Introduction to Sellers
- SELECT A LICENSED, QUALIFIED REALTOR®
As members of the National Association of REALTORS®, REALTORS® are bound by a strict Code of Ethics. Here are some of the ways how working with a REALTOR® works for you in terms of your needs, interests, convenience, budget, and your peace of mind throughout the entire buying process:
- REALTORS® have the most information in one place regarding what properties are “on the market,” including homes listed by other REALTORS®. This will save time and gas that you would have otherwise spent looking at homes that do not fit your needs or are no longer available.
- REALTORS® help you determine what you can afford based on your desired monthly mortgage payment and/or price range.
- REALTORS® help you find the home best suited to your needs, including size, style, features, location, and accessibility to amenities that are important to you and your family.
- REALTORS® can provide you with information on real estate values, taxes, and other information associated with owning a home.
- REALTORS® will handle all of the negotiations, contracts, and counter offers with the seller, and other parties involved in the transaction, and help you through the escrow and closing process.
- REALTORS® have no emotional ties to a home, so they can be objective and can point out its advantages and disadvantages.
- LIST YOUR HOME FOR SALE
- Listing Appointment – During this appointment we will
- Take a tour of your home, make note all of its unique features and characteristics, and offer suggestions on how to best showcase your home for photos and showings
- Discuss the information that was gathered during our research
- Address any questions or concerns and determine a list price
- Review and sign the Listing Contract and Addendum’s
- Go over showing instructions and SAFETY, for you and your family; and secure a lock-box.
- Order yard post and sign installation.
- Order professional property photos.
- List the property on MLS.
- MARKET YOUR HOME FOR SALE
The actual selling of your home is the job of your REALTOR®. We will take responsibility for marketing your home to appropriate audiences and bringing in Buyers to view your home. We have an aggressive marketing campaign that will give your home maximum exposure and we will provide you with regular updates throughout the sales process. Information regarding market trends and sales data will be reviewed regularly to ensure that your home is always at the top of its selling potential.
You can assist your REALTOR® when you are showing your home to prospective Buyers by remembering that first impressions are the most lasting and the most important to its sale. Your major role as a Seller will be to make your home as attractive as possible to potential Buyers. Since the exterior of your home is the first thing a prospective Buyer sees, invest in making it as appealing as possible. If your home’s exterior looks clean, orderly, in good repair, and has great curb appeal, then Buyers will want to see more. The saying, “Don’t judge a book by its cover” does not usually apply when it comes to a Buyer’s decision to view a home. The time, effort and limited financial investment involved can give you the competitive edge needed to sell your home when you want and at the price you want. Even if you are short selling your home, the goal should be the same as doing a traditional sale…to secure a Buyer and sell your home at the best price and in the least amount of time.
- RECEIVE A PURCHASE OFFER
All contracts and/or changes to the contract terms must be in writing in order to be legally enforced. When you receive a purchase contract, your REALTOR® will present and review the terms and conditions of the offer with you. You will have three options, which are to accept the offer, counter the offer, or reject the offer. The offer will have a Terms of Acceptance date and time, within which you will have to respond in writing. The Buyer reserves the right to withdraw the offer at any time until it is accepted or rejected. Negotiations may go back and forth between you and the Buyer until an agreement is reached. Your REALTOR® will act as your liaison for all negotiations and contract terms. Once an agreement is reached, and the offer is executed by you and the Buyer, the signed agreement and any counter offers will become your fully executed purchase contract.
- BUYER WILL OPEN ESCROW WITH THE TITLE/ESCROW COMPANY
Once you have a fully executed purchase contract, the Buyer will open escrow with the Title/Escrow Company. Earnest money will be deposited in Escrow by the Buyer as a “good faith” gesture to bind the contract. The earnest money will be held in escrow and applied towards the Buyer’s closing costs.
