Luxury Home Selling Process
If you are in the market to sell, it is a good time to clean house, literally. Selling a home requires preparation, patience, and plenty of focus on maintenance and refurbishment, no matter how small. However, it can be a stressful process to go through, especially in the bustling Nevada luxury properties market. To help you along, Windermere Prestige Properties has compiled a step-by-step guide that details how we handle our selling process.
Before deciding to put your home on the luxury real estate market, look up a real estate agent that will act as your selling agent. As your selling agent, he or she will represent you in all your dealings with the home seller, ensuring that you do not get the short end in your transactions.
2. Price Determination
Besides telling you how the marketing process will go, your selling agent will also help you determine the initial selling price for your home. This usually involves a market analysis of your neighborhood’s luxury real estate situation which keeps tabs of factors such as the sales price of nearby homes that have been sold before, the listing price of similar properties on the market, and the condition and location of the home.
3. Prep Work
Do not decide to advertise your home is for sale until you are sure that it has been fixed up to top shape. Check for leaks, cracks, missing parts and peeled and faded paint; lighten up dark rooms with new lights; fix up creaking fixtures, doors and windows; and keep tabs of the lawn, exterior walls, roof, chimney and other parts of the house. Check out our Get Ready to Sell checklist for more information.
4. Marketing your Luxury Home
Coordinate with your selling agent about how to more effectively market your home to potential buyers. In today’s age, that usually focuses on putting your home up on luxury real estate listing websites, but other traditional marketing techniques like printed listings can work, if you prefer.
5. Home Showings
Once your home has come up on the market, expect to have your home open to home showings for potential buyers. Usually this is all handled by your selling agent, but there are some things that you can do to make each home showing a success. Keep your home clean and in top shape regularly, keep pets in safe spots when expecting visitors, play some ambient music but avoid choosing loud sounds, and, on some occasions, choose to vacate the home during a home showing to avoid making the visitors uncomfortable.
In some cases, your selling agent will screen all the prospective buyers who have shown interest in the home, narrowing down to a smaller number of possible buyers based on a number of factors, usually choosing those who are already pre-approved by lenders.
7. Initial Negotiation
Once a sure buyer has been chosen, the selling agent will then commence the initial negotiations with the buyer and his or her agent. This usually involves being presented with the initial buying offer which you can review before signing or rejecting.
8. Purchase and Sale Agreement
Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document. Your selling agent will also have the luxury property’s title prepared once final negotiations for the contract signing are underway.
9. Inspections and Appraisals
Once the negotiations enter the last phase, expect a visit from a home inspector who will check if your property still needs some refurbishing and repair. If it does, you will see an estimate for repair costs in the inspection report; you will then negotiate with the buyer about funding for repairs. Your selling agent will then coordinate with a home appraiser who will inspect your home as well, but will focus more on determining the actual market value of your property. Note that the appraiser’s fee will be credited to you.
10. Final Negotiations
The negotiation process focuses on finalizing the purchasing deal between parties, ironing out any financial and documentary obligations, making concessions about repairs and other similar standing issues, tax dues and financing. Windermere Prestige Properties’ luxury property agents will take the lead in this part of the process, ensuring that you get the most benefits from the negotiations. In some cases, your selling agent will provide the buyer with financing options that will help make the sale proceed smoother.
Look up a third party that will handle an escrow account on your and the seller’s behalf until the transaction is completed and all legal and financial obligations are dealt with. Your Windermere Prestige Properties agent will handle the coordination and completion of all forms and documents needed for the escrow account, and will also monitor the entire escrow process until transactions are concluded.
In the closing phase of the transaction, all key documents must be signed off, financial obligations dealt with, and all other obligations finalized and documented by both parties. Don’t forget to ask for a settlement report, a document that outlines all the financial requirements that apply to you, prior to closing the sale. Also, remember to lay out how you will plan your moving-in phase to make it easier to transition to your new luxury property.