The KW Scotland Guide To Selling Your Home
Home Selling Guide
You’re ready to sell your property. And, while you’re looking forward to seeing the word “SOLD” sign outside, you know there’s a lot to consider along the way. One of your first decisions is to select a local estate agent who will make the process simple and stress free.
1. Manage Viewing
Once you’ve chosen your agent, and together have prepped your house for sale and set a price, you’re ready for the public to see your home.
What is a viewing?
A viewing takes place either at an open house, which is a scheduled session when anyone can come by without an appointment, or during an appointment scheduled with you or your estate agent.
How do I prepare my house for a viewing?
Your KW Scotland agent is a great source of advice on specifics for your home preparations so that your house is positioned competitively in the market. Preparations will likely include two phases. During phase one, before photos are taken and before the first showing, you should:
- Deep clean.
- Paint some or all of your house.
- Do minor repairs such as caulking baths/showers and windows.
- Make necessary repairs.
- Stage your furniture to showcase your home’s best features.
- Remove personal items such as family photos.
- Declutter every surface and storage space.
- Reorganise your cupboards and pack excess items.
- Eliminate odours by cleaning the fireplace or pulling out musty rugs.
- Add a colour scheme with soft furnishings if needed to warm up your home.
- Upgrade your lighting or light bulbs to make your rooms brighter.
- Spruce up the garden.
- Power-wash your decks and driveways if needed.
What can I expect when showing my house?
Three important things you can do to help get your house sold are:
- Leave when your house is being shown. Buyers prefer to look at homes when they can move around freely and the owners aren’t there. Your KW Agent will manage this process for you.
- Make your house as available as possible. While it may be inconvenient to show your home at dinnertime or on weekends, buyers who can’t see a property when they’re eager may cross it off their list.
- Listen to any feedback from buyers or agents about ways you can make your home more appealing.
Always co-ordinate with your Keller Williams agent for maximum exposure and a faster sale.
2. Review Offers
Congratulations! You received a message from your KW Scotland agent that you have an offer on your home. Now you need to evaluate that offer and decide how to respond.
What is an offer?
An offer to buy your home is a proposal to purchase your property formalised by a Scottish solicitor:
- The amount of the offer
- The terms – such as contingencies such as the sale of the buyers’ house, a final mortgage approval and a satisfactory survey
- Inclusions, eg white goods
- A target date for entry
- A time limit for the offer
How do I evaluate each offer?
When you receive an offer to buy your home, you and your Keller Williams agent should review it and consider whether you want to accept it. Whether you have one offer or several, you and your agent will look at:
- The amount offered
- Whether the buyer has included or waived contingencies
- Where the funds are coming from, such as all-cash, a reputable local lender, a well-known online lender, or an unknown out-of-town lender
- The proposed entry date of the house to see if it aligns with your needs
- Any special requests for items to convey or for special inspections
What happens if I receive multiple offers?
If you receive multiple offers, your KW agent will negotiate with every interested party until a final offer is agreed.
3. Prepare for Home Report
To sell any home in Scotland, it is the responsibility of the seller to have a Home Report conducted by a Surveyor and available to all interested parties. While a home report will dig more deeply into your home, the preparation you make before a Surveyor visits is vital. Your Keller Williams agent can give you personalised advice, too.
What is a home report?
A home report is an inspection of your home’s structure and systems by a professional Surveyor. The report comprises an EPC, single survey, property condition report and the property questionnaire which is completed by the vendor.
What is looked at during a home report?
The Surveyor will check:
- Structural conditions such as the foundation, beams and floors
- Roof and chimney condition
- Evidence of damp and/or rot.
- Safety issues such as stairs and handrails,
What’s not looked at during an inspection?
Surveyors won’t check some items that are unusual or inaccessible, such as:
- Septic systems
- Wells
- Underground pipes and sprinkler systems
How should I prepare for a Home Report?
Before the Surveyor arrives, you should:
- Clean your house.
- Remove or crate your pets.
- Make sure all your light bulbs work.
- Make sure everything is accessible, including your attic, a crawlspace, your garage and any sheds.
