Selling a home entails many considerations that can be overwhelming to those new to the process. However, by doing your homework and engaging the expertise of a qualified real estate salesperson, you can ensure your goals are met---and even exceeded!
This nine-step guide provides an overview of the home-selling process, from the first open house to negotiations and closing.
1. Broker Open House
This is hosted by your agent and usually held during the week. It is an efficient and effective way to allow local real estate agents to preview your property.
2. Public Open House
Hosted by your agent and typically held on the weekend, this allows potential customers in the market to view your property.
Showings are a necessary part of the selling process. It is best to make arrangements for yourself, others living there, and/or pets to not be in the house during showings to allow the buyer the best chance to envision themselves living there.
4. The Offer
All offers by a potential buyer will be conveyed to you by your agent. Oftentimes, an offer will lead to some negotiation between the buyer and seller. Your agent will guide you through this process and the negotiation.
5. Contract of Sale
This is prepared by the seller’s attorney and signed by both parties, with typically 10
percent of the purchase price put as a contract deposit by the buyer and held in escrow by the
seller’s attorney until closing.
6. Written Financing Commitment
Often the buyer may request a financing contingency to ensure they can get financing for the residence. A mortgage/loan commitment is usually about 30 days to obtain.
7. The Bank Appraisal
The bank will send an appraiser to verify the value of the residence, based on
comparable sales and market conditions.
8. The Closing Date
Early on in the negotiations, a closing date will be agreed upon by the sellers and buyers. While the closing date can vary, in most cases the sale is subject to co-op Board Approval or the condo’s Waiver of Right of First Refusal.
9. Co-op/Condo Board Approval
The typical process includes the completion of an application, including personal financials and other required documentation for review by the Board and potentially subject to a personal interview, particularly for co-ops.