Understanding The Steps To Selling Your Home
1. Prepare Your Home For Sale And Showings.
Begin with a good deep cleaning. De-clutter tabletops, counter tops, including personal photos. A clean, streamlined look goes a long way. Evaluate interior and exterior paint, and determine if painting or touch up paint is needed. For more helpful tips on making sure your home is looking its best for potential buyers, CLICK HERE.
2. Hire A Professional Realtor.
Listing your home with an honest, experienced, and committed professional realtor will save you money, time and frustration. As your realtor, we will take care of marketing and presentation, security for showings, sharing feedback from showings, negotiating offers, and once your home is under contract, will follow the process through to closing.
3. Offers And Negotiations.
Once an offer comes in, we will present it to you and go over all of the terms with you (price, cash or finance, time frames, special requests, and assuring the buyer is qualified). All of the terms are negotiable, and negotiations can go back and forth several times between parties before an agreement is reached. Common items that are often negotiated are purchase price, closing date, inspection periods, and any contingencies. Your real estate professional will review the offer with you and work with you to negotiate the terms of the offer and present them to the buyer’s agent.
4. The Contract And What Follows.
Once both seller and buyer agree on all terms, you now have a contract. This is when the “clock starts ticking” regarding contract time frames. We will assure that any earnest money deposits are delivered on time. The buyer may, at their own expense, order a home inspection, termite inspection, or other inspections. Any inspections the buyer wishes to have performed must be done during the agreed upon inspection period. Once the inspection period is over, we will continue to follow the process closely with the closing company. If the Buyer is financing, we will ensure that the loan is progressing in a timely manner and that all timelines are met. We will be monitoring dates and obligations closely and will ensure that you are aware of the following:
- The “effective date” of your contract, which is the date both parties signed the final agreement and all parties were notified.
- The closing date. (usually 30-45 days from effective date if financing, or sooner if cash, but can be any agreed upon date).
- The date any deposits are due from the buyer.
- The date the inspection period ends. (commonly 15 days from effective date but can be any agreed upon date)
- The date the buyer’s loan commitment is due. (usually 30 days from effective date)
5. Moving Out Of Your Home.
You need to plan on being moved out of your home by the day of closing, but you will want to make sure that all contingencies and terms of the contract have been met prior to moving out. We will keep you informed regarding this. The house must be left clean and any appliances or fixtures such as lights, ceiling fans, etc. must not be removed unless agreed upon by both parties in the contract. The buyer will usually schedule a “walk-through” inspection of the home the day of or day prior to closing, where the buyer or his representative walks through the home to assure it is in the same condition as it was at time of offer/contract and that all agreed upon repairs have been performed.
6. It’s Closing Time!
The closing company will perform a title search and other responsibilities and will prepare all documents needed for the closing. A date and time will be set for buyer and seller to sign their documents. If either party is not local, a mail-away closing can be arranged. Prior to closing the closing company will provide a “HUD” or settlement statement for review. This statement itemizes closing costs for both sides and will indicate the final amount that you, the seller, will receive. Once buyer and seller have signed their closing paperwork, the transaction will be funded, and you will receive payment from the closing company, either in the form of a check or a wire transfer to your bank account. The closing company will record the deed with the proper agency and you will receive a copy of the deed within a designated time frame.