An overview of the home selling process
Your Home on the Market
Once your home is on the market, the showings can start immediately. The first thing to remember is that people may be in your home on any given day at any given time (as long as you agree). Here is how the process works.
Step One : Showing Your Home
When a real estate agent wants to show your home, they will call my office and set the appointment time - usually this is a 2 hour span during the day (example: 12 - 2:00 pm on Tuesday). Then the receptionist will call you to see if that time works. If the answer is no, they will try to reschedule. If the answer is yes, the receptionist will call the real estate agent back and confirm the showing and give them the pertinent lock box information.
The lock box
A lock box holds the key to your home and is placed either on your front door handle or near the door. This allows real estate agents showing your property to gain access if you are not there. The receptionist calls the agent's office to give them the lock box information to confirm that the person is an actual agent. This is to insure that your lock box information is kept secure and not given to someone calling about your home from the street. The receptionist must be able to verify that the person she is giving your lock box information to is a licensed real estate agent, or the will not be given out.
If you plan on being home during the showing appointment, the best option is to take a walk when the real estate agent arrives or just go outside. People are more comfortable looking at a home when the owners are not present. Showings will continue until an offer is made.
Step Two : The Offer
Once an offer is made I will meet with you at an agreed upon time. Prior to the meeting, I will review the offer and give you my opinion about the quality of the offer submitted. There are three possible outcomes once you receive an offer:
- You accept the offer as-is
- You counter the offer
- You reject the offer
Let's assume that you accept the offer or that the buyer's accepted your counter-offer. You are now under contract.
Step Three : Under Contract
During the agreed upon closing time, the following items need to be accomplished:
Title Insurance
Seller's must provide insurance that all liens (usually your 1st and/or 2nd deeds of trust) on the property will be paid off at closing and that there is no outstanding notes attached to the home after the home is sold and closed
Inspection
Buyer's have the right to have an inspection of the home to check for any defects. They also have the right to ask that repairs be done to the home prior to closing. There are 3 ways you can address their requests: You can deny them, You can agree to do all of them, or offer a cash equivalent, You can agree to do some of the items on their list and deny the others. Remember, this is another period of negotiation and if you are not able to come to terms, the contract will terminate and the earnest money will be returned to the buyers.
Loan Approval
The buyer's have until the agreed upon date in the contract to obtain final loan approval. If they are unable to obtain approval, then they can terminate the contract and receive their earnest money back. It is always best to get a pre-approval letter from a lender prior to accepting an offer. This will make you feel a lot more secure that the offers you get are qualified.
Appraisal
The home must appraise for the purchase amount, or the buyer's can have the contract terminated and receive their earnest money back. In essence, the home must be priced appropriately in comparison to its neighborhood.
Step Four : Closing
Once all of these conditions have been met, you will move onto closing. At closing we will meet with the buyers and the mortgage representatives to sign all of the papers. Once the papers have been signed the process is complete.
Getting Your House Sold
As your partner in the home sale process, I'll do my best to insure that everything runs smoothly. As I mentioned above, this is how a home sale works in the most general terms. Each sale is different and has to be handled in its own way. I have experienced the selling process hundreds of times and I can help you insure the sale of your home. If you have any questions regarding this process please don't hesitate to call or email me. If you would like we can meet and I will explain the process in person.
I look forward to earning your business.
Sean Reilly
303 512 0405 office
303 520 8700 cell
sean@seansellshouses.com
ps.
If you are presently working with another realtor® it is unethical for me to help you buy or sell your property. If you already working with another realtor®, I wish you the best of luck with your real estate transaction and I thank you for taking a look at my website. |
