The Selling Process
Step 1: Meet with your Jamison Company Real Estate AgentWhen you meet with your agent you will also review the state required real estate paperwork and representation guidelines. Each real estate agency offers different types of agent contracts with their clients. This will be reviewed and explained in further detail at your meeting.
Step 2: Talk with Your Mortgage Holder and Know Your Bottom LineWhat are the net proceeds you need from the sale of your property? You need to know what the lowest price you can or will accept. You don’t share this with buyers outright, but it helps you in making a wise decision when pricing your property and when receiving an offer. Ultimately, current market trends will greatly impact your pricing.
Step 3: Setting the List Price using a Brokers Price Opinion vs. AppraisalYour agent will do a Brokers Price Opinion to help determine the best list price. Several factors come into play including the current real estate market, comparables in the neighborhood, square footage, how many bedroom, baths, garage stalls, curb appeal and other amenities. However sometimes unique homes without comparables may need the seller to invest in an appraisal to help determine the list price.
Step 4: Preparing the Property for the MarketDe-clutter the entire home by removing all the extra stuff along with personal photos and knick knacks. Do a complete and thorough cleaning, buyers will open closets, cupboards, drawers. Also make sure the utility room is clean and well maintained. Take the time to fix what’s broken, poorly functioning drawers, windows, and locks reflect poor upkeep. Paint any room that’s too bold with a neutral inviting color. Buyers don’t want a property that appears to be too much work. Staging is proven to bring in higher offers in less time. Jamison Company provides two hours of staging as part of their listing process. Your home with gather the most interest in the first 14-30 days of its listing. If priced too high or your home isn’t market ready you risk losing your best pool of buyers.
Step 5: Listing the Property and Developing a Market StrategyYour Jamison Company Real Estate agent will develop a customized flier showing your property at its best along with the pertinent information. That information will also be used to list your property on the MLS and the internet. Together, you and your agent may schedule a Brokers Open House, where your property is shown to other realtors to illicit feedback and generate private showings. In addition a public Open House and advertising options specific to your target market will be discussed.
Step 6: Receiving an OfferDeciding whether or not to accept an offer will depend on numerous factors and may involve additional contingencies to the contract. Your Jamison Company Real Estate agent will make sure you understand all the components of the contract. Keep in mind, rarely does a real estate transaction happen without continued negotiations (counter offers), concerning the price and terms, between the buyer and seller.
Step 7: Home Inspection & Other TestsIn South Dakota, inspections take place after an agreeable price and terms have been reached and are often required prior to closing. If you have any questions concerning specific tests talk with your agent.
Step 8: Getting Ready to CloseMost of the pre-closing tasks will be taking place behind the scenes and involve your real estate agent, the title company and the bank. An appraisal, title search and a closing disclosure will be generated.
Step 9: Closing The settlement or closing will require paperwork and proof of identity. Please bring your driver’s license and a second form of identification to the closing. Depending on complexity the closing can take up to one hour.