Real Estate Interview
Select & Commit
to One Agent
Seek your agent's advice on home improvement items. Both major and minors.
Have your agent complete a comparative market analysis. Do your comparison to see if it make sense to do which renovation to get the maximum return for your dollars.
Once you completed your renovation. This is the time for professional photos shoot if your agent hasn't line it up already, you should ask for one. Good photos will attracts more Buyers to view your home.
Before your home hit the market, do check to see if you have check off all needed items like: Property Disclosures, Agency Disclosures, Listing Contract, Showing Schedules, etc.
Once your property go LIVE, you and your agent should have discuss how you'd like offer(s) present to you. Whether first come first serve, in case of multiple offer then what, your time frame on responding to offer(s), etc.
Offer(s) came in. You just accepted an offer. Depending on how the deal is negotiated, but typically following an accepted offer is the Buyer's earnest money will get deposit into Listing Broker's trust account. Buyer will hire an inspection company to complete the inspection prior to inspection contingency period is over. The average inspection days are 5-10 calendar days.
While waiting for the inspection, your agent put you in-touch with a Title Company to help assist you with the closing of your home.
When the inspection is completed. Seller should expect to hear from Buyer’s agent for request repair items. Negotiation should fall within the inspection contingency period. Seller doesn't have to entertain any or all of the request repair items. The rules of thumbs is if it's not broken or hazardous then it's up to Seller's good will whether to accept or not. On the flip side, Buyer have the right to walk away after inspection if both side can't come to an agreement or they can simply walk away if they don’t like something. Buyer's is not obligated to provide a reason.
When Seller live in an association community, Seller's listing agent should inform Seller to be prepare to order the resale certificate and all the associations’ documents. Once there's an accepted offer, Seller and listing agent should obtain those documents as soon as possible and deliver to Buyer's agent. Once acknowledged received, Buyer have 10 days rescission period. Buyer could withdraw offer at any time within that time frame but the rescission period could modified or waived in writing at any time prior to deadline. Many time Buyer who have no issue after reviewed the association documents, they normally let it ride out.
Once Seller and Buyer come to term on inspection repair items, the property status now change to PENDING status. Next step the lender will order an appraisal from a third party company. Buyer’s Lender want to make sure the property is at value.
If the appraisal comes back at value or higher than the purchase price, everything will move forward. If the property appraised less than purchase price, when that happens the Buyer will most likely go back to the Seller to re-negotiate the contract price. (due to Lenders will only lend up to appraised value.) This negotiation process will vary between parties. Either the Seller will come down to match the appraised price, both parties compromise and work out a new price, or if the Seller won't budge and the Buyer really likes the home, the Buyer can out-of-pocket the difference to buy the home. Worse-case scenario is when both parties do not come to terms, and they cancel the contract.
In scenario of all terms and price is good then Seller are now at the final phase of the selling process. Seller will work with Title Company to verify all info and order payoff quote if any. Seller will provide all repair receipts (if any) to Buyer's agent and to your contact (closer) at the Title Company.
A day or two prior to your closing date, your closer will send you the ALTA Closing Settlement Statement. Make sure all numbers make sense to you. Seller should reach out to the utility companies to notify of the sale and inform of the closing date.
Closing Day! Make sure to bring ID with you for identity verification before you can sign your closing documents.
Congratulations on the sale of your home!