What is the Home Selling Process?

People often wonder about the home selling process. The process is virtually the same whether you’re selling your home for sale by owner or employing a listing agent. Specific details might vary somewhat among the states, yet I’ll use California as my example since this state typically sets the standard for most of the country. In order to sell a home:1) Pick a Listing Agent

  • The listing agent represents you and has a fiduciary responsibility for looking out for all your best interests.

2) Figure Out How Much the House Is Worth

  • Price the house in line with sold houses identified within a comparative marketplace analysis report.

3) Get House Prepared for Sale

  • Prepare the house for sale by improving curb appeal, decluttering, and cleaning.

4) Market the House

  • Your agent and you must identify the selling points and select ad words that sell.

5) Show the House

  • If you are wondering about appointments vs. lockboxes, you will receive more showings if you allow agents to use a lockbox.

6) Get Purchase Offers then Negotiate

  • Even if you get a lowball offer, you can negotiate by giving a counter offer. Do not ignore offers.

7) Open Escrow & Order Title

  • The transaction coordinator or agent opens escrow and orders a title policy.

8) Schedule an Appraiser Appointment

  • If a buyer determines to cancel the agreement based upon an appraisal, ask the agent or attorney about your rights.

9) Cooperate w/ Home Inspector

  • Ask the agent to offer you a home inspection list so you’ll know what items the inspector wants to check.

10) Get Seller Required Inspections

  • If the agreement calls for a roof certification, employ a reputable business to do the inspection.
  • States which permit for pest or termite inspections make the reports public records.
  • The charges for every inspection report are negotiable.
  • If the house was constructed prior to 1950, a sewer inspector may call for a new sewer line, yet trenchless sewers will be more affordable to put in.

11) Delivery Seller Disclosures

  • The title company ought to offer CC&Rs; however, if you belong to the homeowner association, extra paperwork is needed.

12) Negotiate Request for Repairs

  • If you don’t opt to make repairs, the buyer instead might accept a closing cost credit.

13) Request that the Buyer Release Contingencies

  • In the state of California, for instance, agreements default to seventeen days, during which time, a buyer has to release contingencies.

14) Sign Escrow and Title Paperwork

  • Within southern California, you’ll sign escrow paperwork right after opening escrow.
  • Within northern California, you’ll sign escrow paperwork close to closing.

15) Close Escrow

  • Depending upon buyer's possession rights that are specified in the agreement, you might have to move on the date the house closes.
Real Estate NewsBryan HayesComment