A Step-By-Step Guide:
Selling Your Home
Congratulations on deciding to sell your home!
To help you navigate through the process, here's a step-by-step guide:
Preparing Your Home for Market Photos
Before putting your home on the market, we emphasize the importance of preparing it for marketing photos. This involves decluttering, deep cleaning, and staging your home to make it look its best. We recommend clearing out any personal items, such as family photos and excessive decorations, to create a neutral, welcoming environment that appeals to a broad range of buyers. We will hire a professional photographer and videographer to capture high-quality images of your home that highlight its best features and create a strong first impression.
Offers/Contract
When you receive an offer, it's important to consider the binder amount, loan approval time, closing date, and closing costs. Typically, there is a 24-hour window to respond to an offer. In the case of multiple offers, we will notify the other agent to make their first offer their highest and best. You'll have 24 hours to counter offers. Once an offer is accepted by all parties, you are officially under contract.
Contingencies
Three common contingencies that provide the buyer with the option to cancel the purchase agreement are:
1. **Inspection contingency:** The buyer has the right to inspect the property and negotiate repairs with you. If you decline to make the requested repairs or the buyer is not satisfied with the inspection results, the buyer may cancel the contract and receive a refund of their deposit. Additionally, it is the buyer's responsibility to verify various factors such as the costs associated with Community Development District (CDD), insurance availability and cost, square footage measurements, zoning and historic classifications, covenants, restrictions, and easements, rules, and other governing documents affecting the property. If the buyer determines that the property is not acceptable for any reason, they may terminate the agreement by delivering written notice of termination to you before the Inspection Period expires.
2. **Financing contingency:** If the buyer is unable to obtain financing for the purchase of the property, they may cancel the contract and receive a refund of their deposit.
3. **Appraisal contingency:** If the property does not appraise for the contract price or more, the buyer may cancel the contract and receive a refund of their deposit. If the home appraises for less than the agreed purchase price, there are four options: you reduce the price to the appraised value, the buyer pays the difference, the buyer and you split the difference, or you go back on the market. To prepare for the appraisal, you should compile a list of upgrades/renovations done by the owner with the prices to give to the appraiser. It is essential to note that the home appraisal report process can take up to ten days, so patience is necessary.
Buyer Responsibilities
During the buying process, we ensure that the buyer has five days to complete the loan application. The inspection period typically takes 7-10 days, with an additional 7 days for repair negotiations if using the NEFAR contract. There is no negotiation period in the FAR BAR contract. A WDO (Wood Destroying Organism) inspection is required for all VA loans and optional for other loan types. VA will not approve the loan without a clean WDO inspection report. The buyer will order the appraisal without delay within the application time period. Loan approval usually takes around 25 days, but refer to the purchase agreement for specifics.
Title Company/Attorney
The title company or attorney will search for open liens for correction, collect funds, check HOA fees, calculate closing costs, and is where everyone goes to sign closing documents.
Final Walkthrough
The final walkthrough, which typically occurs within 24 hours of closing, requires the utilities to be on. Additionally, it is crucial that all trash is removed from the property and curb prior to the walkthrough, with no items left for the next scheduled pick-up day. During the walkthrough, the buyer will verify the property's present condition, ensuring that all agreed-upon items, such as refrigerators, ceiling fans, washer, dryer, etc., are still in place as per the purchase agreement. Please refer to your purchase agreement to confirm the property items included in the sale.
Closing
The closing is the final step in the home selling process. At closing, the title company will verify and distribute funds, and all parties involved in the transaction will sign the necessary documents. It is important to note that all documents must be signed in blue ink.
Additionally, all keys, amenities access passes, mailbox keys, training manuals, surveys, instructions on trash and recycle pick-up, and any other pertinent information the new owner might need should be brought to closing or left on the kitchen counter in the property.
After all documents have been signed and funds have been distributed, the sale is complete, and the new owner takes possession of the property.
We hope this step-by-step guide helps you understand the home selling process and makes your experience as smooth as possible. We're here with you every step of the way!
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