Selling your home

Preparing to Sell your Home

Deciding to Sell

There are many factors that go into your decision to sell your home. Having a good understanding of the “why” of your sell and communicating that to your agent can help you in the process. Things to consider when deciding to sell:

Why sell? Do you need to relocate for a job? Do you just want to upgrade your home or try a different area? These factors can determine the aggressiveness in the approach you take to sell your home.
How is the local market? Knowing the climate of the market can assist you. What’s the availability of other homes? How fast are homes selling? Are other homes available for purchase or is inventory very low? These factors can help determine when you want to list your home.

Selecting a Real Estate Agent

Having a real estate agent is not required, but would you want to represent yourself in court? You want to work with someone who is experienced and can expect and navigate the hurdles through your transaction.

Find a real estate agent who listens to you, understands your “why” in selling the home and can help you get the best bottom line out of the process.

At Allegro, we offer professional, personal service throughout your entire process. We don’t assign or work with “teams” – the person you work with at the beginning is the same person working with you at the end!

Preparing for Listing

When listing your home, you want to make sure your home is appealing to buyers. Your agent can help discuss specifics to prepare your home, but here are some things to consider:

Curb Appeal. What does your home look like from the outside? This is the first impression when a potential buyer comes to look. Make sure your lawn is properly maintained, landscaping is well kept. Does your home need pressure washing? If you were looking to purchase, what would your first impression be when you drove up to your property?
Make Repairs. If there are any “sore thumb” issues that are visible, repair them. Your agent can help you find a contractor or handyman to complete the work. You’re less likely to sell your home if a buyer walks in and sees that ceiling fan hanging off the ceiling by the wires…
Cleanliness is next to “Sellability”. Keep your property tidy. Have children’s toys put away and try to reduce clutter. Your home will feel small if there is stuff everywhere. Talk with your agent about best options for staging and making your home inviting.
De-personalize. When the buyer comes to look at your home, you want them to envision standing in their home. Consider hiding or removing very personal effects…like family photos, move the mail, don’t leave personal papers laying around. Let the buyer imagine their personal effects in the space…not see yours.
Make a Plan for Showings. How will you manage scheduled showings? Do you have pets you need to remove? Do you need some advance notice to tidy up before the home is shown? Discuss all of this with your agent.

The Selling Process

Working With Real Estate Agents

One thing you’ll find about the home selling process…be prepared to look at a LOT of paperwork! The NC Real Estate Commission requires that agents share with clients and potential clients a brochure called “Working With Real Estate Agents.” We encourage you to read this, as it gives you information about different agency types in NC. If you have shared any information with us about your motivation or means to sell, we’ll ask you to look at this and sign verifying we showed it to you. Your signature is not a contract. It is simply for our records so we can show, if asked, that we provided you the brochure.

Click here to see a copy.

The Listing Contract

When listing your home, you will be asked to sign an Exclusive Right to Sell Listing Agreement. This is a contract between you and Allegro Realty that stipulates the expectations with regard to the sale of your property. Your agent will walk through the document while it is being completed, but here are some main points to consider:

Items that do not convey. The law stipulates what must convey with the sale of a property. If there are fixtures in your home you don’t plan to leave, discuss this with your agent.
Asking Price. Your agent will discuss comparable sales and your desires with regards to pricing and will agree on a listing price.
Compensation of the Firm. This document lays out how much commission will be charged by the firm, how it is paid, and how it will be split with cooperating firms. Funds for commission will be deducted from your funds at closing.
The contract lays out specific allowances for marketing and advertising.
HOA Information. If you are a member of an HOA, please have details of fees, managers, an addresses available.
If your property is encumbered by a lien, please disclose this information to your listing agent.
Seller’s Duties. Be sure to read this section…it explains what is expected of you!

Dual Agency. Ask your agent about pros and cons of dual agency, and if you are willing, you’ll sign for it on the agreement.

We’re signed, now what?!

After signing the agreement, the listing agent will document and measure all rooms in the home, will calculate the square footage of the home, and will take pictures or have pictures taken. This information will be compiled and entered into the Multiple Listing Service.

Residential Property Disclosures

NC Law requires disclosure forms be completed when selling a home. Your agent will show you these forms and explain them but is not allowed to fill them out for you.

Sign and Lockbox

The agent will place a for sale sign in your yard and will ask you for a key to place in a lock box at the door.

ShowingTime

Our MLS uses an app called ShowingTime to schedule showings on your property. Your agent will explain this app to you. You will receive texts to confirm appointments and to let you know when the property is being shown.

The Offer to Purchase and Contract

This is the document that officially offers your terms from the buyer and if you sign, becomes your contract for the purchase of the home. Your agent will go through the offer with you, but here are some main points that you will need to consider:

Purchase Price: Your agent is required by law to present any and all offers to you and not to show favoritism to any offers. This means even if someone offers $5 for your home, your agent has to share it. Don’t shoot the messenger!
Due Diligence Fee and Period: This is an amount of money offered to you to basically take the home off the market while the buyer does research like inspections and finalizing financing for the home. This fee is paid directly to you and is non-refundable, but it does factor into the final purchase price at closing. During the due diligence period, the buyer can walk away for any reason or no reason and will receive a refund of the Earnest Money Deposit.
Earnest Money Deposit: This is a deposit that paid to show that the buyer is making this offer in good faith. These funds are held in the closing attorney’s escrow account and will factor into the final purchase price at closing. As long as the contract is terminated before the end of the Due Diligence Period or there is no breach of contract, this can be refunded to the buyer.
Escrow Agent: The buyer gets to select the attorney that handles the closing and recording the deed. If you have an attorney you prefer to prepare the deed, we will set that up. Otherwise, we usually allow the closing attorney to prepare.
Settlement Date: If the buyer is getting a mortgage using a bank, you can expect your closing date to be about 45 days out. Cash closings can sometimes happen within two weeks.
Closing Expenses: The buyer may ask you to pay a portion of closing costs. Discuss this with your agent.

Once your contract is complete, it will be sent back to the buyer. Congrats! You’re under contract!

Completing the Sale

Once you have received and signed an accepted offer, you can expect these things to happen:

You will receive the Due Diligence Check. Get this to the bank as soon as possible. This is usually a personal check directly from the buyer.
Inspections and Appraisal will be scheduled. The buyer’s bank will schedule an appraisal of the home. They also have the option to request different types of inspections. Please make sure the home is tidy and available for these appointments.
Due Diligence Requests. After the inspection, the buyer may ask you to make repairs to the home. When the request is received, your agent will go over this document with you. You may agree to make all or none of the repairs, or you may escrow funds at closing so the buyer can take care of it after closing.

What to Expect at Closing

Closing a sale is typically simpler for the seller, as there isn’t typically a mountain of paperwork. Here’s what you can expect:

The Closing Disclosure or HUD. This is a statement that shows all funds received, paid, and the costs of closing. The end of this document tells how much money you will receive after closing. Review this as soon as received and let your agent know if you have any questions. You should receive this document 3 days before close.
The Final Walkthrough. Your buyer will want to walk through before signing. Make sure all agreed-to items have been completed.
Signing the Deed. You will sign a copy of the Closing Disclosure and the Deed when you go to closing. You may also be asked to sign a form regarding your ownership and tax liability on the sale. Consult your tax professional about any possible tax implications from selling your property.
Receiving your Funds. Once the buyer has signed and the deed recorded, the closing attorney will release your funds to you. Expect this to be an hour or two after the buyer’s closing appointment.