The Process of Selling A Home
In the process of getting a home ready for sale and keeping it in good condition for showings, it’s easy for homeowners to overlook the actual process of selling their home.
Although a real estate agent typically handles the pricing, marketing, and negotiating, there are several additional steps in the actual process of closing the sale once the purchase and sale agreements have been signed.
Contingency Removal: The most common contingencies are inspection, financing, and the sale of the buyer’s current home. These conditions must be removed or waived before the sale can close.
Appraisal and Title Report: The buyer’s lender requires a formal appraisal to confirm the value of the home. This is then used as collateral to secure the loan. The title report ensures that the seller has clear title to the property and has the right to transfer ownership.
Prepare Closing Documents: Escrow service companies or real estate attorneys prepare documents that confirm the transaction, prorate funds, etc.
Signing of Closing Documents: Although both parties may have signed closing documents and deposited funds, the sale actually closes when the deed is recorded and the proceeds are available to the seller.
Signed documents go to the lender for final review.
The deed is recorded and funds disbursed.
The seller receives the proceeds and the moving van arrives.
The buyer gets the keys.
There are many opportunities for surprises or delays in a transaction. Part of my expertise is in troubleshooting problems that arise in the closing process. Please email or call me if you have any questions or would like more information.
See other “Home Selling” blog posts: