Understanding the Home Selling Process

    Understanding the Home Selling Process

    Oct 26, 2020

    So many homeowners contemplate a move but have anxiety over what to expect! We would like to take you through the process, step by step, because the best way to relieve those fears is to educate yourself!

    When our Realtor professionals meet with a seller, the first thing that they do is completely assess that seller’s needs and timeline and a plan is put together for pricing and marketing. The next step is to prepare the home for photography and showings. Our Realtors have experience and take great care in helping the seller to de-clutter, stage and advise the seller on what needs to be done for optimal results!

    Once the photos are done and all marketing material is prepped, the next step is showings. Once your Realtor hits the “button”, this is your best chance for maximum exposure and the opportunity to get the most showings generating competition for your home. At ERA Central, we use a showing service, so you can be notified immediately of a showing request and you can respond via phone, email or text! We recommend that sellers leave the house while it is being shown, and that you leave the lights on, doors open and make it appealing and easy for the buyer to move through. After an agent shows your home, they will be asked to complete a form giving feedback on how their clients liked the home and if there is further interest. Usually, if a buyer likes a home, they will make an appointment for a second showing.

    When a buyer is ready to make an offer, their agent will typically prepare a full contract of sale and present that to your agent along with a pre-approval for their financing. At this point, seller and buyer agents will go back and forth between both parties and negotiate until all terms are agreed upon by both buyer and seller. Then, the contract will be updated and all parties will sign. Once the contract is fully signed and delivered to all parties, the process of attorney review begins. Attorney review is 3 business days in which either party can retain an attorney to review and make changes to the contract. Once attorney review is complete, all parties are now in a binding contract and all the timelines for inspections and contingencies begin.

    Almost all buyers will conduct a full house home inspection, wood destroying insect, radon, septic and well inspection if applicable. Many times, a buyer will request that the seller do some repairs after these inspections are complete. This again becomes a time of negotiation and once all parties agree, the inspection contingency is complete. 

    Typically, while all of this has been going on since the completion of attorney review, the buyer has also been working with their mortgage lender to get all the necessary documents and information to the underwriter. The bank will also be ordering an appraisal of the property during this time. Once the appraisal is in and all documents to underwriting, the bank will issue a mortgage commitment to the buyer.

    At this stage, the final steps will start to take place. Setting a closing date, pre-closing inspection and utility transfers will be set up and scheduled. 

    Our ERA Central agents are ready and willing to help you through the entire process, and go above and beyond daily for clients to ensure a smooth transaction.

    Connect with us today with any questions or for an appointment to make your next move!