Home-selling process

There are a lot of things you have to consider before deciding to sell your property like the pros and cons of selling your home, financial status, where to move from here and the list goes on and on and on…

Now that you have finally come up with the decision to sell your property there’s another list you have to know, the process of home selling. This is a must know list in order for you to ensure that the sale will be smooth, fair, legally binding and hassle free.
Here’s the step by step home selling process every home seller must know:

 

First, look for an agent who will represent you

– Get a Seller’s Agent also known as Listing Agent. This will save you a lot of time, money and effort. This agent will represent you throughout the transaction process. He/she will be responsible in marketing, listing your property on MLS and other different portals which will help in getting potential buyers for your property.

 

 

 
Title Search, Property Inspection and Valuation
– In this process, there will be several tasks to be done by vendors who will help you provide a fair price for your property. Title search is also very important to ensure that the title is clear of any issues and ready to be transferred to a buyer anytime.

 
Now, Seller’s Agent lists the property in MLS
– Marketing of the property begins, listed in MLS and other portals, creating flyers and video tours that will help in getting more people, potential buyer’s interest in getting/buying the property.

 
Respective agents will exchange offers and /or counter offers
– After much Marketing effort, we expect buyer’s offers to come in. There could be just one or multiple buyer’s offer for a property. It is the seller’s agent duty to gather them and submit it to the seller for review and approval. We can technically call this the negotiation phase, wherein the seller’s agent and the buyer’s agent are in communication and discussion through offers and counteroffers. The price, conditions, requests, timelines are discussed until the buyer and seller come into an agreement.

Purchase agreement is signed Escrow phase begins
– Once the contract has been signed by the seller and all parties involved in the transaction, it is called the contract ratification. Escrow Phase begins. This is the process in which documents are being kept by a third party administrator and is held until the closing of the transaction. The turnaround time for this phase depends on how the buyer will pay for the property.
The mode of payment that you will use will determine the turnaround time you will have in the escrow phase.
Cash – 15 days
Loan – 30 days
Renovation Loan – 45 days

 
Escrow closes once a new deed is recorded in the buyer’s name

– This is the end of the sale process. There are a lot of events before we can finally close the transaction. Exchange of keys, all financial terms and obligations are settled- to the seller, the agents
(buyer’s and seller’s), the Escrow Company, and all the other vendors and the deed or the title is now under the name of the new owner.