SELLING FLOW CHART

NOW - A STEP-BY-STEP NARRATIVE OF THE SELLING A HOUSE FLOW CHART

SELECT A REALTOR TO BE YOUR CONSULTANT – WE PREFER IT’S US

Getting the sale of a home right means the actions to do so are all in synch with the current market.  Setting the price correctly is critical.  Too low, and equity is lost, too high and days-on-market accumulate as more attractively priced homes are chosen by buyers.  

Timing is critical.  There is an optimum time of the year – but, based on local market conditions, and that of the national economic policy, that most preferable time is not the same from year-to-year.  Even the day of the week the listing hits the market can have an effect as well.

The agent you choose to assist in selling your house should know how to use the above, as well as other considerations to position your house for the best results against the competition.

CONSULTING WITH YOUR REALTOR, MAKE A HOME-PREP PLAN

Condition.  Condition.  Condition.  Location times three might be the mantra for purchasers, but there is no more powerful value enhancer for sellers than bringing a home to top condition before putting it on the market.  Repair, replace, upgrade, paint, de-clutter, clean . . .   Use your agent’s eyes to provide you with an evaluation of those things that need, or can be, done to get your house to best compete on condition.

Based on why it is you’ve come to sell your home, your agent can help you with your overall timeline for the sale and move.  Estimating the time to prepare the house, Days-On-Market, and the number of days the sale may be under contract before it closes, is critical to figuring post-sale actions.

EXECUTE THE HOME-PREP PLAN

Get going on putting the house in tip-top shape.

LIST THE HOUSE FOR SALE

Your agent will hire a photographer to take the photos that will be promoted in the MLS listing and on all the associated syndicated sites like Zillow, Homes.com, etc. as well as social marketing platforms like Facebook, YouTube, and Instagram. 

Your agent will hold an Open House on the listing’s first weekend.  Thereafter, keep the house in ready-to-show condition, as showings by appointment will be a common state.

AN OFFER IS RECEIVED, AND IN CONSULTATION WITH YOUR REALTOR, YOU:

               
             ACCEPT

Your agent will examine the offer to assess any conditions in addition to the offer price, that may enhance or detract from it.  If you are happy with the offer, you can sign it to accept, and your agent will return it to the buyer’s agent.

               
             COUNTER OFFER

If, say, the price offered is acceptable but there is a condition that is unacceptable or, say, creates a conflict with your timeline, you can counter the offer, eliminating or adjusting that condition.  Likewise, the offer price as well can be countered.  Your agent has done this before and will help you decide on an appropriate amount to counter with that will keep the potential buyers in play, and then negotiate with the buyer’s agent.

 
        . . .REJECT THE OFFER

Don’t be insulted if the price is way low.  It happens sometimes.  Reject the offer and move on to anticipating the next one.

YOUR HOUSE IS UNDER CONTRACT

That doesn’t mean things are on cruise control.  There are things to be done, and contingencies to be cleared.  The buyers, within a couple of days, will arrange for an inspection to be done.  That’s contingency number one.  Later, there will be the lender’s appraisal, and final loan approval.

HOME INSPECTION IS DONE

This is usually accomplished within five, or so, days of offer acceptance.  The buyer orders and pays for this service and is provided with a report of the findings by the inspector.

                ISSUES ARE FOUND, BUYERS REQUEST CORRECTIONS

                Count on there being items from the inspection that the buyers would like corrected or
                repaired.

 YOU AGREE TO MAKE THE REQUESTED FIXES

– OR, DECLINE, STATE “AS-IS”

– OR, STATE WHAT YOU WILL FIX

                It is your choice at this point to accept, or counter.  Bear in mind, however, that harsh
                negotiations over remediable items, where their value is far less than what is in the
                balance, risks ending the contract.

DEAL IS REACHED – NO DEAL IS REACHED

It is usual that the issues are worked out and the contingency is cleared.  If not, the contract fails.

INSPECTION CONTINGENCY CLEARED, BUYER’S LENDER ORDERS APPRAISAL

At the beginning, your agent evaluated comparable homes that have recently sold to confirm what the market asking price of your home should be.  Their objective in determining what the asking price should be is to draw an acceptable offer without generating too many Days-On- Market.  However, the seller has the final word.  The objective is for the lender’s appraisal to agree with the contracted sales price.

                APPRAISAL IS SUFFICIENT

               This result is what is desired, and expected.  This result will usually be stated “at value”.

                APPRAISAL IS LOW

               If, for whatever reason, the appraisal is less than the contract price, the difference can be
               remedied by the seller reducing the price, or an increase in the down payment on the part
               of the buyers, or a combination of the two.  If either, or both parties have the resources to
               be flexible, it is reasonable to expect the situation to be resolved.

LENDER ORDERS LOAN DOCS – FINAL LOAN APPROVAL

The remaining risk to the purchase contract is final loan approval.  To this point, the buyer’s lender has “pre-approved” the loan based on basic criteria having to do with the buyer’s credit-worthiness.  Now, a more thorough examination will be undertaken to confirm the buyer’s financial sufficiency.

CLOSING DOCUMENTS SIGNED BY SELLER

Your agent will make the appointment for you to sign the closing documents.  The buyers will sign in a separate session.  If everything has gone smoothly, this will occur on or before the closing date stated in the contract.  Once, all the documents are signed, the title will transfer, the sale will be recorded, and  the funds will be transferred, on the date specified in the contract.  Congratulations to both parties.