Before, I thought that the process for home selling is very easy. Here in the Philippines, all you have to do is to sell it yourself. Before you sell it, of course you need to prepare your house by cleaning it, repairing some parts of the house that needs to be fixed, painting the house, making sure that the house looks new. Then look for a potential buyer. Once you have a potential buyer, negotiate him or her, if the price is right, then you can sell your property in exchange of cash. All along, I thought it was simple. Never have I imagined that it is very complicated as you need to coordinate to a lot of people, even if you are going to sell it yourself.
In the US, it is very different. You need to have a lot of patience because you have to talk to a lot of people. The process is very long. It takes a month or two before you can sell the house. A similarity though is, of course, you have to prepare the house. Not only it requires cleaning and repairing some parts of the house, but you need to highlight the features of the house to make it more appealing to potential buyers. Once everything is done, you can either represent yourself when selling the house, or much better, hire a real estate agent to do the job for you. Don’t worry about the commission because selling the house is quite difficult. You need to consume a lot of time and energy. Also, you may have a hard time talking to the buyer if he or she has an agent. Imagine talking to the buyer’s agent and you are having a hard time understanding him or her because you are not on the same page. You’ll be confused that’s for sure. That’s why it is better to hire an agent so that he or she will represent you. The agent then does a title search and inspect the property to make sure the house can be sold without any issues. Once you hire an agent, call it SA or seller’s agent, SA will list your property in various portals or MLS. SA can also arrange an open house to attract more potential buyers. If there’s a potential buyer already, the SA will talk to the buyer, or usually, buyer’s agent or BA. The SA and BA will exchange offers and counter offers. If both parties agreed, a Real Estate Purchase and Sale Agreement needs to be signed, then escrow phase begins. For those who do not know, escrow is the holding of documents and money by a neutral third-party prior to closing. During this process a lot of paper and supporting documents are required. Once completed, escrow phase closes. A new deed is recorded in the buyer’s name.
So, you see, home selling process is not that easy. But if you follow the steps that I have mentioned, you will not have a hard time selling the house. This is tested and proven.