- Leave a note if anything doesn’t work and explain that you’re getting it fixed.
- Provide documents about maintenance and repairs.
What happens now?
Once the report has been generated, you and your KW agent can discuss how to handle any possible issues the home report may mention. Your KW agent will negotiate with the buyers, decide to fix an item, provide money for the buyers to fix it themselves or provide documentation that the problem has already been addressed.
4. Prepare for Appraisal
As you near the end of your home sale journey, you will need to pass one more test: an appraisal. Your KW agent can help you gather materials and prepare for the appraiser’s visit.
What is an appraisal?
An appraisal is an objective valuation of your property that serves as a safeguard for the buyer and the buyer’s lender. While the buyer pays for an appraisal, the appraiser actually works for the lender. While an appraiser may look at some of the same things as a home inspector, the result is an appraised value of your property rather than a condition report.
How is my house appraised?
Appraisers use as many measurable pieces of data available to provide an accurate value of your property, including:
- Comparable properties in your area that are of similar size, age and condition
- The condition of your home’s systems and structure
- The square feet of your property
- The number of bedrooms and bathrooms
- Your location
- The quality of your flooring, plumbing and electrical systems
Appraisers include research about other properties and neighborhood values, as well as an in-person visit for their evaluation of your home.
How should I prepare for an appraisal?
Preparing for an appraisal is similar to prepping for an inspection. You should:
- Provide a list of all major improvements to the home and the age and condition of your roof, heating and air conditioning system, and appliances.
- Provide any permits required for home improvements.
- Clean your house.
- Provide full access to all rooms and spaces, including the garage, sheds, attic and crawlspace
- Remove or crate your pets.
- Leave the house, or at least stay out of the appraiser’s way.
How can an appraisal affect my home sale?
An appraisal could require a renegotiation if the property value comes in lower than the sales price. The appraised value dictates the maximum amount the lender will allow the buyers to borrow, minus their down payment. Depending on how the contract was written, if the appraisal is low, you can:
- Ask the buyer to come up with extra cash to make up the difference between the loan amount and the purchase price.
- Reduce your price to the appraised value.
- Split the difference with the buyer.
- Cancel the contract.
Your Keller Williams agent can advise you on your options in the context of the contract and market conditions.
5. Close
While it’s tempting to focus on your next move, your Keller Williams agent is likely to remind you that until the closing is over, you have some final responsibilities as a seller.
What should I do before the closing?
Before the closing day, you’ll need to:
- Take care of repairs required by the contract.
- Keep all receipts and invoices and before-and-after photos of repairs.
- Gather all appliance manuals and warranties for your buyers.
- Hire a mover.
- Cancel all utilities for the day after you move.
- Cancel all utilities for the day after you move.
- Change your address.
- Review all settlement documents, especially the settlement statement.
- Check the property survey to be sure it’s correct.
- Clean the house.
- Prepare for the buyers’ final walk-through
What can I expect when closing?
Sellers may or may not attend the closing, so you should consult your KW agent and the settlement company to decide what’s best. You can sign all documents before the official closing. Sellers’ expenses, which are deducted from the proceeds of the sale, include:
- Final balance on your mortgage
- Real estate commissions
- Prorated property taxes, utility bills, homeowner’s insurance, and homeowners association dues
If you can’t move before the closing, you’ll need to arrange a rentback from the buyers. Your Keller Williams agent can help you complete appropriate paperwork for a rentback. If you are moving, the buyers will do a walk-through of your home within 24 hours before the closing to check that the property is in good condition. If the buyers find something that needs to be fixed, your agent can help you decide how to handle it. Whether or not you attend the closing, you’ll need to provide house keys to your buyers, along with all alarm codes, remote controls for the garage, and mailbox or gate keys.
What’s next?
After the closing, you’ll:
- Receive the proceeds from the sale, usually by wire transfer.
- Cancel your homeowner’s insurance “post-close” – to make sure you’re covered on that day.
- Save your closing documents and home improvement records for taxes.
Congratulations! You can shake hands with your Keller Williams Scotland agent: you’ve successfully sold your home.