1. Define your needs

Identify and list all the reasons why you want to sell your home. Is it because of an employment opportunity where the company requires you to relocate to another city? It may also be because of a developing business that requires more room. Moreover, you also need to write down the things you anticipate from the transaction like the specific earning you want to boast after the sale.

Your real estate agent will be able to help you identify the resources needed to meet your goals. He or she can also give a levelheaded estimate of the time frame for the transaction.

2. Name your price

Finding out the best price for your property is your next target. Consider the status of the local real estate market, your house's condition, and the selling price of the homes similar to yours in your area. Be as objective as possible. The best way to reach this aim is to have an appraisal, which costs around $400.

Set a fair market value price for your property. Do not price it too high that buyers will be intimidated or too low that buyers may think something is wrong with your property. Just be reasonable. Set the most realistic price tag for your home.

3. Prepare your home

Make sure to groom your home in the best possible condition before you show and sell it to your prospective buyers. Remember that first impression lasts. If buyers do not like what they see, they will hardly take a second look at your home most probably. Moreover, the entire look of your home affects the offer price of a home buyer.

Ask for your real estate agent's help to make your house look fresh and inviting. Arrange your kitchen cabinets, shelves, and coffee tables. Organize your closets and kitchen cabinets and remove appliances from worktops. Clean the clutter in the basement. Make sure the natural light passes through your house by opening your blinds or curtains. You can also create an inviting and relaxing atmosphere by painting the walls with plain white color.

4. Get the word out

The preparation for your home is now done. It is now time to sell it. Make sure to come up with the best marketing tactic with your real estate agent who will then devise ways on how to look and find the most qualified home buyers for you.

There are many ways to announce that you are selling your property. This can be through putting banners, distributing fliers, or marketing it directly. Be sure that your plan will make the buyers notice your home effectively. Your marketing strategy should entice buyers and make the first three to six weeks the most hectic period after putting your house on sale.

5. Receive an offer

Buyers will send you an offer through a written contract once they think your home is what they like. Your real estate agent then will determine the most qualified buyer among them. Obviously, the accepted offer should come from a buyer who is able to purchase it.

After verifying the qualifications of the buyer, you will study and assess the written contract, together with your agent. You should have a clear understanding of the necessary actions to be performed by both parties to complete the sale. The contract should be beneficial to both parties by addressing their interests.

You will not have enough time to change any provision in the contract once you accepted the buyer's offer. The contract should include, but is not limited to, the following:

• Amount of deposit
• Appliances and furnishings that will stay with the property after the purchase
• Contingencies
• Down payment
• Financing arrangements
• Inspection rights and possible repair allowances
• Legal description of the home
• List of fees and who will pay them
• Method of conveying the title and who will handle the closing
• Offer price
• Settlement date

Understanding the legalities of this stage is very crucial. If you have any questions or concerns, let your real estate agent know so he or she can address them immediately.

6. Negotiate to sell

Negotiations are inevitable in the real estate business in an effort to come up with the best agreement that will satisfy the interests of both the seller and the buyer. Your real estate agent is knowledgeable on working on the details of a written contract and he or she will look after your interests during the negotiations.

Aside from explaining the provisions in the contract, your agent will also derive the net amount you will get from the transaction. The written offer sent by the buyer will be reviewed and discussed with you accordingly so that you will be aware of the demands of the buyer as well as what you will get in return.

After you accept the offer, it may be too late to make any changes. The contract, though not limited to this list, should include the following: Appliances and fixtures

• Appliances and fixtures
• Closing costs
• Financing
• Landscaping
• Painting
• Price
• Repairs

Your agent will then arrange a written contract once both parties have finalized the terms and conditions of the sale. You must keep in mind that bargaining or negotiating does not create a winner-take-all scenario. Rather, it is an act that entails cooperation and mutual respect from both parties.

7. Prepare to close

You have now accepted a buyer's offer. The next step is to list all the actions that are needed to be accomplished before the closing. Services that your house may need include appraisal, inspection, or repair. As a seller, you may cover the entire payment for these services, pay a portion, or none at all depending on the negotiation.

Both parties can proceed with the sale if satisfactory results are produced after the conduct of the service procedures. If there are issues in your property, the next course of action will be in accordance with the terms in the contract. As such, both parties may not push through with the transaction, negotiate again, or close the sale.

Prior to closing, you have to get in touch with the party who will assist you in the closing of the transaction. Prepare all the important documents before the closing date. You want to avoid having a botched deal just because of a misplaced form.

It is also recommended to organize the needed activities for your impending shift.

8. Close the deal

Closing on a home is where ownership of the property is lawfully transferred to the buyer from the seller. Your real estate agent will attend the closing so he or she can assure that you understand every single detail in the transaction. If any issue will come up, your agent can intervene to ensure that your interests are protected. Some states require a legal representative during closing and you have the option to have one.

As the former homeowner, you are required to give the buyer the essential documents concerning the property. You may also need to perform specific actions so that the closing will push through, conditional on the provisions in the written contract.

After the closing, you now have to evacuate and leave your home depending on the agreed deadline. Make sure to take care of all the items, services, and utilities stipulated under the contract before the new owners move in. Change the account name for the services if the new homeowner does not want to terminate those.

Would you like to avoid the most common pitfalls when selling a home? There are 10 critical steps when selling a home. A mistake in any one of these area could cost you money.

Guest article by O. Mutlu of iSmartReality