Selling your home in Bakersfield, CA
When selling your home, there are no guarantees that a buyer will simply walk through the front door. There are steps that you need to take so that your property receives maximum exposure to attract a ready, willing and able buyer.
The appearance of your home, a buyer’s first impression, and other considerations can also affect the sale of your home. Have you considered that home prices in your neighborhood and the value of your property are also factors used for pricing your home? In many cases, you may have to bring your home to the buyer. Effective marketing will help ensure that your home is sold in a timely manner at the best price.
The professionals at A&A Realty have devoted their careers to studying and keeping up with the up to date home selling process. Our goal is to sell your home faster, and for top dollar.
That being said let’s dive in and discuss the listings phase of selling your home.
What is my home worth in Bakersfield?
Before anyone starts to even think of selling their home they want to know the million-dollar question. How much can my home sell for in the current real estate market? Well, you can always do your own research and hop on sites like Zillow or you can reach out to a local expert that has dedicated their time to understand Bakersfield’s real estate market.
A&A Realty suggests just that. We offer free consultations to anyone interested in selling their home and wants to understand the selling process and how it works.
Most importantly we want to figure out what the true value of your home really is. We do that by starting off with a comparative market analysis.
Comparative Market Analysis
CMA is real estate shorthand for Comparative Market Analysis. A CMA is a report prepared by a real estate agent providing data comparing your property to similar properties in the marketplace.
As an agent, the first thing we need to do for the CMA is to inspect your property. Generally, this inspection won’t be overly detailed (she or he is not going to crawl under the house to examine the foundation), nor does the house need to be totally cleaned up and ready for an open house. It should be in such a condition that the agent will be able to make an accurate assessment of its condition and worth. If you plan to make changes before selling, inform the agent at this time.
The next step is for the agent to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), but a qualified agent will also know of properties that are on the market or have sold without being part of the MLS. This will give the agent an idea how much your property is worth in the current market. Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.
The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for. This is crucial in the selling process because it does no one in the real estate transaction any good to overprice or underprice your home. As your realtor, we will be looking to acquire fair market value for your home and, of course, get top dollar.
Marketing your Home
If we were to earn your business we would begin with an aggressive marketing plan utilizing internet websites such as the Bakersfield MLS, Realtor.com, Zillow.com, and Trulia.com, Social Media, a personalized custom property website and our company website.
The listing would be live on the internet in less than 48 hours, and in the local real estate Home Preview Magazine where we take out a full page ad, bi-weekly along with listing your home in the local Bakersfield Californian.
A&A Realty would also create a custom website with professional photos and a virtual tour for consumers to view when they find the home on the internet. Additionally, we would hold open houses if you allow us to, and send “Just Listed” postcards to every house within a 1/2 Mile Radius of your home.
Another tactic we like to use when selling your home is entertain showings from other Realtors, as we are members of the Bakersfield Association of Realtors and will happily share listings in order to maximize exposure to approved buyers.
Offer and Acceptance
All offers will be submitted to our clients in a timely manner as soon as they are received by us, standard Real Estate Purchase Contract allows 72 hours for a seller to respond to a buyer’s offer. We typically try to get all offers presented to our sellers within a few hours and give them plenty of time to discuss the offer with us and go over any questions they may have.
We feel that having plenty of time to review and ask questions about the offer or the process will make it easier for a seller to make a decision on whether to accept or reject an offer.
Escrow & Transaction Process
Once a buyer is secured, we would then begin the escrow process in order to close your home sale. The first step in the process would be the appraisal, ordered by the buyer’s lender at no expense to you, this appraisal determines the fair market value of your home.
The second step is the review of the buyer along with any ongoing negotiations stemming from the buyer’s home inspection/appraisal reports, the buyer has 17 days to conduct the home inspection.
When we have concluded the inspections and appraisal we would then move forward to the underwriting process which can take up to 10 days in order to issue formal loan approval. This will allow us to know if the buyer will be able to move forward with the purchase.
From the beginning of the escrow period to the point of loan approval typically takes 21 days, sometimes longer depending on the lenders we are dealing with.
In addition, when the formal loan approval has been obtained I will work in conjunction with the buyer’s agent and if applicable, their lender and escrow in order to coordinate a smooth closing, the total time from start to finish typically is 30-45 days.
Closing the deal
Most buyers liked to conduct a final walk-through in the home after it has been vacated by the seller. We typically do not advise our sellers to move out of the home until formal loan approval has been issued and all contingencies removed, usually most sellers will vacate the property within 48-72 hours of closing unless otherwise agreed upon in the contract.
After the walk through is completed and verification of condition is accepted by the buyer we work on closing the real estate deal.
Escrow will coordinate the wiring of funds from the lender, as soon as the lender sends the wire and escrow to confirm receipt of the money they release the deed to the county for recording.
When recording confirmation is received the deal is complete and escrow works on settling the file in order to release your proceeds from the sale to your account. It typically happens with 24 hours unless we close on a Friday, the settlement and release of funds can fall on a Monday.
You have now successfully sold you home in Bakersfield with the help from true professionals. If you have any questions at all about this process or would like more information, please reach out to us via our contact page.