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Seller's Guide To A Real Estate Transaction.
October 14,2022 | Posted By Flavia Brown in Real Estate
Seller’s guide and timelines to a real estate transaction:
Hire a seasoned Realtor who knows how to sell a property at the highest price possible, and has a strong and effective marketing program.
Study the comps with your agent to determine your accurate list price.
Prepare your home for sale – clean and do minor repairs.
Put your home on the market.
Complete all mandated seller disclosures.
When an offer is presented, either accept it, counter it, or reject it.
After you accept an offer the buyer wires the earnest money deposit (EMD) to the escrow company.
After you accept an offer your Realtor must check and follow up with the buyer’s EMD and every item and timeline in the contract (purchase agreement).
Select an escrow and title company, and open escrow.
Your listing agent will give you a written timeline that will include deadlines for all items in the contract.
Allow the buyer to do his/her due diligence, which includes the buyer’s 17 calendar days investigation period.
Prepare to negotiate with the buyer, as to who will be responsible for any needed repairs, including termite and dry rot damage.
Your agent should contact the buyer’s lender every few days to see how the financing process is progressing.
Within the 17 days investigation period the buyer will either remove all contingencies (loan, appraisal, and property condition) or negotiate with you (through both agents) regarding any needed repairs.
If the buyer is satisfied with the transaction and removes the contingencies, he/she will be obligated to move toward close of escrow (COE).
Approximately five days before COE the buyer will do a final walkthrough to determine if your home is in the same condition as when the buyer last saw it. It isn't a contract contingency.
Two days before COE the buyer will submit the down payment balance and closing costs.
One or two days before COE the buyer will sign many documents, including loan documents.
Escrow closes -- the transaction is recorded with the county clerk, and the new owner receives the keys to the house. A few days later the new owner will receive the grant deed.
Here is a good article: For additional information, refer to paragraphs 4-10 in the following link to know how the buyer proceeds
Your questions are always welcome.
Flavia Brown. Realtor
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