The major steps involved in selling your home are: setting the price, advertising the home, showing the home, and negotiating offers with prospective buyers. There are basically three reasons why homes don’t sell:

A Comparative Market Analysis (CMA) is used to establish an initial list price by comparing your home to comparable properties. To be a comparable, a home has to be close to yours in age, style, size, condition and location. The CMA will include recently sold homes (best indicator of what you will get), on-the-market homes (your competition) and homes that were on the market, but failed to sell (usually because they were overpriced).

If your house is not priced competitively, you run the risk of extended market time. Buyers typically ask how long a listing has been on the market and discount their offer prices accordingly. If the property happens to sell above true market value, it may not appraise, and the buyers may not be able to secure a loan.

The marketing campaign will start by placing a “For Sale” sign in your front yard and advertising your home in the Mid-Hudson Multiple Listing Service (MLS). The MLS is the most effective means of marketing your home because it is the primary tool that real estate agents use to find a home for the buyers they represent. It is important that good quality photos are included in the MLS, since most buyers will not view properties when photos are absent or of poor quality.

Next, your agent will market your home to prospective buyers and to other agents by advertising in local publications, holding open houses, and hosting office and/or broker tours. The major local publications for advertising homes in Dutchess County are the Poughkeepsie Journal, Harmon Homes and the Yorktown PennySaver.

Once the marketing campaign is underway, agents will schedule appointments to view your property with their buyers.

When buyers decide to make an offer they will submit a Purchase Offer Agreement (POA). A POA is a preliminary agreement that states the offer price and essential terms of the sale that will be superseded at a later date by a formal sales contract drawn up by your attorney. Your real estate agent is required to present all purchase offers, and they will assist you with reviewing the terms and price.

After you have accepted an offer, you will need to provide your attorney with the deed, title insurance, the survey (if available) and the Property Disclosure Statement. Your attorney will draw up the contracts and send them to the buyer’s attorney for review and signature. Finally, the sales contract will be returned to your attorney at which point you will sign the contract.

The buyer’s agent will typically schedule the final walk through on the day of the closing to ensure that the property was left as expected. You are responsible for ensuring that your personal property is removed from the home and that the property is left in accordance with the sales contract.

At the closing, mortgage documents are signed, title is transferred, and funds are disbursed according to the HUD-1 settlement sheet. Upon completion, you will hand over the keys to the new owner.