- COUNTER OFFER, REJECTION, AND APPROVAL BY YOUR LENDER
If you are short selling your home, the purchase contract will be contingent upon approval of the “short payoff” by your lender(s), and acceptance of the approval terms and conditions by you. The approval process may take weeks or months. If you and your lender(s) cannot reach an agreement, acceptable to both, then the short sale can be canceled or denied. If your lender(s) approves the “short payoff”, and you accept the terms of the approval, then you and the Buyer can move forward.
- CONDUCT INSPECTIONS
Upon written acceptance of the purchase contract, the Buyer will have 10 calendar days to conduct any and all non-intrusive inspections of the property, regarding any items that are of material concern to the Buyer, at the Buyer’s expense. Within 5 days of contract acceptance, you will be required to provide the Buyer with a Sellers Property Disclosure Statement (SPDS) to disclose any and all known issues, repairs, or previous regarding your home. For your protection, be sure to disclose all known facts to the Buyer to reduce the risk of future liability for “failure to disclose.” You will also need to provide the Buyer with a CLUE (Claims History) Report, provided by your Homeowner’s Insurance Company, to disclose any insurance claims for your home. The Title/Escrow Company will also provide the Buyer with a copy of the Home Owners Association’s Covenants, Conditions and Restrictions (HOA CC&Rs) and the Preliminary Title Report/Title Commitment for review during this inspection period. At the end of the 10-day inspection period, the Buyer will provide you with a Buyer’s Inspection Notice and Seller’s Response (BINSR) to indicate their desire to accept the property as-is, reject the property and cancel the purchase contract with a full refund of their earnest money deposit, or provide you with an opportunity to make requested repairs.
- ORDER APPRAISAL AND SATISFY ANY FINANCE CONTINGENCIES FOR YOUR LOAN
Once the Buyer has completed all inspections, and all concerns have been resolved, their lender will order an appraisal to determine the current value of your home. The Buyer’s financing will be contingent upon the property appraising at or above the agreed upon purchase price. If your home appraises for less than the purchase price, then you should reduce the purchase price to the appraised value or the Buyer’s financing may be declined.
- BUYER WILL SATISFY ANY FINANCE CONTINGENCIES FOR THEIR LOAN
At this point, the Buyer will complete their financing requirements and await final underwriting approval for their loan.
- CONDUCT FINAL WALK-THROUGH OF PROPERTY
After the Buyer’s has received final underwriting approval and their lender has sent the Buyer’s loan package to the Title/Escrow Company, the Buyer will conduct a final pre-closing walk-through of the property prior to signing their closing documents. This will give the Buyer an opportunity to make sure that the house and all appliances, lights, plumbing, and other systems are in proper working order and that any repairs that you agreed to make, as per the Buyer’s Inspection Notice and Seller’s Response (BINSR) have been completed. That said, it is a good idea for you to test all of these things a few days before the walk-through and be sure to provide the Buyer with a copy of any available receipts for repairs that have been made. To prevent possible delays with closing, correct any deficiencies before the Buyer discovers them. Also, be sure to give your REALTOR® all keys and garage remotes for your home, and place all records for maintenance, home improvements, warranty work, and transferable warranty certificates and user manuals for the roof, all appliances, heating/cooling systems, water heater, water systems, and any other items in the kitchen drawer or on the counter. As a courtesy, you can also leave a list of the utility and service providers, and the mailbox number and location.
- SIGN CLOSING DOCS
Now it is time to sign your closing documents. The Escrow Officer will contact you to schedule your closing appointment and provide you with a copy of the estimated Combined Closing Statement for review. The Closing Statement will show any and all fees, costs, debits and credits related to the sale of your home, and any NET proceeds that you will receive after all seller costs have been paid. Be sure to bring your driver’s license or other form of valid identification with your photo to your closing appointment and carefully read each page of your closing documents to ensure that all information is correct.
- RECORD, FUND, AND CLOSE ESCROW
When all closing docs have been signed by you and the Buyer, and all required funds have been received by the Title/Escrow Company, the sale will be recorded with the County Recorder’s Office and you will be officially closed!