One Google search that trends almost every spring is “steps to selling a house.” Most people have very little knowledge of the steps in the home selling process.
That’s completely normal! Your Realtor, the buyer’s Realtor, the title company and the Lender are all doing tasks in the background to get you to the closing table so you can move on to your next adventure!
But, what does the process really look like in Indiana? That’s what we’re going to review today.
Remember, selling a home is different state to state. This article is for the Indiana & Central Indiana Real Estate Market – you should check your local area for steps to selling a house.
Step 1 – Choose Your Realtor
Important in Steps to Selling a House
In the steps to selling a house, this is arguably the most important. You will be glad you researched before choosing your Realtor.
You call a Realtor and make an appointment for them to come to your home to meet with you and discuss your real estate goals.
A good Realtor will tour your home and take notes about its features, possible repairs, aesthetics and more. Then, sit down with you to walk through an overview of the process.
The most important thing they should do is LISTEN to you. they need to know your timeline, motivation, thoughts and goals. That way expectations are being set, right up front!
They may share a Comparable Market Analysis (CMA) with you at the appointment or email one after the appointment. Either way works.
If you agree to work together, the agent will give you some advice to prepare your home to sell. You’ll agree on a timeline and sign a listing agreement and other paperwork required.
Step 2 – Preparing to Sell
The next step in the home selling process is to prepare your home, yourself and/or your family for showings. Buyers need to see your home to connect with it and envision themselves living there.
We call this the Pre-Listing Stage. During this time you declutter, clean, make repairs and stage to help ensure your home makes a great first impression with buyers.
Preparation is everything! Your competition is the other homes on the market. You make your home stand above the rest by not skipping the preparation step. It can mean the difference of thousands of dollars if you ignore it.
Once ready, professional photos are taken (never allow a Realtor to use their cell phone! Ugh!) The marketing plan is put into place and you are ready to go live on the Central Indiana real estate market.
Step 3 – Going Live on the Market
Once your home is staged and ready, we go live on the market. You’ll receive requests from Buyer’s Agents to show your home to their clients.
Here in Central Indiana, we do this through BrokerBay. It’s an app tied to your home’s MLS Listing. It sends you a text, email or calls you (your choice) when they receive a showing request.
You simply answer yes or no. Hopefully YES! The more people we get into your home, the better chance to sell it for top dollar and quickly!
We will get feedback from the Buyer’s Agents that show your home. We listen to it, make any adjustments needed and wait for offer(s) to come in. Negotiating an offer to acceptance is the goal!
Step 4 – Negotiations
Throughout the home selling process, your agent guides you. When you receive an offer(s), they will help analyze the different terms of offer(s) on your home. In addition to price, the terms of the offer are important because they affect the net profit you walk away with.
Is it a cash or financed offer?
Does the buyer need to list and sell their current home first?
Or, close on the pending sale of their current home before they can buy your house?
Other terms of the offer can include almost anything and affect your net proceeds.
Things like:
- Survey
- Home Warranty
- Will there be Inspections and timeline of inspections
- How Property Taxes are handled
- Who Orders Title
- Earnest Money
- Closing Date
- Appraisal
- Items the buyer wants included with the offer to purchase (a basketball goal, hot tub, washer/dryer, etc…)
- Certain conditions the buyer wants (remove a hot tub, flooring allowance, repair of something, etc…)
The ENTIRE offer terms are analyzed along with the estimated net proceeds to you.
Only then – with all the facts – can you decide to accept, reject or counter-offer the offer.
Step 5 – Under Contract to Sell
Once you accept an offer, the domino effect starts in the steps to selling a house.
The two agents kick off the “Pending” period by ordering title and notifying the lender of the accepted offer. The lender begins the underwriting and appraisal processes of the Buyer’s mortgage. Inspections are ordered and the title company begins the search into the chain of title so they can issue title insurance for the buyer.
As the seller, you approve both the inspection and appraisal appointments through BrokerBay.
After the inspection appointment, the agents negotiate the Inspection Response to acceptance by both parties. If any repairs are agreed to, those are made by the seller, typically prior to closing.
The 3rd party appraiser prepares a report for the lender with the market value of the home. If it comes in at the agreed upon purchase price or higher, the loan approval process continues.
However, if the appraisal comes in below the agreed upon price, the agents will re-negotiate the terms of the purchase to acceptance by both the buyer and seller.
This process takes about 30 to 45 days, depending on the terms of the accepted offer. During this time, the seller is packing, purging and preparing to move.
After the loan is “clear to close” by the lender, the agents will coordinate the closing appointment.
The closing takes place and you receive the net proceeds from the sale of your home.
Overview of Steps to Selling a House in Indiana
Of course, each transaction is unique. There can be more or fewer steps in the home selling process depending on the terms of the accepted offer.
Having someone 1,000% in your court is crucial. My job is to present the facts and scenarios so you can make the best, most informed decision for yourself/your family.
Whether it’s only been a couple of years or 10+ years since you sold a home, things are always changing. I stay current with new laws, regulations and trends so you don’t have to. I’m the guide in your story.
