10 Steps to Selling a Home 1. Have Your Home Inspected and Make All Necessary Repairs

Before you put your home on the market, you should make all necessary repairs that you and your agent feel are most beneficial to increasing your sales potential. You can also consult a home-inspection specialist to find out what repairs should be made. Every home is different, and there are many things that you can do to increase you home's values. So do a little homework and decide what improvements you should and can make before you have your first open house.

2. Pricing Your Home

Have your home appraised by a professional appraiser who will look at many factors when determining the value of your home. One way is to find out how much other homes similar to yours sold for in your neighborhood. You can also calculate the cost per square foot of your home compared to the selling prices in your area. If your house has more features or other desirable qualities, you may want to set a slightly higher selling price. Remember that real estate listings are often higher than many homes actually sell for.

3. Get a Real Estate Lawyer (optional)

Even though it's an additional expense, it may be wise to hire a lawyer if you are involved in a complicated deal, or you decide to sell the home yourself. An experienced real estate lawyer can help you evaluate complicated offers, act as an escrow agent, evaluate complex mortgages and/or leases with options to buy, review contracts and manage your home's closing process. An attorney can also tell you what things, by law, you must disclose to buyers prior to a sale and can also help you avoid inadvertently discriminating against any potential buyers. In some areas, title companies will handle all aspects of the transaction. These title companies have legal departments that can assist you if legal issues arise.

4. Advertising Your Home

The Multiple Listing Service (MLS) can also help market your home, particularly to real estate agents who may know of buyers seeking a property like yours. The MLS is a directory used by real estate agents to announce to other agents that they have a home for sale. If a real estate agent finds you a buyer after seeing your home on the MLS, you usually pay that agent a 2.5% to 3% commission, however all commissions are negotiable.

Lawn signs attract attention to your home and are one of the most important marketing tools. Directional signs also help buyers find your property, especially if you do not live on a busy street. Home Brochures/Information sheets: Create an information sheet about your home to give potential buyers. Often your real estate agent will make the sheets for you.

5. Open Houses and Pre-qualified Buyers

An open house is a good way to attract buyers to your home. If you are selling your home yourself you can conduct your own open house, otherwise your real estate agent will arrange the open houses for you. You will probably meet some interested buyers as well as other agents from your area at your open house.

6. Negotiating Offers and Counter Offers

When a home buyer makes an offer you usually have three days to decide, cancel or amend the offer. Contract law varies from state to state, but typically a contract has to be delivered to you, and you have to sign and return the contract for it to be valid. Your state's real estate department can provide you with standard contracts which you should read carefully and also consult with your real estate agent and/or attorney.

Negotiating is part of the home selling process and most sales involve counter offers. Review counter offers with your agent and/or attorney.

7. Acceptance of Contract to Convey the Home and Escrow

Once the seller has decided to accept an offer he will notify the buyer and, when all of the documents needed to transfer the property are gathered, the escrow period begins. Depending on the specific details of the property transaction, escrow usually takes 30 to 90 days. Your real estate agent will negotiate the details of the transaction, and keep you posted on the progress of the escrow.

Before making an offer, the home buyer usually shows the seller a pre-qualification letter from a lender, stating how much the lender is willing to offer. If the buyer is pre-qualified, the escrow period will be shorter. The seller should encourage the buyer to begin the loan processing as soon as possible after the contract-for-sale has been accepted by both parties. And the seller should contact their mortgage lender to let them know that the escrow has begun on the home.

During escrow, the mortgage lender will order an appraisal of the home to make sure the buyer is not paying more than the house is worth. The escrow company may also order a surveyor to make sure that the property boundaries are laid out properly. And a title search will be done to determine if there are any liens or encumbrances against the property. Making sure these tasks occur is the responsibility of the buyer, their agent and/or attorney. At this stage, the mortgage company will issue a commitment to the buyer.

8. The Buyer Will Have the Home Inspected

Standard real estate contracts give the prospective home buyer the right to inspect your property. You might be obligated to make major repairs to appliances, plumbing, septic, electrical and heating systems or have the repairs paid for out of the contract proceeds. The inspection will also include your property's roof, as well as a termite inspection. (In some states, house-sellers must provide proof that the home is termite-free.) Before you can truly set the closing date, the repairs have to be made and approved by the buyer, or the buyer may cancel the offer. If you are concerned about how your home will do in an inspection, order an inspection yourself before a potential buyer has one done. You will be able to identify and address the problems before they become an issue. In many states, you will have the inspection after the contract is signed, rather than before. This is a better protection for the buyer.

9. Negotiations Continue as You Get Ready to Move

As you find a mover, pack your things, and arrange days off work around the closing date. Be flexible, things can still change.

10. Your Home is Sold

It's all over. Congratulations!