SELLING YOUR HOME?
Honorable Service Realty Group can help!
The most common concern of clients who are preparing to sell their home is simply: What is the process? We think this information will de-mystify a few things for you…
- Select your Home Improvement Projects early and smartly. We’ve included some helpful hints on readying your home for the market, but the truth is, each home and each market is a little different. If you don’t know what is trending in your community or how much return you can expect on your investment, consult a Realtor early on…they will be able to make recommendations that suit your timeline and your budget.
- Select your Realtor. It’s never too early to connect with a Realtor about selling your home. Once you bring a Realtor into the loop you can expect them to set up a market watch for you and for her, so adjustments in home condition, timing, and pricing can be deliberately planned and executed. Faced with a short-notice move? That’s OK too. There is a lot of automation to help us go from listing agreement to market in a FLASH!
- Put it on the Market. Your Realtor will schedule any staging that is to be done as well as a photographer, build a marketing plan and generally get all that pre-market stuff done for you. Once it’s on the market it’s your job to keep the home in show-ready condition and accommodate showings as agreed upon in the listing agreement. You can expect routine feedback from your Realtor to know how your home is being received. Based on the feedback, or a lack of showings, you may need to sit down with your Realtor to re-group.
- You Receive an Offer! Your Realtor will present any and all offer-to-purchase contracts to you for your review and consideration. He will help you understand the risks and benefits with each and allow you to make the best decision for you. Once all parties agree and sign the contract, you are Ratified.
- Now You’re Under Contract. It’s a quick sigh of relief, and then there are a series of steps that must take place to get you to the settlement table. These are typically referred to asContingencies.
o Inspections: The buyer will have a home inspection, usually within the first 10 days after ratification. Based on the timelines established in the contract, the buyer will present you with the findings in any/all inspections and there is a negotiation period where you all agree on what, if anything, will be done to remedy any findings prior to settlement. While the Home Inspection and any other related inspections (RADON, Septic/Well, etc.) will be done early in the process, the Wood-destroying-insect inspection generally has to happen within 30 days of closing. Any work that was agreed to be done will require some form of proof that is was complete prior to settlement. This is generally in the form of invoices.
o Appraisal: An appraiser, working on behalf of the Buyer’s lender, will do an inspection and deliver an appraisal to the lender. Generally the seller will only get to know the value if it is found to be less than the sales price. If it is the same or higher than the sales price, the appraisal is sufficient to proceed with settlement. If not, it’s a point of negotiation which will have to be resolved before moving forward with the contract.
o Completing loan processing: While this isn’t anything the seller ever gets involved in, the Financing Contingency is key because, in the end, if the loan can’t get approved, the contract is null and void. Your Realtor should be tracking this process with the loan officer to ensure everything is on track
- Proceed to Settlement. While you’ve been preparing for your move out, your buyers are preparing for their move in. Depending on the details of the contract, the day of settlement may not be when possession of the home takes place. What’s critical about that detail is what is expected with respect to who’s paying for the utilities. Your Realtor will guide you but generally speaking, sellers are responsible for keeping utilities on THROUGH settlement. The last step just prior to settlement will be the Walk-through Inspection. This is when the buyer and their Realtor walk through the home to ensure everything has been left according to the terms agreed upon in the contract.
- Settlement. The day is finally here! Your hard work has paid off! Sign the paperwork and hand over the keys. At this point you will have provided information to the settlement officer or attorney on how you would like to receive your proceeds, but you won’t get them at the settlement table. The new Deed reflecting the transfer of title to the buyers needs to be recorded at the County Courthouse. Once this has taken place, all monies will be dispersed by the Settlement agent. Now it’s time to enjoy the next exciting phase in your lives!