step 8 The ins and outs to selling your home

 

Conduct inspections, appraisals, and closing walk-through

Home inspection

Texas contracts typically provide buyers with a period of time during which time they can conduct a limited, “non-invasive” visual inspection of the home.

Don’t worry: this step is a totally normal part of the home sale process. In fact, the vast majority of home buyers (87%) have a home inspection contingency nationwide.  

You probably shouldn’t be home for the buyer’s home inspection. There’s a chance the buyer will be attending, along with their agent and inspector.

What do I have to fix?

Sellers usually don’t get to see the buyer’s home inspection report. But the buyer might ask you to fix any defects or serious issues discovered in the inspection. If that’s the case, you can request a copy of the report to see what’s up.

Check with your agent to learn what you’re obligated to fix and the best way to move forward following the inspection. 

Termite inspection

Termites are common in Texas, and the buyer might order a Termite and Other Wood Destroying Organism Report (WDO).

Depending on your sale contract, you may or may not be on the hook for the cost of a termite inspection ($100 – $150). Check with your agent for more information.

Appraisal

Lenders often require buyers to get an appraisal to determine the home’s fair market value and to be certain that the home is worth its purchase price. 

The appraiser will likely visit your home to take interior and exterior photos, noting any value-adding features or upgrades. They’ll compare your home to recent sales in your area, to determine a fair market value.

You’ll get notified if the appraisal value comes in lower than the buyer’s purchase price. If that happens, you may have to re-negotiate the price with the buyer. (Talk to your agent for advice on dealing with a low appraisal.) 

Final walk-through

Buyers usually ask to do a walk-through of the home a day before closing. Don’t worry: the buyer just wants to make sure the home is in the same condition since their last viewing. 

Here’s what you need to do before their walk-through:

• Clear out your house entirely if you haven’t yet, removing all personal belongings. 
• Repair or patch any damaged drywall, paint, or nail holes.
• Make sure items included in the sale contract are still there (appliances, light fixtures, etc). 
• Do some light cleaning if the home is dirty. 

PATTI LEE PROPERTIES

DECATUR TX WISE COUNTY TEXAS

Interesting things to do in Decatur TX Texas

 

YouTube

Grace Baptist Church of Decatur TX

The bells chime every hour from 9am to 9pm and the

bells chime out hymns every 3 hours. 

Just beautiful. Go give a listen sometime.

Shout out to Grace Baptist Church

PATTI LEE PROPERTIES

940-577-2733

step 7 The ins and out to selling your home

 

Review paperwork and sign an offer 

Once you’ve decided on an offer, it’s time to review the contract and sign it! 

Once all parties have signed, your home is under contract and you’re just a month or so away from closing!

In Texas, it usually takes about 35 days to close on a home sale after accepting an offer, lower than the national average of 58 days, according to Ellie Mae’s 2021 origination insight report. 

What’s in a Texas purchase and sale agreement?

Texas’ One to Four Family Residential contract contains several key items to pay attention to, including: 

• Parties and property. The buyer and seller’s full legal names, and your home’s address, including its lot and block information. 
• Sales price. How much the buyer is offering to purchase your home and the type of financing. 
• Earnest money and termination option. How much the buyer is offering to deposit, when it’ll be delivered, and how long they have to terminate the contract. 
• Property condition. If the buyer has or hasn’t received the property disclosure yet (if they haven’t, how many days do you have to deliver one to them)? 
• Closing. The estimated date of closing, and when ownership transfers to the buyer.  
• Personal property. If the buyer is asking for any of your personal property to transfer in the sale, such as appliances or storage sheds. 

PATTI LEE PROPERTIES

DECATUR TX WISE COUNTY TEXAS

step 6 The ins and outs to selling your home

 

Negotiate with buyers

Hopefully, you’ve received multiple offers within just a few days or weeks of going live! The offer will come through in the One-to-Four Family Residential Contract. 

There are three ways you or your listing agent can respond to a buyer’s offer: 

1. Accept the offer. If the offer has everything you’re looking for – price, terms, and timing all look great – then you might just want to accept it without countering, especially if no other offers are on the table. Your agent will send over a real estate contract to sign. 

2. Counter the offer. Most of the details of an offer are negotiable, including the home’s sale price and closing date. It could make sense to counter an offer if you’re confident you’ll receive another good one if the buyer declines it. 

⚠️WARNING! If you counter an offer and the buyer accepts it, you’re technically under contract. Be careful if you plan on countering multiple offers because you could technically be under contract with multiple buyers.

3. Ignore the offer. You don’t have to respond to a lowball offer or one that doesn’t meet any of your criteria – especially if you have stronger offers on the table (or you’re confident others will come in.)

How long does it take to sell a house in Texas?  

Timing depends mainly on your home’s desirability, and how well you’ve priced your home (higher-priced homes usually take longer to sell).

