The 4 People You Need When Selling a Home

Selling a home, even when all goes according to plan, is a disruption in your day-to-day life and a potential source of stress. Packing, making repairs, keeping your home clean and ready to show at a moment’s notice takes its toll.

When it’s time to sell, it’s important to have a qualified team in place ready to go. Why? When working with experienced professionals, your home will typically sell faster, the process will be smoother, and you’ll be able to keep your life on track as the selling and closing process moves forward to completion.

Familiarize yourself with the key professionals listed below and the roles they play in selling your home.

1. Real Estate Agent

When it comes to the complex business of selling your home, you want to be in the hands of a professional. A seller’s agent works on your behalf with the goal of simply selling your home quickly for the best possible price, although they do much more than that.

Your agent or realtor not only helps set the listing price for your home but will do a market analysis to ensure your home is competitively priced and appropriately optimized for the market you’re selling in, whether you’re selling in a seller’s market or a buyer’s market. They’ll guide you toward strategies for selling your home faster such as suggesting repairs or updates. Your agent will market your property, perhaps working with a photographer or professional stager to showcase your home in its best possible light.

In addition, your agent schedules and handles showings or open houses, fields offers and oversees the bidding process. An experienced agent will be knowledgeable about your local laws and regulations and can advise you about any complications that could hold up the transaction. 

Ultimately, your agent will negotiate your deal with the buyers and the buyer’s agent all the way through the closing, running interference and overseeing communication among all involved parties along the way. Finding a realtor who is the right match for you is key to a smooth sales process.

Some sellers consider listing their home on their own, in a process also known as FSBO, or for sale by owner. Although you may save some money on the agent’s commission if you consider going FSBO, one study shows that homes sold this way typically received 30% less than properties listed with an agent.

2. Real Estate Attorney

You’ll need a real estate attorney if you’re selling your home in a state where it’s required by law, but you might consider engaging one even if you live in a state where it’s not, depending on your specific circumstances.

A real estate attorney helps to ensure your transaction meets legal requirements. Although they won’t negotiate with a buyer for you (that’s your agent’s job), they will:

• Identify issues with contingencies in a contract
• Advise you on the best approach for complicated legal issues such as selling a home with a deceased owner or splitting proceeds after a divorce
• Look for loopholes in a purchase agreement and advise you on closing them
• Review buyers’ offers for legal red flags, including potential longer-term legal issues that could arise if you sign an incomplete or sloppy purchase agreement

A real estate attorney may also be present at closing and will review documents prior to the day to address any underlying issues.

Other situations may benefit from the expertise of a real estate attorney. Consider a real estate attorney if:

• You’re selling your home FSBO and don’t have the expertise of a real estate agent to guide you: An attorney can help you with closing documents, contingencies, inspection outcomes, and title issues and ensure you comply with your state’s laws.
• You’re selling a home due to separation or divorce: In addition to negotiating a buyout or division of the sale proceeds, a real estate attorney can help navigate the divorce agreement terms with regard to the shared property, prenuptial agreements, if applicable, and the property’s deed.
• You’re selling property inherited from a deceased owner: Whether you’re one of multiple inheritors part of a trust or the sole owner, an attorney can help resolve any issues left from the previous owner.

3. Tax Advisor

Your realtor or attorney may be able to answer most of your questions, but if you have any concerns about the tax implications of selling your home, it’s best to consult a professional tax advisor.

Particular situations have different potential effects on your tax bill. For example, selling your home one year or less after buying it could have drawbacks of stiff capital gains taxes. Selling one or more income-generating rental properties, or a vacation home has other tax implications, especially if those properties are located in another state.

4. Home Inspector

Buyers will most likely want a home inspection, a detailed examination of the structures and systems of the home, top to bottom.

A licensed home inspector will report on your home’s HVAC systems, foundation, roof, attic, interior plumbing and electrical, basement, windows and doors, insulation, appliances, and other structural elements. The inspector will submit their comprehensive analysis within 24 to 48 hours to the buyers reporting on the condition of your home. Your home does not “pass” or “fail” a home inspection. The home inspector’s report merely highlights the current condition of the home and will point out any potential problems or areas that may need repair. A buyer may use the results of a home inspection to negotiate a different price or to ask that you make repairs prior to closing.

Some sellers choose to have an optional pre-sale home inspection done before they list the home simply to root out any potential problem areas in advance that can be addressed so they don’t hinder a seller from making an offer.

You likely encounter other professionals in the home-selling process such as an appraiser, notary agent, and title and insurance companies. The key to a quick sale and a smooth close is to understand what role each professional plays, whose interests they have, and how they can help you navigate through the experience. Be prepared to ask questions for the best possible outcome.