Are you thinking about selling a house in Durham? Homeowners have many options available to them. If you choose to go the traditional route, follow the steps below; Or if you would prefer to get a cash offer on your property almost immediately, give Otranto Real Estate Co - Mike Buys Houses a call today! 919-473-6885
Get Your House Ready For Sale
When listing your property with an agent, you will be expecting to bring the home into showroom condition. You will need to make repairs, perform a thorough cleaning, de-clutter and store personal items, staging, landscaping, touch-up paint, and everything else that comes along with being competitive. This will ensure that you are able to compete with other homeowners and new home builders in the Durham area.
This is a big project that takes labor and money so be prepared.
Market The House
The Triangle MLS is like the Amazon.com of real estate. This is where the bulk of the residential real estate purchases occur. If you hire a full-service agent, all the marketing should be handled by them. If you hire a limited service/discount brokerage firm, you will be on your own.
Don’t be afraid of investing some money into professional photos. Many buyers will come in contact with your listing via an internet search, and the main photo will be your first impression–don’t go cheap here.
If are selling your home by owner you will want to advertise on as many sites as possible. ForSaleByOwner.com has some great resources for FSBO’s. Don’t forget about road-signage and a flyer box in the front yard. We sold a house in Knightdale last year via this classic method.
Don’t Celebrate When/If You Find A Buyer
With a listing, finding a buyer isn’t guaranteed. You will often have to wait weeks or months for a qualified buyer to come through. You will have to exercise patience and continue the process of keeping the house neat and tidy while you wait.
Contingencies, contingencies, and more contgencies..
The first contingency will be the appraisel contingeny. The property will be required to appraise at the contract price for the bank to fund the loan.
The inspection contingency is where a professional home inspector goes into the property to inspect and inch of the home and all the appliances, systems, etc. While it is a perfectly normal part of the due diligence period, I have yet to see a home inspector give a clean report with no issues..after all, that is what they are being paid to do. The items will then either a) need to be repaired b) money can be left in escrow to make the repairs or c) the buyer can cancel the contract according to the clause in the offer to purchase agreement.
This is often the point where sales fall through. With a direct sale, you don’t have to worry about the sale falling through. We have the cash in hand to pay you for the property available now! We do not need approval or a loan from the bank!
Negotiations typically occur at the initial offer stage: when you negotiate the purchase price, closing date, due-diligence period, and contingencies within the offer. This can be a very complex process with a lot of “back and forth” between buyers, sellers, and agents–requiring a lot of patience.
Once you agree on a purchase price and terms, the next hurdle is found in the inspection report. There can be dozens of items on the report and you will need to fix these items or provide a credit for the new homeowner to be able to make the repairs on their own.
Negotiated repair costs can have a huge effect on your final sale price for the home. With a direct sale to Otranto Real Estate Co - Mike Buys Houses , you don’t have to make any repairs or worry about the price being negotiated.
Once the negotiations have been completed, the closing process can begin. It can take up to 2 months for the bank to fund the loan. There is typically a lot of waiting while the property sits as pending on the Triangle MLS. A direct sale, however, is done in cash, allowing for a quick and simple process… no financing needed!
With a direct sale, selling your house is a much simpler process. Otranto Real Estate Co - Mike Buys Houses would love the opportunity to make you a direct offer on your property right now! We can close fast and are interested in all properties in the Durham area! Get an offer now and close in days, not months!