Selling Your Home
Your Real Estate Agent is Your Ally
They will guide you step-by-step through the entire process, assisting with every aspect of listing your home, managing contracts, meeting deadlines, handling contingencies, negotiating offers, and ensuring a smooth closing.
REALTOR
- Choose a real estate professional you feel comfortable with, someone you can trust to share all the details of your situation.
- Ensure the agent fully understands your reasons for selling so they can align their approach with your goals.
- Ask about their marketing strategy and how they plan to showcase your property to attract buyers.
- Find out if they use a professional photographer to present your home in the best light or if they take their own photos.
- Review the contract carefully, especially the terms regarding what happens if you're unsatisfied and wish to switch agents.
OFFERS/CONTRACT
- Binder/Earnest Money Deposit: What is the amount, and is it sufficient?
- Financing Type: What type of financing is being used if not a cash offer—Conventional, FHA, VA?
- Loan Approval Timeline: While 45 days may be typical, 25-30 days may be preferred.
- Closing Date: What is the proposed date for closing?
- Seller Concessions: Are concessions being requested toward closing costs, prepaids, and/or a rate buy-down?
- Contingency: Is the purchase contingent on the sale of the Buyer's current home.
- Home Warranty: Is a home warranty being requested?
- Response Time: A 24-hour response is standard, but this can be adjusted. If multiple offers are received, notify all agents involved and request their highest and best offer.
- Offer Acceptance: Once the offer is accepted, signed by both parties, and copies are exchanged, it becomes a binding contract.
BUYER RESPONSIBILITIES
- Submit binder/escrow money within 3 days.
- Complete the loan application with the lender within 5 days.
- If required by lender, pay the appraisal fee in a timely manner.
- Complete all inspections (general, WDO, pool, septic, etc.), as well as verify home insurability, within 15 days.
- Timely provide the lender with any and all requested documents.
WDO INSPECTION (Wood Destroying Organisms)*
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- Required for all VA loans. Optional for other loan types.
- VA will not approve a loan without a clear WDO Inspection Report
*PAID FOR BY BUYER
APPRAISAL
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- If the lender requires an appraisal, it must be paid for by the buyer in a timely manner.
- In the event the appraisal comes in lower than the agreed-upon purchase price, the buyer and seller have several options:
- The seller can reduce the purchase price to match the appraised value.
- The buyer can choose to pay the difference between the appraised value and the purchase price.
- The buyer and seller can negotiate to split the difference or reach another mutually agreeable arrangement.
- If no agreement can be reached, the contract may be canceled.
TITLE COMPANY/ ATTORNEY
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- It is customary for the seller to choose the title company, with guidance from their real estate agent.
- The title company will:
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- Conduct a comprehensive title and lien search to ensure clear ownership.
- Collect all funds owed, including deposits and other payments.
- Verify and obtain the Homeowners Association (HOA) estoppel letter to confirm any outstanding fees.
- Calculate and itemize all closing costs for both parties.
- The closing process typically occurs at the office of the title company or an attorney.
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FINAL WALKTHROUGH
Within 24 hours of closing, Buyer to conduct a final inspection to ensure the property remains in the same condition as when the contract was signed. Verify that all agreed-upon appliances are still present and confirm that all required repairs have been completed.
CLOSING
Bring a Valid Driver’s License – Ensure you have a current, valid ID for identification purposes.
Provide Wire Instructions for Proceeds – If you are receiving funds, be prepared to provide wire instructions (or voided check) to the title company.
Title Company Responsibilities – The title company will verify all funds and distribute them according to the terms of the contract.
Document Notarization – Necessary documents will be notarized during the closing process.
Sign in Blue Ink – All required signatures must be in blue ink.
Receive Keys & Access – At the end of the process, you will receive house keys, mailbox keys, garage door openers, and any applicable amenity access for your new home.
