Seller's Guide
Here's how easy we make it to sell a home.
Selling Your Home
You're ready to sell your property. And, while you're looking forward to seeing the word "SOLD" posted from the curb, you know there's a lot to consider along the way. One of your first decisions is to select a real estate company and real estate agent who'll join you in the process.
Step 1: Managing Showings
Once you’ve chosen your Keller Williams agent, and together have prepped your house for sale and set a price, you’re ready for the public to see your home.
- Get an accurate idea of your price range, an estimate of your monthly payments and a pre-approval letter, so sellers will take you seriously when you make an offer.
- Work with your KW agent to hone your “wants” and “needs” list. Think about what’s most important to you: the location or the house itself.
- Preview homes through the KW app to eliminate those you won’t need to visit in person.
- Plan an itinerary with your Keller Williams agent.
- You and your KW agent typically visit homes together
- Homeowners usually are not home, so you’re free to spend as little or as much time as you want.
- Buyers often have a gut reaction to a home. First impressions count, but you can also consult your agent to learn more about home values and possibly to reevaluate your priorities in the context of what’s available in your price range.
- Look beyond the staging and decorative items to see the features and fixtures that convey with the house.
- Check the condition of the home.
- Keep track with photos and notes.
- Consider possible home improvements you might want to make so you can research costs later.
- Don’t forget to check out the outside of the property and the neighborhood. Your Keller Williams agent has access to neighborhood insights and data to help inform your decision.
- Locate your commuter route, schools, shops, restaurants, parks and other amenities.
- If the property is a condo or located in a homeowners association, find out the fees and rules to see if you can live with them.
Step 2: Review Offers
Congratulations! You received a message from your KW agent that you have an offer on your home. Now you need to evaluate that offer and decide how to respond.
An offer to buy your home is a purchase agreement signed by the potential buyer that includes:
- The amount of the offer
- An explanation of how the buyers will pay, such as cash or a pre-approval for financing
- The terms – such as a request for closing cost help or contingencies such as the sale of the buyers’ house, a final mortgage approval, a satisfactory home inspection and an appraisal
- A target date for closing
- An earnest money deposit
- A time limit for the offer
When you receive an offer to buy your home, you and your Keller Williams agent should review it and consider whether you want to accept it. Whether you have one offer or several, you and your agent will look at:
- The amount offered
- Whether the buyer has included or waived contingencies
- Where the funds are coming from, such as all-cash, a reputable local lender, a well-known online lender, or an unknown out-of-town lender
- The proposed closing date and date of possession of the house to see if it aligns with your needs
- Any special requests for items to convey or for special inspections
If you receive multiple offers, your KW agent can advise you on one of these options:
- Accept the best offer. If one offer stands out above the rest, you can accept that one right away. But be careful not to be swayed by a high offer if the financing seems uncertain or if the buyer hasn’t explained a plan for a possible low appraisal.
- Counter all the offers to get a better price and terms. You can ask all potential buyers to give you their best offer by a certain deadline.
- · Counter one offer that’s close to what you want. If you like one offer but think the buyers could do a little better, you can send them a counteroffer to see if they’ll accept it.
Step 3: Prepare for Inspection
A home inspection is a thorough review of your home’s structure and systems by a professional home inspector. Buyers can use the inspection report to decide to rescind their offer if a major issue is uncovered or to request repairs if the contract is contingent on a satisfactory report. In some cases, a home inspection is solely for the buyers’ information and can’t be used to negotiate.
The inspector will check:
- Structural conditions such as the foundation, beams and floors
- Roof condition
- Mechanical systems such as heat and air conditioning
- Appliances – to make sure they’re working, although some inspectors skip appliances that are not built-in
- Plumbing – for leaks, rust and water pressure
- Electrical systems such as grounded outlets and code violations
- Safety issues such as stairs, handrails, mold or chimney maintenance
The inspector won’t check some items that are unusual or inaccessible, such as:
- Septic systems
- Wells
- Underground pipes and sprinkler systems
- Swimming pools and spas
- Playground equipment
Before the home inspector arrives, you should:
- Clean your house.
- Remove or crate your pets.
- Make sure all your light bulbs work.
- Empty your washing machine, dryer, oven, and dishwasher – in case they are inspected.
- Make sure everything is accessible, including your attic, a crawlspace, your garage and any sheds.
- Leave a note if anything doesn’t work and explain that you’re getting it fixed.
- Provide documents about maintenance and repairs.
- Leave your cell phone number for the inspector.
- Leave the house.
Once the inspection report has been generated, you and your KW agent can discuss how to handle any possible issues the buyers mention. You can negotiate with the buyers, decide to fix an item, provide money for the buyers to fix it themselves or provide documentation that the problem has already been addressed. Your Keller Williams agent can help you handle any inspection issues.
Step 4: Prepare for Appraisal
An appraisal is an objective valuation of your property that serves as a safeguard for the buyer and the buyer’s lender. While the buyer pays for an appraisal, the appraiser actually works for the lender. While an appraiser may look at some of the same things as a home inspector, the result is an appraised value of your property rather than a condition report.
Appraisers use as many measurable pieces of data available to provide an accurate value of your property, including:
- Comparable properties in your area that are of similar size, age and condition
- The condition of your home’s systems and structure
- The square feet of your property
- The number of bedrooms and bathrooms
- Your location
- The quality of your flooring, plumbing and electrical systems
Preparing for an appraisal is similar to prepping for an inspection. You should:
- Provide a list of all major improvements to the home and the age and condition of your roof, heating and air conditioning system, and appliances.
- Provide any permits required for home improvements.
- Clean your house.
- Provide full access to all rooms and spaces, including the garage, sheds, attic and crawlspace
- Remove or crate your pets.
- Leave the house, or at least stay out of the appraiser’s way.
An appraisal could require a renegotiation if the property value comes in lower than the sales price. The appraised value dictates the maximum amount the lender will allow the buyers to borrow, minus their down payment. Depending on how the contract was written, if the appraisal is low, you can:
- Ask the buyer to come up with extra cash to make up the difference between the loan amount and the purchase price.
- Reduce your price to the appraised value.
- Split the difference with the buyer.
- Cancel the contract.
Step 5: Close
Before the closing day, you’ll need to:
- Take care of repairs required by the contract.
- Keep all receipts and invoices and before-and-after photos of repairs.
- Gather all appliance manuals and warranties for your buyers.
- Hire a mover.
- Cancel all utilities for the day after you move.
- Cancel all utilities for the day after you move.
- Change your address.
- Review all settlement documents, especially the settlement statement.
- Check the property survey to be sure it’s correct.
- Clean the house.
- Prepare for the buyers’ final walk-through
Sellers may or may not attend the closing, so you should consult your KW agent and the settlement company to decide what’s best. You can sign all documents before the official closing. Sellers’ expenses, which are deducted from the proceeds of the sale, include:
- Final balance on your mortgage
- Real estate commissions
- Prorated property taxes, utility bills, homeowner’s insurance, and homeowners association dues
After the closing, you’ll:
- Receive the proceeds from the sale, usually by wire transfer.
- Cancel your homeowner’s insurance “post-close” – to make sure you’re covered on that day.
- Save your closing documents and home improvement records for taxes.