller’s Property Disclosure Statement (SPDS)– a document that includes a list of legally required disclosures regarding the home in question.
• Loan Status Report (LSR) – a standardized pre-qualification letter for the buyer from a lender.
• Loan Status Update- a three-section document providing updates on the buyer’s loan status.
• Lead Based Paint Disclosure– a document the seller provides disclosing the presence of lead-based paint and signed by the buyer.
• Arizona Purchase Contract– several pages completed to show the buyer’s intent to purchase the property.
• HOA Addendum– a document stating the existing amount of HOA fees (including transfer fees) when the Arizona home is situated within a Homeowner’s Association or HOA.
• Buyer’s Inspection Notice & Seller’s Response (BINSR)– a document detailing the buyer’s request for repairs that also includes the seller’s response.
• CLUE Report/Loss History Report– a report detailing the seller’s insurance history regarding home losses.
• Cure Period Notice– a three-day notice giving both parties the chance to provide the other with a three-day extension for all dates/times listed within the real estate contract.
• Final Walk Through– a document dealing with the condition of the property regarding the seller’s representation of it that is completed by the buyer.

5. The Buyer’s Loan Approval and Home Appraisal

One of the added benefits of selling a home in Arizona is that all buyers must be pre-approved by a mortgage broker prior to looking for a home. The buyer’s LSR (Loan Status Report) must be submitted along with his financing offer, so the seller can easily determine whether or not the buyer can afford to purchase the home. Typically, the lender arranges to have the home appraised in order to determine whether or not the sales price is appropriate.

6. The Final Walk Through

While there might be a few moments of sadness as you walk through your old home one last time, it is important to realize that your life is moving forward. The buyer also has the opportunity to walk through your home for a final inspection before the final closing. His visit is designed to verify that everything is as it should be. Both of you will sign documents stating that the property is in satisfactory condition.

7. Closing

The buyer’s Title Company takes care of having the title changed over and the transaction recorded. A closing statement summarizing the financial transaction is provided to each of the principals. At this point, you receive the final payment for the sale of your home.