And not just any Realtor. Be sure you partner with someone who is knowledgeable in the area, will negotiate professionally and competently on your behalf and has your best interest in mind. Great resources are referrals from friends or neighbors, professional colleagues or agents well known in the area.
At the first meeting with your Realtor he or she should ask you about your home and your goals for selling. What is most important to you? Is it more important to sell it quickly or to get the right price…or both? Describe your situation and your Realtor will discuss pricing with a Comparative Market Analysis and build a plan with you to get it sold.
You signed a listing agreement, congratulations! The next step is to gain maximum exposure to get it sold. Common ways to advertise the listing:
There are numerous ways to get your home seen. The key is pricing it at market rate so that the buyers you attract will end up making an offer.
This step happens just after signing the listing agreement. A professional realtor will stage your home and/or give you advice on making the interior and exterior extremely appealing to most buyers. Clutter, extra furniture and smells can be unattractive when showing the home. David Young & Company has a detailed list of things homeowners need to address while their home is listed and being show to potential buyers.
After your home has generated a buzz and interest, you quite possibly may be looking at several offers. Your Realtor will present each offer and explain the different terms and offer solid advice. Offers are simply that, just an offer. As such all offers are negotiable and if enticing enough, you will enter the next stage of the process…negotiations.
Scenario: So they offered you less than you were asking. However, they want a fast close and are asking for no repairs. It could be worth pursuing. The negotiation process is where the seller and buyer communicate back and forth via their Realtors and discuss what they are willing or are NOT willing to do to buy or sell the home.
Agreed. We agree on a price and on the terms of the contract. This is considered “Executed.” With that comes the option period, inspections and appraisal. Understanding the terms and deadlines you have agreed to is paramount. A Contract is a legally binding agreement; make sure you ask plenty of questions if you have any doubts about your agreement.
The option period is described as when the buyer pays the seller a dollar amount (ask your Realtor) to keep the home off the active listing market in Option Pending status. This means that the seller agrees to not negotiate other offers while the buyer and their inspector consider the property. Before the end of the option period (which is typically 10 days) the buyer has the right to back out and take back the offer. After the option period, the buyer cannot simply back out of the contract. If the buyer decides to move forward past option, then we move to the appraisal phase. If Inspections reveal the need to request the seller to make repairs, the buyer’s Realtor will communicate their wishes by use of a Texas Real Estate promulgated form.
Mortgage Lenders will send an appraiser (hired by the lender) to review the property value. If a bank is loaning money for an asset, they need to make certain it is valued at the same price for which they are loaning money. If the appraisal comes in less than the offered price, the buyer and their agent may negotiate the asking price or the buyer may need to come up with more money out of pocket if they really love the home.
The closing date is set. The rest of the process consists of the title company working with the mortgage company to research title records, get the loan funded and to transfer ownership from the seller to the buyer. This is done by deed research, title insurance and lots of legal documents to process the transaction. The Buyer’s Realtor should provide them with a title prepared HUD statement prior to closing so they know how much money they will need to bring to closing. When you are in partnership with a great title company, escrow officer and loan officer, the closing will be seamless and easy. Seller proceeds are issued shortly after the loan is funded.