Selling a house fast in Northwest Arkansas for top dollar, and with complete peace of mind requires you take a set number of steps. While the process may seem troublesome, and you may want to skip some steps, they do provide a level of security for both buyer and seller. The best way to ensure a smooth, as stress free as possible sale, is to hire the best real estate professional who will guide you through the whole process.
On this page, we’ll take you through all of the important steps involved in selling a Northwest Arkansas property as fast as possible with the greatest chance of a satisfactory outcome.
Finding a Northwest Arkansas Realtor
Putting a home on the market requires experience, expertise, and time in order to get a favorable outcome. Top real estate professionals in Northwest Arkansas possess extensive knowledge of what current buyers are searching for and how to attract their attention. You can rely on them for advice, support, and guidance during every step of the home-selling process, from listing through closing.
Signing the listing agreement
After you’ve found the right Northwest Arkansas Realtor to work with, the next step is to read and sign the required listing agreement.
A listing agreement contains all pertinent details of the sale, including your expected listing date, the initial listing price, what’s included in the sale, the duration of the agreement, and other important information.
Among the most significant details you should pay close attention to before signing include:
- The type of listing agreement – Real estate agents in Arkansas typically work under a single agency or an exclusive right-to-sell agreement.
- Items included with the property – Remember to list down any belongings in your home that are not included in the sale of the property, such as furniture or appliances.
- Commission rate – Double-check if the commission rate you discussed with your agent beforehand matches the one appearing on the listing agreement.
Seller disclosure
In Arkansas, sellers almost always provide a completed disclosure statement. Though statement forms may vary, the standard disclosure statement is fairly straightforward, asking sellers to fill out a questionnaire with options of yes, no, don’t know, or N/A.
It’s generally a good idea to provide some form of disclosure to potential buyers. Being upfront is a measure that reassures many potential buyers, giving them greater confidence to put in bids that are easier to negotiate to a price that will be satisfactory to the seller. It will also go some way to ensure that later down the road in the buying process there are no claims from the buyer that will allow them to withdraw or renege on an agreement.
Remember to consult your real estate agent or attorney before signing your property disclosure documents.
Determine a listing price
The next step in the process is to set a competitive listing price for your Northwest Arkansas home.
To help you determine an ideal listing price, your agent will provide a comparative market analysis (CMA) report, which estimates your property’s current market value based on key factors like condition, major renovations, and pricing trends in your area. A typical CMA report will include details such as:
- Recent sale prices of comparable homes within your neighborhood or area.
- The sale price of similar homes in your area compared to their initial listing prices.
- How long similar homes stayed on the market prior to selling.
- How much certain upgrades or renovations add to your home’s overall value.
- Detailed information on your home and other comparable properties including age, lot size, square footage, and the number of bedrooms and bathrooms.
- Your agent’s suggested listing price.
Getting your home ready for sale
Preparing your home is extremely important if you want to maximize the profits you get from the sale. Here are some key steps you need to cover:
- Collate all necessary documents and paperwork – Several documents and records are required when selling a home in Northwest Arkansas. These include homeowners and flood insurance records, property taxes, homeowners’ association documents, and mortgage statements. It’s also a good idea to keep your utility bills, appliance manuals, and warranty cards for appliances on hand, in case the buyer asks for them.
- Conduct a pre-listing inspection – Getting a pre-listing inspection is a good course of action in case your home has an existing major problem that you suspect could potentially cause a delay for your sale. A pre-listing inspection will reveal any underlying problems in your home before they show up on the buyer’s home inspection, giving you an opportunity to resolve them.
- Repairs and upgrades – Depending on your home’s current condition, completing key repairs or upgrades might be worth it before listing. Some of the most common problems that appear in many Arkansas home inspections include water damage, high moisture levels, and deferred/sub-par maintenance on HVAC units. Consult your Realtor to find out which repairs or upgrades are worth making, or whether selling your home in its current state might be a better move.
- Prepping your home for viewings – Give your home a thorough cleaning before welcoming prospective buyers. You can either take time to do everything yourself or – if your budget allows – hire professional cleaners to get the job done. After cleaning, declutter and reduce the number of personal items (like family photos or memorabilia) to showcase your home better and make it easier for buyers to imagine themselves living there. Try to focus on the areas that will likely get the most foot traffic like the living room, kitchen, and bathrooms.
Staging your home
One of the best ways to attract potential buyers and impress viewers is to hire a professional to stage your home properly. This can give you a distinct advantage over the competition when it comes to selling your Northwest Arkansas home fast and for the maximum possible price.
Home staging involves bringing in artwork, décor, accessories, and furniture to highlight a home’s best features. When done correctly, staging transforms outdated, lived-in interiors into modern welcoming spaces.
In case you’re not sure whether your home will benefit from professional staging, consult your real estate agent. They know the market and are familiar with other homes selling in your area, so they’ll be able to tell whether staging will give your home the boost it needs to showcase it in the best light possible. If your agent recommends professional staging, keep in mind that it’s in your best interest. While staging is an additional expense, it can either raise your home to what is expected for a home in the area, or raise it to stand out from similar properties.
Negotiations
A buyer who’s interested in purchasing your home will submit an offer. A typical offer contains the buyer’s offer price, the type of financing, the expected closing date, and an expiry date for the offer. In case the buyer asks you to cover certain closing costs, the details will also be included in the offer.
Below are some of the other key items you can expect to find in a buyer’s offer to purchase:
- Basic details – The address of your home and full legal names of both the buyer and seller.
