Transaction Overview

Listing Your Home

- Determine a listing price.

- Sign a listing contract.

- Schedule a photo appointment.

- Activate your home on the MLS.

 

Marketing Your Home

- The MLS

- 3rd Party Sites (Zillow.com, Realtor.com, Homes.com, Trulia.com, etc.)

- Yard sign

- Open houses

 

Accepting An Offer

- Review all offers.

- Make a decision to accept or write a counter offer.

- Upon mutual acceptance, all the contract timelines begin.

- Your home’s status in the MLS will be updated to “pending”.

- Showing activity will mostly likely halt.

 

Title & Escrow

- A title report will be issued and an escrow account will be opened.

- Both you and the buyer will receive a copy of this report within a few days.

- Buyers typically have 5 days to fulfill their title contingency (if applicable).

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Inspection

- Most buyers will include a home inspection contingency as part of their offer.

- Buyers are responsible for scheduling the inspection at a reasonable time.

- Please ensure they have access to inspect the crawlspace, attic, water heater, HVAC system, electrical panel, kitchen appliances, wall outlets and windows.

- Buyers typically have 10 days to deliver their inspection response.

- The response may include, (a) additional inspections, (b) a repair request , (c) a reduction of the purchase price, or (d) a notice of termination.

- An inspection contingency grants the buyer "subjective" authority to back out.

 

Appraisal

- If the buyer is obtaining a loan, lenders will require an appraisal to be completed.

- This typically takes 1-3 weeks to be completed once an order has been placed.
- Once scheduled, the appraiser will need 30-60 minutes to inspect your home.

- Please ensure the appraiser has access to the crawlspace, attic, water heater, HVAC system, electrical panel.
- An appraisal report will be issued to the buyer only.
- The report will evaluate the home's value and any conditional requirements.

- I have yet to experience an unexpected low appraisal, which testifies to the importance and value of proper pricing.

 

Underwriting

- For buyers obtaining a loan, the lender will also require final underwriting.

- Once approved, a loan disclosure will be issued to the buyer with a 3-day waiting period.

- Once this period has passed, loan docs will be sent to escrow.

- Once loan docs are sent to escrow, the closing appointments can be scheduled for all parties to sign.

 

 Final Walk Through

- Buyers are allowed a final walk through within 5 days of closing to ensure the property has been kept in the same condition as when they went under contract.
- Any home items that breakdown prior to closing must be repaired.

  

Closing Appointment

- This is the appointment in which you will sign all the legal documents for property to be transferred to the buyer.

- These appointments typically take place Monday - Friday (8am-5pm). Please make prior accommodations so that you are available for this appointment.

- It is at this appointment that you will notify escrow how you want to receive the proceeds of your sale. The most common options are wire transfer, check or direct deposit.

 

Closing Day

- Ownership is transferred to the buyer.

- The proceeds of your sale will be transferred to you.

- The buyer will have legal right to take possession, no later than 9pm.

 

Final Steps

- Verify your funds have been received.

- Verify your homeowners insurance has been cancelled.
- Verify utilities have been removed out of your name.

- Change your mailing address.

- Rejoice that you have completed a successful home sale.