THE TYPICAL SELLING PROCESS
1.) Select an agent.
Choose the right agent to represent your needs. Sign the listing
agreement with your agent. Confirm the commission rate and other terms.
2.) Determine the listing price for your home.
Your agent will provide you a comparative market analysis (CMA) . By
understanding the market situation, you are going to decide the right listing
price for your home.
3.) Determine the time frame for which you want your home on the market.
You can choose the time to put your house on the market. Discuss it with your
agent.
4.) Decide which marketing ideas will be used to advertise your home.
There are many ways to market your property, such as mails, internet,
advertisement, flyers, open-house, etc.
5.) Review all offers being presented to you and start negotiating the sale.
Comparing the prices and terms of all the offers. Choose the best
matching prospect. The seller has the option to accept, counter or refuse
the offer.
6.) Accept the contract.
Once the seller accept the offer, open escrow should be the next step. The selected escrow
company begins the transaction process.
7.) Prepare required documents.
Seller should provide "the seller's disclosure" and orders the "Natural Hazard Disclosure Statement
and Disclosure Report", or other reports as required by the terms of contract.
8.) Reply the buyer's request of repairs
After the Home Inspection, buyer usually request repairs and corrections. According to inspection
report, some must be done by law, others are negotiable.
9.) Termite Inspection and Clearance Report
Termite inspection is required by the lender if it is listed in the purchase contract. It is up to both
parties to determine who will be responsible for the remedy of the problem. Most commonly, the
solution is that Section 1 termite work will be covered by the seller, and Section 2 termite work to be
covered by the buyer. The good suggestion for the seller to do the termite inspection is before
putting your house in market.
10.) Select Home Warranty Plan
Seller usually buys a 1 year warranty for the buyer to protect the buyer from expenses required for
repairing anything related to the property.
11.) Sign Grand Deed.
The seller should sign the Grand Deed for the buyer.
12.) Close Escrow and Get Money
Fulfill all required terms, then close escrow. The seller receives the net proceeds.
13.) Move out and Turn over keys
The seller should vacate the property and turn over all keys before the possession date by the
terms of the agreement.