WHAT TO EXPECT DURING THE HOME SELLING PROCESS
A lot more goes into selling a home than just sticking a sign in the front yard and waiting for the buyers to show up. This is an overview of the listing process from start to finish and just some of the advantages you will receive by working with a licensed real estate broker and more specifically the Barrios Group.
INITIAL LISTING CONSULTATION
Whether you are just considering putting your house on the market or you absolutely need to move, the first step in the process is the same. Sitting down with an agent for a Listing Consultation will help you determine if and when you should sell as well as what to expect throughout the process. Before scheduling the appointment, it’s important for you to complete our Ready to Sell Survey. This will enhance and personalize our presentation for your benefit. During this meeting, we will tour the home, review the home selling process with you, discuss your specific goals and timeframe, assess the neighborhood sale data and how it relates to your property, and offer recommendations on suggested staging and repairs. We will also review the Listing Agreement and Seller Disclosures together.
HOME PREP & STAGING
Based on our recommendations, we will work together to create and execute a plan to get the property ready for the market. We will provide referrals for contractors, stagers, housecleaners, temporary storage, landscapers, and whoever else you may need to utilize. We can also coordinate the vendors on site to keep things moving while you are busy living your life. When the house is ready, we will bring in a photographer, create videos, and have the house measured.
MARKETING & SHOWINGS
Now the marketing blitz begins. In addition to listing the property in the Multiple Listing Service (MLS), we will begin social media and print marketing campaigns. We will reach out to the neighbors, schedule open houses (if appropriate), send the listing to our database including our professional sphere of influence and all agent members of the local MLS. To schedule showings, we utilize an online system called Showing Time where homeowners are informed of showing requests in real time and have the ability to confirm the appointments and to see any feedback submitted by buyer’s agents. We will typically place an MLS lockbox that only licensed agent members can access on the property. This box will keep track of every time it is opened. All marketing campaigns will be tracked and you will receive a weekly email update with showing reports, marketing results, and other relevant information.
RECEIVING & NEGOTIATING OFFERS
Once these efforts successfully result in one or more offers, we move on to the negotiating phase. When we receive an offer, we will review it with you and discuss our best course of action. Fyi, it is our duty to present all offers to you, no matter how viable they appear, even if you tell us not to, so please don’t shoot the messenger. We can accept, reject, or counter offers as appropriate and hopefully reach the end goal of going under contract.
Once an offer is accepted, we are considered “under contract.” This is when the inspection period, typically 10-15 days, will begin. This the buyer’s opportunity to get any inspections, research, estimates, or other information in order to learn all that they can about the condition and disposition of the property. The most common inspections are a general home inspection (typically performed by a licensed home inspector, although this is not a requirement), a termite inspection, and a video pipe inspection. At the end of this process, the buyer will typically submit a list of repair requests or possibly request a repair credit. This list is negotiable and if the buyer is not satisfied with either the condition of the property or the seller’s response, the buyer may choose to terminate the contract.
Once we have successfully navigated inspections, the buyer’s lender will order the appraisal. The appraiser will call the listing agent to schedule the appointment to view the property and they will often be able to use the lockbox to let themselves in. The buyer is not required to share the appraised value with us unless it comes in under the contract sale price. We will be notified either way and if it happens to come in low, we will assess the information at that time and make a decision on how to proceed.
Before the closing, the buyer will do a final walkthrough inspection of the property to verify that any repairs have been completed and that the property is in the same or better condition as when they made the initial offer. The Purchase Agreement stipulates that the buyer may perform the walkthrough at any time within five days prior to the Act of Sale. It also states that the seller must keep the utilities on until this walkthrough is completed. Generally, the buyer will want to do it either the day of or the day before the closing. If they schedule too far in advance, they may be concerned that the condition could change in that time between the inspection and the closing, especially if the seller isn’t completely moved out when they go.
You made it to the finish line! All that’s left is to sign some paperwork at the title company and collect your proceeds. The title company will send you a copy of the Closing Disclosure prior to the closing so we can review the breakdown of funds and ask any questions. The closing attorney or notary will also review the statement at the closing table and answer any questions then as well. Any payouts that are required of you, such as paying off an existing mortgage balance, real estate commissions, home warranty, etc. will be deducted from your proceeds and paid by the title company on your behalf. You can choose either to receive a paper check at the closing or to have your funds wired directly to your bank.
Congratulations! You have successfully navigated the sale of your home and we were with you every step of the way.