Our 10 Step Process

10 Step Home Selling Process

Step 1 – Define Need

Write down all the reasons for selling your home.  Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?”  For example, reasons for selling include: a growing family that needs more space or a job opportunity that necessitates a move to another city or another part of Denver.  Things you want to accomplish with the sale may include the time frame in which you’d like to sell or a particular profit margin.  Work with a BR of Denver Consultant to map out the best path to achieve your objectives and set a realistic time frame for the sale.

Step 2 – Pricing Strategy

Your next objective should be to determine the best possible selling price for your property.  You will need to take into account the state of the market, the condition of your home and sales of comparable homes in your neighborhood or area.  It’s often hard to maintain a non-biased view of your property, so you will want to gather the necessary information in the most objective way possible.  If you want a truly objective opinion about the price or your property you could have an appraisal done.  This may cost between $300 – $700 depending on the property.

Be reasonable about the price you set.  You will always be better off setting a fair market value price than setting your price to high.  If your property stays on the market to long because it’s overpriced, potential buyers may think that something is wrong with it.

Step 3 – Prepare your Property

It’s time to get your property in “showing and selling” condition.  Most of us don’t keep our property in the condition they need to be in to be sold.  Piles of boxes in the garage, a broken porch light and even an overgrown garden just seem normal after awhile.  It’s time to break out of the owner’s mindset and get your property in tip-top shape.  How your property looks will impact how quickly it sells and the price the buyer will offer.

First impressions are the most important.  Work with your BR of Denver Consultant to help you take a fresh look at your property.  Do the shrubs need pruning?  Do you need to repaint?  What’s normal for you may be unacceptable to the buyer.

  • Make your interior appear more spacious by removing appliances from countertops, clearing knickknacks off coffee tables and shelves.
  • Organize your closets and kitchen cabinets
  • Make sure items stored in the attic or basement are tidy
  • Open the curtains or blinds during the day to maximize the natural light
  • Turn on the lights at night to create a welcome environment for prospective buyers
  • A home with too much “personality” is harder to sell. Consider painting walls white and removing clutter. This will help the buyer visualize the home as theirs.

Step 4 – Market Strategy

Now that your home is ready, it’s time to put it up for sale and market it.  Establishing a marketing strategy with your BR of Denver Consultant is a must.  Your consultant will expose your property to the greatest number of potential buyers possible.  Your BR of Denver Consultant will use a marketing plan that will not only bring the most buyers, but also the most qualified buyers to your doorstep.

There are many different ways to get the word out that your property is for sale.  A yard sign, flyers, and direct marketing are just a few of the many options available.  If you are in a buyer’s market you will have to be extra careful when choosing a plan.  You don’t want your property to sit unnoticed.  You and your BR of Denver Consultant will structure your marketing strategy so that the first 1 – 6 weeks that your property is on the market will be the busiest.

Step 5 – Receive an Offer

When a buyer decides they like your home, they will make you a written offer.  Your BR of Denver Consultant will advise you as to whether or not the prospective buyer is qualified to purchase your property.  After determining the buyer’s qualifications, you and your agent will review the written contract, taking care to understand what is required of both parties to execute the transaction.  The contract should protect the interests of all parties.

After you accept the offer, it may be too late to make any changes.  The contract, though not limited to this list, should include the following:

  • Legal description of the property
  • Offer price
  • Down payment
  • Financing arrangements
  • List of fees and who will pay them
  • Deposit amount
  • Inspection right and possible repair allowances
  • Method of conveying the title and who will handle the closing
  • Appliances and furnishings that will stay with the home
  • Settlement date
  • Contingencies

Remember that the legalities of the phases are very important.  If you have any questions or concerns, be certain to address them with your BR of Denver Consultant right away.

Step 6 – Negotiate To Sell

Most offers to purchase your home will require some negotiating to come to a win-win agreement.  Your BR of Denver Consultant is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining.  Your consultant also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate.  Your consultant will review the written offer with you to make sure you thoroughly understand what the buyers are offering and what they are asking you for in return.

Some negotiable items:

  • Price
  • Financing
  • Closing Costs
  • Repairs
  • Appliances and Fixtures
  • Landscaping
  • Painting
  • Occupancy Time Frame

Once both parties have agreed on the terms of the sale, your BR of Denver Consultant will prepare a counter offer.  Remember…bargaining is not a winner-take all deal.  It’s a business process that involves compromise and mutual respect.

Step 7 – Selling Service Providers

Once you accept an offer to sell your property you will need to make a list of all the things you and your buyer must do before closing.  The property may need to be formally appraised, surveyed, inspected or repaired.  Depending on the specifics reached during the negotiations, you may pay for all, some or none of these items.  If each procedure returns acceptable results as defined by the contract, then the sale may continue.  If there are problems with the property, the terms set forth in the contract will dictate your next step.  Depending on the contract, you or the buyer may decide to walk away or begin a new round of negotiations to resolve the issue and close.

Step 8 – Pre-Closing Preparation

A few days before the closing you will want to contact the entity managing the transaction closing, normally a title company or lawyer, and make sure the necessary documents are going to be ready to sign on the appropriate date.  It would be a shame to get this close to selling and have the deal fall apart because of a missing form.  Begin to make arrangements for your upcoming move if you have not done so.

Step 9 – Closing

“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer.  Your BR of Denver Consultant will be present during the closing; he or she can mediate any last minute issues that may arise.

As the seller, you will need to be prepared to hand over any necessary documentation regarding the property and, depending on the arrangements made during negotiations, you may be required to have done something specific in order to close.  Be sure to read all the documents and ask questions.  It’s important to understand every document you are signing.

Step 10 – Post Closing

Congratulations on the successful sale of your property!  Now that you have closed, prepare to vacate your property in the time frame agreed upon, you may be giving possession of the property at the time of closing.  You should make a list of all items you will need to do to turn the property over to the new owners.  For example, make sure to cancel electricity, gas, lawn care, cable, etc., or if the new owner is going to retain some of the services, change the name on the account.  The property and all items specified by the contract should be prepared appropriately for the new owners

Contact Us:

We are conveniently located in Downtown Denver, call us for directions or to set up a meeting.

info@buildings-residences.com

Main Office: (303) 900-4142



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