When you are getting ready to sell your home, you might be wondering what exactly to expect and how the process works. As a homeowner, you are already familiar with the process as a buyer. However, on the seller’s end, things look a little bit different. Here are the three stages of selling a home and what to expect at each crossing.
Listing and Offers
It only takes a few days for your home to be listed on the MLS and other systems for buyers and realtors to find. Whether you are selling your home through an agent or for sale by owner, it only takes about a week at the most to get your listing out there and circulating. You might be waiting up to two months on average for an offer, and the first offer may not be one you are willing to take. During this time you will need to be able to show the house and have open houses to bring in buyers and grab their interest. Eventually you will get an offer that is acceptable, and you will move on to the next stage.
Escrow and Inspections
When you accept an offer on your home, a certain amount, usually one to three percent, is placed in an escrow account until the sale is final. This is sort of a good faith payment to guarantee that the buyer is going to follow through on the sale. While the money is in escrow, the buyer will get inspections and appraisals to ensure that there are no undisclosed problems with the home. Any discovered problems will need to be negotiated or repaired. When everything is as the buyer wants it and all negotiations are complete, you move on to the closing stage of the sale.
Closing the Sale
At closing, which can happen in a realtor’s office or the home that is being purchased, all parties to the sale are present. The bank financing the purchase for the buyer will have a representative present to transfer the funds to you, the seller. You will sign all documents and get copies of everything for your own records. You will turn over the property to the buyer at closing, which means you have to be moved out before the closing date.
If you have any additional questions about the home-selling process, or if you need assistance with titling and other aspects of the sale, contact us today for more information or to get started.