REAL ESTATE SELLING PROCESS
When preparing to sell, there are many things to consider. Things such as analyzing your home's potential to sell on the market, figuring out how much you estimate to net from the sale, the minor maintenance and upkeep which maybe necessary to draw in buyers, and these are all things your Realtor should assist you with.
Selecting a Realtor is important, they must have an arsenal full of marketing tools and ideas in addition to listing your property on the MLS. Make sure you find out out how they will market your property and better yet, that they will be available to you when you have questions.
Once you and your Realtor have listed the home on the market you may be receiving an offer or multiple offers. Your Realtor will help you negotiate the final sales price, concessions if any and negotiate on your behalf for the best sales price. When you accept an offer you are entered into a legal contract known as a Purchase and Sale Agreement with the Buyer. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.
Negotiations don’t always end with the writing of the contract and can involve everything from settling on a sales price to concessions and financing. We can put you in touch with Realtors who are expert negotiators, whose job it is to represent your interests during the give and take of a real estate transaction.
Once the offer is accepted and a closing date agreed upon, escrow is opened. Escrow is the process in which the transaction is completed. Escrow is a neutral third party ensuring all the moving parts of the contact are complete. Your Realtor will help coordinate the completion of all necessary forms to the escrow company and monitor the escrow process until the transaction is complete. After Escrow is opened you will receive a full report detailing the property history for you and your realtor to review. This report is to ensure there are no legal encumbrances the owner is not aware of being placed on the property. Occasionally this happens when you miss a trash bill, an HOA bill or a sewer bill, however sometimes legal judgements are placed by courts from civil matters.
Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. An inspector will check items, such as the roof, basement if any, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterwards, buyers will have a chance to negotiate with you, the sellers, to cover the costs of certain repairs or to ask for concessions. Consult with your Realtor regarding the inspection requests, repairs and report.
Now that escrow is open the Buyer will be handling their due diligence with inspections, appraisals and financing. Typically Buyers will put in the contract they have (x) amount of days to obtain financing. Your Realtor should keep track of your transactions progress and keep in touch with the Buyers Agent, notifying you immediately when they become aware of any hiccups or delays on the buyers part.
In some states closing takes place on the same day, Buyer and Seller sign everything together. In Nevada, Buyer and Seller sign at different times during the process at the Escrow Agents office (usually). Prior to closing and signing, you’ll receive a settlement statement outlining any fees due through the transaction which may apply to you or both parties; any amounts due must be paid prior to closing. Once all signatures are obtained and funds received, escrow finalizes the details and all legal documents are recorded, Congratulations, you have sold your property!
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