Selling Your Home? Here's How the Process Works
Even if you've bought or sold a home before, this process can still be daunting. Let's look at the many steps involved in selling a home and see how a real estate professional works to tie them all together.
Step 1
List your property with a RE/MAX real estate
professional. Select someone who's knowledgeable, listens carefully to
identify your needs, and with whom you feel comfortable.
Step 2
Discuss how the real estate professional can assist you in finding your
new home. If you have not identified a property to purchase, you'll want
to work with someone with an in-depth knowledge of the area to guide
you.
Step 3
Establish price and time frame. Your listing agent will prepare a
comparable market analysis (CMA), which compares your home with similar
homes in the area that are currently listed, in contract or have sold
within the last six months. Supply and demand, craftsmanship, amenities,
condition and any special circumstances can also impact price. For
instance, a relocation might necessitate a quick sale.
Step 4
Develop and implement a marketing strategy. It's important to develop a
plan that will expose your home to as many buyers as possible. This
usually includes scheduling open houses, advertising in local newspapers
and magazines and on the Internet, preparing property brochures,
registering with a multiple listing service, exposing the listing to
brokers' and referral networks and installing a lawn sign.
Step 5
An offer is submitted. A buyer will make an offer through his agent. The
buyer's agent will present the offer to your representative, who will
promptly relay it to you and help you evaluate it.
Step 6
The negotiation process begins and eventually an offer is accepted. The
process of offer and counter-offer may go on until parties arrive at an
acceptable contract. This step can go very quickly or take days, even
weeks.
Step 7
Buyers submit a loan application and home inspections are scheduled.
Most often, the loan approval is contingent upon a satisfactory
appraisal and various inspections.
Step 8
The loan is approved. All parties breathe a sigh of relief and begin
preparations for moving.
Step 9
The listing agent coordinates all activities required for closing. Your
agent will funnel all the closing documents to the escrow agent. Papers
include the deed, mortgage, numerous tax receipts, a Certificate of
Occupancy and other documents. A final walk-through will also be
scheduled.
Step 10
Finalize and close transaction. What you call this final real estate
transaction depends on where you live and if the parties gather for the
proceedings. The term settlement applies when a meeting takes place. In
colloquial terms, many people refer to this as the closing. On the other
hand, closing of escrow occurs without a meeting. When the escrow agent
receives the paperwork and the funds pertaining to the sale of the
property, the escrow is closed.
Step 11
Time to move!