- Purchase price – The amount offered by the buyer to purchase your home.
- Earnest money – An amount paid by the buyer that will be held in an escrow or trust account before closing. The amount is included as part of the purchase price and/or the agreed-upon closing costs.
- Date of possession – The estimated closing date wherein ownership will officially transfer from seller to buyer.
- Personal property – Any items (such as certain furniture or appliances) requested by the buyer to be included in the sale.
- Closing costs – The closing costs the buyer agrees to pay or requests from the seller.
- Financing information – The type of loan the buyer will use to finance the purchase.
Once you receive an offer, you and your agent can respond by:
- Making a counteroffer – Many details stated in a buyer’s offer are negotiable. This includes the price and the target closing date. If your agent believes it’s likely you’ll receive a better offer from another buyer, they may recommend making a counteroffer to get a higher price and better terms.
- Accepting the offer – If you find the offer favorable with regards to price, terms, and timeline, you can go ahead and accept it outright without making a counteroffer, especially if you’re pressed for time and are not fielding any other offers.
- Ignoring the offer – As the seller, you’re not required to respond to any offers. You have the option to completely ignore lowball offers or ones that do not meet your requirements. Do note though, that this may slightly weaken your hand at the negotiation table if you reach out to the bidder at a later date.
Fielding offers
When deciding between multiple offers, going with the highest price offer may seem like the obvious choice. However, you need to consider other important factors as well. Discuss these with your realtor before negotiating with the buyer.
- Earnest money – Earnest money is typically equivalent to 1% to 3% of a property’s purchase price. How much the buyer intends to pay indicates the risk they’re willing to take on. You’ll be able to tell how serious the buyer is if they give a larger earnest money deposit since they’ll have more to lose should they decide to back out of the deal.
- Type of financing – Is the buyer planning to finance the purchase or pay all upfront? Compared to a financed purchase, a cash deal is more straightforward and often closes faster with minimal issues along the way.
- Home sale contingency – If the sales contract includes a home sale contingency clause, the deal will only push through if and when the buyer’s own property is sold. Decide whether it’s worth the risk of taking on the offer given the possibility of the buyer’s sale not closing, especially if the market is buoyant and offers are coming in.
- Timing of the purchase – Be sure the prospective buyer will be able to close on the sale within your target timeframe.
Review and sign the required paperwork
After you’ve decided to accept an offer, the next step is to review and sign the contract. Once the contract is signed by all parties, your home is officially under contract, which means you’re just months away from closing. In Arkansas, a real estate closing typically takes around 85 days.
Home inspection
In Arkansas, a real estate purchase contract usually includes a ten-day inspection period for buyers (also known as a due diligence period). During this period, the buyer can conduct a professional inspection of the home.
A typical home inspection takes one or two hours. Afterward, the inspector will submit a report containing details on the condition of the home and potential issues revealed by the inspection. Home sellers are usually not present during the inspection and often are not shown the inspection report. If there are any major problems discovered in the inspection, however, the buyer might request the seller to repair these defects or negotiate a lower price.
A Termite and Other Wood Destroying Organism Report (WDO) may be required (which costs around $300) since termites are common in Arkansas. It varies from property to property, so consult your real estate agent to find out if you’ll need to conduct this type of inspection.
Appraisal
Homebuyers are required by lenders to get an appraisal to ensure that the property they’re purchasing is worth its price. The appraisal is usually paid for by the buyer in Arkansas.
During the appraisal, a professional appraiser will go through your home, take photos, and take note of any features or upgrades that add value. They’ll use data gathered on recently sold homes in your area and compare your home against these to create a detailed report containing their valuation.
Final walkthrough
Prior to closing, the buyer may request a final walkthrough to ensure the home they’re about to purchase is in the same condition since the last viewing or whether any requested repairs have been completed. During this time, make sure you do the following.
- Clean your home.
- Secure all of your personal belongings.
- Review the sale contract and make sure the items included in the sale are still there.
- Repair damage in the paint or drywall.
Closing
In the days leading up to closing, there are a few more things left to handle before crossing the finish line:
- Check for a closing disclosure – You might be required to sign the closing disclosure or CD two to three days before the closing date. The CD will contain all costs covered by the buyer and seller, along with the estimated net proceeds you’ll receive. Discuss and recheck all of the numbers with your agent, and inquire in case they don’t seem to add up.
- Clear out all of your personal belongings – Your home should be completely vacant before the buyer’s final walk through. Remember to do a final walkthrough yourself to see to it that everything’s in order.
- Hand your keys and garage door openers to your agent – Your agent will need to deliver these to the buyer’s agent.
- Ask your agent about the closing – Ask your agent if you’re required to attend the closing personally, or if it’s possible to sign any remaining paperwork online. Keep in mind that closings can get delayed, so it’s better if you don’t expect it to happen precisely on time. Keep in touch with your agent and request updates on the status of the closing.
Sell your house fast in Northwest Arkansasby working with the top REALTOR®!
If you want to sell your house fast in Northwest Arkansas, you’ll be hard-pressed to find a more experienced, reliable, and skilled professional than Nicky Dou.
As a top-rated REALTOR® who specializes in the Northwest Arkansas real estate market, you can count on Nicky’s deep knowledge of the local market, unmatched negotiation skills, and ability to think outside the box to guide you to a seamless and stress-free home sale.
Get in touch with Nicky Dou today by calling 479.236.3457 or sending an nicky(at)nickydou(dotted)com.