BUYER I SELLER
Disclaimer: Every property and seller is unique. Though the process is similar for all, each transaction can have different steps and requirements. We walk you through the whole process to provide knowledge and ease. Below is the general outline of the process.
Before selling, consider: What is your goal? Why are you selling? To achieve your goals is sell- ing the only option? You want to make sure that selling is the correct move forward to reach your desired goal. Consulting a realtor is helpful in your planning process.
FINDING AN AGENT/REALTOR
Interviewing agents is important as they will be your guide and advocate through your sale. A good agent should be knowledgable in the market, listen to your goals, give you their opinion and options, and respectfully remember that you are ultimately the final decision maker. They will help you reach a market price and marketing the listing. Make sure you are comfortable with the agent as they will be key in assisting in the sale.
PREPARING PROPERTY FOR SALE
Prior to listing, a walk through the home to evaluate what prep work will be done for the property before listing to public. In certain circumstances, staging a home, decluttering, minor repairs, and a pre-inspection may be helpful in obtaining a quicker sale and higher price. In other circumstances, leaving the home “as is” will save money in the end ( ie, homes prime for major remodeling or builder’s lot for new home). Discuss with agent what marketplace your home will attract and then prepare accordingly.
Your agent should run a comparative market analysis so you can agree on the listing price, terms of sale, and marketing strategy. Once agreed upon, pictures, virtual tours, and/or video tours of the property may be needed. It is exponentially more beneficial to utilize the pictures for other marketing pieces once listed (ie flyers, mailers, social media, etc).
Offers can be reviewed as received or on a specified date depending on personal preference. The agent should compile a list of offers and their terms to be easily reviewed and discussed. Agent should review each offer noting both positives & negatives, if any, to enable sellers to make the ultimate decision on the best offer to accept. Price is not always the ultimate determinator of the best offer. Discussing with your agent, will help you make the right decision for your ultimate goal.
Once an offer is accepted by both buyer and seller, escrow can be opened. An escrow company is a neutral third party where buyers and sellers deposit written instructions, documents, and funds until agreed upon conditions set in the contract are fulfilled.
Disclosures are all documents that are required to be given to a buyer as a part of their due diligence and inspections. It is the seller’s chance to reveal anything that can affect the value, use- fulness, or enjoyment of the property. This is also an important step, in that hiding important facts which may come to light later, may come back to seller in form of litigation. Therefore it is important to take these disclosure documents seriously, and your agent can help you distinguish those facts which should be disclosed.
During this time, you, the seller, must provide all requested and required documentation to the buyer. The buyer has the right to complete their due diligence, inspections, and reviews of documents received from the seller, the seller’s agents, and escrow by the earlier defined deadline. During this time period, buyer will also be working to obtain final loan approval, if loan is needed.
Closing occurs when all conditions of the contract are met, loan and funds are received by es- crow, and the purchase is recorded. Once this is complete, the agent will deliver keys to the buyer, and you, the seller, will receive your proceeds.
Sellers may periodically have real estate questions. A good real estate agent will always be available to help answer any of your questions.