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Even
if you've bought or sold a home before, this process can still be
daunting. Let's look at the many steps involved in selling a home
and see how a real estate professional works to tie them all
together.
Step
1: List your property with a real estate professional. Select
someone who's knowledgeable, listens carefully to identify your
needs, and with whom you feel comfortable.
Step
2: Discuss how the real estate professional can assist you in
finding your new home.
If you have not identified a property to purchase, you'll want to
work with someone with an in-depth knowledge of the area to guide
you.
Step
3: Establish price and time frame. Your listing agent will prepare a comparable
market analysis (CMA), which compares your home with similar homes
in the area that are currently listed, in contract or have sold
within the last six months. Supply and demand, craftsmanship,
amenities, condition and any special circumstances can also impact
price. For instance, a relocation might necessitate a quick sale.
Step
4: Develop and implement a marketing strategy. It's important to develop a plan that will
expose your home to as many buyers as possible. This usually
includes scheduling open houses, advertising in local newspapers and
magazines and on the Internet, preparing property brochures,
registering with a multiple listing service, exposing the listing to
brokers' and referral networks and installing a lawn sign.
Step
5: An offer is submitted. A buyer will make an offer through his agent. The buyer's
agent will present the offer to your representative, who will
promptly relay it to you and help you evaluate it.
Step
6: The negotiation process begins and eventually an offer is
accepted.
The process of offer and counter-offer may go on until parties
arrive at an acceptable contract. This step can go very quickly or
take days, even weeks.
Step
7: Buyers submit a loan application and home inspections are
scheduled.
Most often, the loan approval is contingent upon a satisfactory
appraisal and various inspections.
Step
8: The loan is approved. All parties breathe a sigh of relief and begin preparations for
moving.
Step
9: The listing agent coordinates all activities required for
closing.
Your agent will funnel all the closing documents to the escrow
agent. Papers include the deed, mortgage, numerous tax receipts, a
Certificate of Occupancy and other documents. A final walk-through
will also be scheduled.
Step
10: Finalize and close transaction. What you call this final real estate transaction
depends on where you live and if the parties gather for the
proceedings. The term settlement applies when a meeting takes
place. In colloquial terms, many people refer to this as the
closing. On the other hand, closing of escrow occurs
without a meeting. When the escrow agent receives the paperwork and
the funds pertaining to the sale of the property, the escrow is
closed.
Step
11: Time to move!
If you have questions about this or any other
home buying or selling subject, confer with the real estate
professionals who can help provide you with more detail…
We can
be reached at (310) 265-2130
Prudential California Realty is an independently owned and operated
member
|of The Prudential Real Estate Affiliates, Inc., a Prudential
Financial company.
Equal Housing
Opportunity
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