The Buying & SellingProcess

 

It is important to know what to expect as you navigate through the process of purchasing and or selling your home. These basic guidelines will help give you an idea of the process, though your agent should be guiding you through these - and much more.

Why Buy

Houses in Alameda County have appreciated approximately 6% annually over the last 20 yrs. This figure varies from neighborhood to neighborhood, but used as a frame of reference, in 5 yrs a $500,000 house could be worth $670,000. Your investment of $100,000, 20% down, has the potential to reap an annual return rate of 30%.

Interest and property tax is deductible. Those payments come off the top of your tax return, lowering your effective monthly payments significantly.

Pre-approval

Get pre-approved for a home loan. The lender will require documentation of your salary, copies of bank statements and will run a credit report. It takes a few days.

Pre-approval is different than pre-qualification. The approval carries more weight and is essentially required to get an offer accepted in our competitive marketplace. Find a real estate agent you like and trust

Find a Real Estate Agent

Find an agent with whom you connect. It is a very personal, emotional and detailed process. You must be very comfortable and very confident with your representation.

The buyer doesn't pay the commission, the seller does, so let someone advocate for you.

Don't delay. Should you happen upon the right home, you want to be in a position to make an offer without scrambling to find an agent to represent you at the last minute.

Outline Your Needs

Previewing homes clarifies features you desire. A good agent will effectively plot your course.

Listen to yourself. Paying attention to your gut reactions to various characteristics of a home or neighborhood prove quite valuable. Your answers are often right there!

Prioritize what is actually important to you. This is a competitive market and you will have the upper hand by knowing what is paramount in your home purchase.

Try not to get overwhelmed. Count on your agent's objectivity and guidance.

Making an Offer

Offers are typically heard on a specific day, sometimes at a particular hour. Multiple offers are not uncommon. Your agent should thoughtfully walk you through your offer.

Delivering a competitive offer requires your checkbook for a good faith deposit, pre-approval documentation and proof of funds for your down payment.

If accepted, your offer is the contract.

Escrow

Understand the framework, but rely on your agent to execute items to a timely close.

Fulfill responsibilities associated with contingencies in the contract. Examples: getting a home inspection, insuring the home, getting a pest report, having the drainage system evaluated and so forth. A reputable agent will provide you with superb service vendors.

Negotiate repairs and remove contingencies. This is where your agent's skills are vital.

Complete the final walk-through just before closing.

Sign the grant deed, the bank funds your loan and the house is yours. The motives behind selling our homes vary. It is often an indication of something exciting on the horizon, and unfortunately it is sometimes a result of hitting a crossroads in life. Regardless of the reason for your move, you want it handled with great care, skill and understanding. Outlined below are some of the steps of the sale to get you thinking about what it entails and to in turn assist you in facilitating the process.

For Consideration

Are you buying another home? Do you need to sell your home before buying another?

Discuss tax breaks associated with the timing of your sale with your accountant.

Confer with your agent about the optimal week to list your home given market trends.

Familiarize yourself current trends in your neighborhood. Your agent should provide you with recent comparable sales in your market.

Consider a pre-emptive home inspection and pest report.

Preparing Your Home

Know what you can and cannot change about your house. This allows you to concentrate on those items that bring the highest rewards.

Talk to your agent about options associated with presenting your home. Cleaning out the clutter, painting, landscaping, staging... Many of these simple projects can result in a top dollar return as your house is more desirable to more prospective buyers.

Prepare a list of all improvements completed since owning your home.

Market Ready

Marketing is not only desirably conveying the product, your home, but it is also reaching true potential buyers. Your agent should outline their marketing plan with you.

Holding your house open is your agent's responsibility. Open homes draw upwards of a hundred soon-to-be buyers through your home. The broker's open brings the agents in who in turn sell their clients on your home.

Negotiate & Close

Evaluate offers. Your agent will walk you through the details of each contract and help you to weigh the strengths and weaknesses of each offer.

Removing contingencies can require a firm but gentle hand. Your agent will guide you through the process and look out for your best interests.

The timeline to close approaches quickly. Don't forget to prepare for movers.

Stay informed and know your timeline. Your agent should be on top of all the details and provide you with frequent updates.

Closing and settlement.