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The step by step process of selling your home What to Expect When selling Your Home With Gerald:
Working with the top lenders, escrow officers and inspectors in San Luis Obispo county, I have put together a plan that puts you at the best advantage when selling a home. The following information will outline the step by step process of selling your home.
The listing day
After viewing your home and completing a BPO (broker price opinion) for your review we come to an agreement on the fair market value of your home. We complete the listing contract and agree on the marketing plan for your home based upon your needs & concerns. We make ourselves available 7 days a week to answer your concerns, to show your property and to answer questions from other agents regarding your home.
We will walk through your home giving you ideas of how to best prepare for showing your home. Up to 15 digital pictures of your home will be taken for use in advertizing including newspaper ads, our web site, MLS web site and Realtor.com web site. A virtual tour of your home will be taken. A listing sign will be placed on your property with brochure box. A "lock box" will be installed on your home so other agents can show your property to their clients. Information and the edited digital pictures of your home will be uploaded on the internet sites mention above along with the virtual tour. An ad regarding your home will be placed in the Sunday newspaper.
The offer
When a buyer makes an offer on your home we request a Pre-Qualification letter from the lender to be submitted with the package. We call the lender and ask questions regarding the credit worthiness of the potential buyer. After reviewing the offer we make an appointment with you to go over the highlights of the offer. If there are any areas of concern we write up a counter offer to propose to the potential buyer.
Counter Offer and Other Considerations
As we return to a "buyers market" the negotiation process is more important than ever. The art of procuring the buyer takes patience and the ability to communicate with clear understanding of your concerns and desires. The buyer may counter your counter offer. You can accept or reject the counter offer or the process can go back and forth until you are satisfied. The day the agreement is reached is the day of acceptance.
Escrow is Opened
This is the beginning of the escrow timetable of inspections, loan processing, and other terms of the contract. The Lender, Escrow Officer, and LIST4FREE make sure the I’s are dotted and the T’s are crossed. The deposit check from the buyer will be cashed and the funds held by the escrow company. The escrow company has the job of ensuring that all of the necessary conditions of the contract are fulfilled before transfer of the title to the property takes place. In most cases the title research and escrow are done by the same company and the escrow documents are signed before the close of escrow.
Disclosures
Within 7 days we must disclose everything you know about the property to the potential buyer. We will print out several forms for you to fill out and disclose things about your home to the buyer. The buyer has until the 17th day after the purchase agreement or last counter offer has been signed to review the disclosures and except them, request repairs or to cancel the agreement. If a buyer cancels the escrow within the 17 days all of the deposit money is returned to the buyer.
Inspections
We now begin the process of inspections including (but not limited to) a pest control inspection, a complete home inspection, a roof inspection, and chimney inspection. An apprasier will come to the house to figure out the fair market value of your home. We will be there and lobby for the highest value possible based upon our prior BPO information. A copy of the Homeowner’s Policies (CC&R’s) will be given to the potential buyer. If your home is a condo or planned subdivision a copy of the ownership responsibilities and maintenance. A complete preliminary title report from the title company showing status of title on the property. A clear title will be obtained before close of escrow and you will be given copies of these documents.
Walk Through
Shortly before close of escrow, a Walk Through inspection during which the buyer will assure themselves that all of the items that were supposed to be done are complete and that all of the major systems of the property are in good working order.
Completing the Escrow
When all of the conditions of the escrow are complete the escrow will close. Sometimes escrows don't close on time, this can be due to lender requirements, escrow delays or repairs not completed. This is were a good agent excels as almost every escrow will have it's moments to overcome. Keeping an even hand and "can do" additude is so important at this stage of the process.
Funding
After the loan documents are signed by the potential buyer the endorsed paperwork goes back to the lender for final review. The lender then funds the loan and send these funds to your title company. Sometimes there is a delay at this point as the lender my make other request. However, most often the lender will fund the loan with 72 business hours of the documents being signed.
Recording
The title company will have the Grant Deed recorded, which places the property in the new owners name. Normally you have 3 days to move out of your OLD home. This timetable can be modified by mutual agreement between the buyer & seller. After recording the escrow officer will distribute any monies due you.
Hope this takes some of the mystery out of the sales process. If we can offer one last piece of advise. Be flexible as most things do and will change during the escrow process.
Hope to do business with you.........
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