THE HOME SELLING PROCESS
Thinking of selling your house, but you don’t know what to expect. That’s what I want to explain to you today.
I feel that there is a lot of information about first-time buyers, but not about first-time sellers or probably people that sold their houses a long time ago. And they don’t know how the process works, or probably they forget.
The method remains the same when you’re selling your home or with the aid of a selling agent. Although certain particulars can differ somewhat from state to state, this checklist may use as a general reference.
Steps of Home Selling Process
1. Offer Received
The first thing that happens is the process is you have been showing the house you’ve received.OK, so that will be the first. The buyer’s agent will send you a contract with different terms and conditions. After that, you and your real estate agent will go through all the offers. And nowadays you’ll probably receive many of them.
So you will go through all the suggestions and then analyze what is best for you, what’s best for the buyer. And at the end, what is the best scenario for you, money-wise, time-wise, inspection period, all that.
If your home price correct, you can expect several deals. Don’t dismiss any bid, even though it seems to be too poor. Make a counteroffer to start the negotiation.
2. Earnest Money
So now we will move to the earnest money. The earnest money is a good faith deposit, meaning that that buyer is really into buying the house. Earnest money is generally deposited in a trust or escrow account by signed check, personal check, or wire transfer. It can be one percent, two percent. Moreover, it can be a fixed amount. Ten thousand, fifty thousand, whatever they want.
The buyers that like your house also go a little higher to compete with all the offers. Moreover, they’re more committed to buying the home because they give you a higher deposit. Your earnings deposit money must be in the title company within three days after the contract executes.
3. Inspection Period
Another essential factor to consider when deciding on which offers to accept is the inspection time. You have five days; up to 15 days for a seller is always better if that inspection period is just like five days. Why? Because in that inspection period, you’re still negotiating.
If you want to schedule meetings, try to be as flexible as possible. Any customers would like to see the house after work on weeknights and over the weekend. As far as possible, be welcoming.
If something is wrong with the inspection, you can be back and maybe repairing what needs to be repaired or giving that buyer credit. If the customer thinks that whatever the inspection display is, it’s not something they’re going to put up with, they can back out of contract.
4. Title Work
The title company starts working on everything related to the property line search. They will do a survey that will do all kinds of research to ensure that the property is in good standing. Moreover, as far as taxes as well, everything related to that.
But one of the most important things that come up next is the appraisal. Usually, when the buyers are financing that mortgage lender or request an appraisal, that will be important. Moreover, it’s going to give them the value of your property. However, if the appraisal comes up lower, there is another negotiation that needs to do.
Of course, the bank doesn’t want to finance something that is not worth the money. There is another, you know, stat for you to negotiate with that buyer just in case. If the appraisal comes up, like higher, there’s no problem. The sales price would be the same, and everything will continue as planned.
6. Walkthrough Day
The day that you put in the contract as a closing date will say the same, probably a day before. Or maybe if you close in the afternoon, you will perform a walkthrough in the morning. A walkthrough is when the buyers go to the house for the last time, and they make sure the house is in the same condition that they saw it.
If they saw like a building closet and he’s not there, it might be a problem because you sold your house and presented the house with that building. So you make sure everything stays the same. You don’t want any issues in that walkthrough. You make sure that all the appliances are working and the house is in perfect condition.
7. Closing Day
After that, you go like Broglie the next day, and you do the closing. You have to bring your driver’s license because it is crucial. After that, you sign all the documents, and that mortgage lender and the money will transfer to your existing mortgage, and that’s it, keys will be given to the buyer and everybody at that point, you’re no longer the owner of your house.
Now the buyers will take possession of the property, and everything will be nice and clear on your end. As I mentioned, everything will be paid and clear by the title company.
I hope this helps. Remember, these days is vital that you use the help of the realtor. A lot of people think that because the market is complex, they do not need one. But please think twice. We’re here to help. We are constantly working in your best interests, and I hope to hear from you soon.
If you are ready to sell your house, call me if you’re not. Let’s talk about how much your home is worth, and maybe in a year to five, whatever it is, we can talk again. Thank you again. And now we’ll see you with another exciting article.