When it is time to sell your home, where do you begin? Once you have started the process what are the next steps? How about when you receive an offer, what happens then? Keep reading for a step-by-step of the home selling process.
Sales Process
1. Fill out questionnaire provided by agent in pre-listing package.
2. Listing appointment, determine price, sign listing contract, discuss strategies, discuss home preparation, etc.
3. Home preparation begins i.e.; painting, repairs, carpeting, cleaning etc.
4. Staging consultation (if applicable)
5. Professional photographer
6. Agent creates flyers, brochures, listing remarks etc.
7. Agent lists home on NWMLS and all other electronic media. For sale sign is placed at home
8. Brokers open takes place on assigned day.
9. First weekend open houses are scheduled for Sat and Sun from 1-4 pm.
10. Agent tracks all activity and reports to seller.
11. Second brokers open is scheduled for assigned day
12. Second weekend open houses are scheduled for Sat and Sun 1-4 pm.
13. Agent continues to track all activity with weekly reports to seller.
14. Open houses and weekly consults with seller continue.
After Offer is Received
1. Agent and seller discuss offers strengths and weaknesses, price, and determine how to respond to offer
2. If both parties are in agreement on price, closing date, length of inspection period, financing, and earnest money they both sign and move to inspection.
3. If there is not an agreement on any of the above: First the sellers can counteroffer and specify the expiration of that counteroffer or reject offer. Then buyer agrees to counteroffer, provides another counteroffer, or rejects seller’s counteroffer. This process keeps repeating until there is mutual acceptance or there is a rejection by one party. The buyer’s earnest money is not at risk during this process.
4. Once there is an agreement (mutual acceptance) the listing agent will open escrow and the buyer’s agent will deliver the earnest money to escrow who will hold it throughout the duration of the transaction.
5. The buyer’s inspection period begins the first day after mutual acceptance. If that period is five days or less, weekends and holidays are not considered part of the inspection period.
6. At the end of the inspection period buyer may approve the inspection and waive the inspection contingency, disapprove the inspection and terminate the agreement, conduct additional inspections, or propose repairs to the property or modifications to the agreement. If nothing is altered on the contract the seller will then have three days to respond to buyers request and the buyer will have three days to respond to seller. This does not repeat again if parties can’t agree then buyer must terminate this contract by buyer’s deadline.
7. Listing agent shall make sure the buyers have lifted their financing contingency on the specified date.
8. Escrow company will contact sellers to verify banking instructions, and schedule a signing date
9. Sellers sign escrow documents (usually 2-3 days before the closing date).
10. On closing date listing agent turns house keys over to buyer’s agent, the transaction is recorded, and funds are transferred to seller’s bank account.
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