Texas listings are on the market for a median of 43 days, although that figure is lower in several major cities, according to Realtor.com. 

City	Median time to sell
Austin	72
Dallas	61
Fort Worth	67
San Antonio	70
Houston	55

Talk with your agent to discuss expectations on when you might receive an acceptable offer after going live.

PATTI LEE PROPERTIES

DECATUR TX WISE COUNTY TEXAS

step 5 The ins and outs to selling your home

 

Market and show your home to buyers

Now it’s time to actually list your home and host prospective buyers!

Your listing agent will put a “for sale” sign on your front lawn and post your home for sale on the multiple listing service (MLS): a database most real estate agents use to market and sell properties. 

Your agent should also list your home on all popular real estate websites (like Zillow and Trulia), and host an open house to drum up more interest. 

My listing is live: What happens next? 

Listing your home for sale can be both exciting and nerve-racking! Here’s what to do next: 

• Have a plan in place for your pets. I’ve had sellers keep their pets in the backyard or garage during showings, while others removed them from the home. It’s your call! Don’t forget to notify buyers before showings. 
• Check out your listing on Zillow and other popular sites. Make sure you like all of the photos used by your agent (contact them if you don’t) or add new photos yourself. 
• Double-check your listing description. It should describe all of your home’s main features and selling points, and have good grammar and punctuation.
• Keep an eye on your listing activity. You can check how many potential buyers have viewed and saved your listing on Zillow and compare that to other local listings. This information can be found under “overview” on your listing’s Zillow page

PATTI LEE PROPERTIES

DECATUR TX WISE COUNTY TEXAS

Step 4 The ins and outs to Selling your home

 

Prepare your home for sale

Gather important documents

Most Texas home sales require a variety of documents and records for closing. It includes your mortgage statement, homeowners and flood insurance records, homeowners association (HOA) documents, and property taxes. 

Gather utility bills, and any home warranties or appliance manuals you might have, in case the buyer requests them. 

Get a pre-listing inspection

You can get a home inspection ($300-$400) if you suspect your home has an issue that could potentially delay (or derail) your sale. 

A pre-listing inspection can potentially help you spot and fix issues with your home before those issues surface on a buyer’s home inspection.

However, an experienced realtor should advise you on whether the inspection is worth the time and money. (If you’re selling as-is, you probably don’t need one.) 

Make home repairs and improvements

Based on the results of a pre-listing inspection (and the condition of your home), it could be worth making certain repairs or improvements. 

Common home inspection issues in Texas are related to:

• Water damage from storms, plumbing leaks, or leaky roofs.
• Deferred maintenance on HVAC units. 
• Structural defects, code violations, or other safety issues. 

Your realtor is in the best position to advise you on which repairs or improvements to make before listing.

Declutter, depersonalize, and clean

It’s a great time to sell, donate, or throw away unused or unwanted items, and re-organize your home before showings. 

Make sure all areas of your home are spotless but pay careful attention to areas where buyers will notice dirty areas the most, like your kitchen and bathrooms.

Aim to depersonalize every room, removing family photos, artwork, and posters – it’s best to keep buyers’ attention on your home, not your belongings. 

Consider home staging

Staging can increase your home’s appeal and lead to a higher sale price. 

Home staging is often expensive, costing up to $600 per room each month in Texas, according to the Houston Association of Realtors. 

However, pricing depends on the size of your home, the number of rooms staged, and your local market. Consult with your realtor for advice on whether or not home staging is right for you.

PATTI LEE PROPERTIES

DECATUR TX WISE COUNTY TEXAS

Step 3 The ins and outs to selling your home

 

Set a price for your listing

Your next step is to determine a competitive listing price for your home. 

Home value estimators can provide you with a quick ballpark estimate of your home’s potential value, based on its key features, recent home sales, active listings, neighborhood data, and local market trends.

For a more accurate and in-depth home value report, connect with a real estate agent. 

During your initial interview, a realtor should have provided you with a comparative market analysis (CMA) report, which is based on an in-person inspection of your home’s condition, its renovations and upgrades, and what similar homes have recently sold for in your area.

What does a CMA report usually include?

• Recent sale prices of similar homes in your neighborhood.
• How long it took those homes to sell after going on the market.
• Local sale prices vs. initial listing prices. 
• How much your home’s upgrades or repairs add to its value.
• Key information about your home and its comparables, including square footage, bedrooms and bathrooms, and the age of each home. 
• The agent’s recommended list price. 

» Get your home value now: Request a CMA from a Texas realtor

Should I get a pre-listing appraisal?

Appraisals are usually conducted by the buyer during the home sale process, but you technically get a pre-listing appraisal to guide your pricing. 

However, appraisals are costly ($300 to $450, according to the Texas Appraiser Licensing & Certification Board), and can take 1-2 weeks to complete, so it needs to fit within your budget and timeframe. 

PATTI LEE PROPERTIES

DECATUR TX WISE COUNTY TEXAS