What to expect when selling your home

What to expect when selling your home

  1. Expect to clean up & de-clutter
  • Clean up your house. Get your home showroom ready. Get to all the little repairs that you’ve been putting off fixing: leaking faucets, light bulb replacement, squeaky door knobs. Get all these repairs taken care of prior to the listing agent coming back with the photographer or videographer because you only get once chance to make a first impression in residential real estate. You want to make sure that your property is in show condition.
  1. Expect a yard sign & other marketing strategies to begin
  • According to the National Association of Realtors, people still drive around the neighborhood they like and they still call the yard signs for property info. Online portals, Realtors and yard signs are the 3 most popular ways buyers find the home they purchase in today’s market. Even with the Zillow, Realtor.com is out there in the internet people still call yard signs. So expect a yard sign and for all of the rest of the marketing strategy that your broker has in place to kick in: expect your house on the internet, expect a direct mailing piece to be distributed in the neighborhood, expect people to call around your neighborhood and possibly you or someone of your neighbors just to let them know about your house. Just expect the marketing to take place.
  1. Expect the most buyer activity in the first 21 days
  • You should expect lots of phone calls and lots of showing in the first 21 days or 3 weeks after the marketing plan is set in motion. The reason why you should expect a lot of phone calls and a lot of showings in the first 21 days is because the hot buyers in your neighborhood looking for properties just like yours they are already looking! So when your property hits the market they want to be the first to see it and it usually happens in the first 3 weeks.
  1. Expect buyers to try and negotiate
  •  Expect the buyers to negotiate the deal in their favor. Remember, it’s human nature. When you buy something you want to get the lowest price. When you sell something you want to get the highest price. So you need to know that the buyers may try to negotiate a better purchase price, possibly closing costs, inspections, reports, and contingency time frames. So expect that depending on your market we know how to negotiate that in your favor.
  1. Expect a deal to be reached
  • You put your property on the market because you have plans for the future that don’t involve the current community or house your in. So you want to sell, move somewhere else to bring you and your family to the next chapter in your life and the buyer wants to purchase your house to start the next chapter of their life as well. When both Buyers and Sellers negotiate in good faith expect a deal to be reached at some point.
  1. Expect to deliver buyer all required disclosures within 7 days
  • Once we have a deal in place, within 7 days of the opening escrow, the sellers have 7 days to deliver all required disclosures to the buyer. Required disclosures may include seller disclosures, termite report, natural hazard report, repair invoices, earthquake report, and preliminary title etc. You should also expect the buyer to, within 17 days, approve all of the disclosures that had been provided by seller. You should expect the buyers to hold their own home inspection. For the buyer’s lender, if they are using financing, to be conducting appraisal report and do the underwriting and finalizing a loan.
  1. Expect buyer to renegotiate the price if appraisal comes in low.
  • You need to expect to possibly renegotiate the deal incase the buyer’s appraisal comes in lower than your purchase price. The buyer’s have 3 hurdles to clear before they can formally close on the property: home inspection, home appraisal, finalizing their loan. If appraiser comes in at purchase value (contract value) you guys got a deal. You keep moving forward to closing escrow. If the appraisal value comes in higher than your contract price, you and the listing agent you hired left some money on the table. It’s very rare when that happens. The most dreaded appraisal result is when the appraisal value comes in lower than your contract price. You have three options as a Seller when this happens; 1. Accept lower appraisal price. 2. Cancel the deal if the buyers don’t want to pay the price on the contract. 3. Try to renegotiate a deal where the Seller and Buyer meet somewhere in the middle on price.
  1. Expect buyer to remove all contingencies in 17 days
  • You should expect the buyer to remove all of the contingencies as per the contract. The appraisal, inspection, and loan contingencies are the most common contingencies. Once all contingencies are removed the deposit money that the buyer put down as collateral to open escrow belongs to the seller is the buyer defaults on the purchase. If the buyer cancels the deal after removing their contingencies then you get to keep as liquidated damages the deposit actually put into escrow or up to 3% of the total purchase price.
  1. Expect to start packing earlier than anticipated
  • You should expect to take longer than you expect to move out of your house. Start moving as soon as the buyer removes their contingencies. It’s going to take you longer than you expect to move out.
  1. Expect all negotiated repairs to be completed prior to final walk thru
  • Expect them to be done prior to the final walk through or run the risk of the buyer putting off closing escrow until satisfied.
  1. Expect to stress more than you thought you would
  • You should expect the lender and escrow to stress you out in some point especially if this is your first time selling. Even the best loan officers in the business can create stress because they cannot control everything. Underwriting and processing has a lot to do with finalizing the loan and majority of the time the escrow or loan officer they don’t have the ability or the authority to push it faster than it’s going. Be patient, understand that sometimes deadlines take a little bit longer than expected but your real estate professionals will close the deal!
  1. Expect it to close escrow
  • Once the contingencies are removed on the buyer’s side and the loan is moving forward expect it to close. As the transaction is done right with a true professional your closing will happen. And when it does happen, you need to be ready to deliver the keys and possessions of the property to the buyer as per the contract.
  1. Expect the net proceeds check to take time to clear
  • You should expect the check to take about two weeks to clear at your bank if you got a lot of net equity coming your way. I highly recommend you tell the escrow company you don’t want a check for your net proceeds, you want a wire directly to your bank.
  1. Forward your mail to your next address
  •  You should expect to go to your post office and about a week before closing ask them to forward your mail to your next or temporary address. You don’t want to go back and forth knocking on the new owners door or calling the new owner of the property to get your junk mail.

Visit http://www.victor4homes.com

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