From Listing To Closing: The Selling Process
41 Steps From Listing to Closing
For our sellers, here is what we can help you with:
- Go to Courthouse, OR get copies online:
- Deed- verify ownership
- Easements and shared maintenance agreement
- Well Agreements
- Tax Map or Recorded Survey – confirm lot size
- Tax Value, prior year taxes
- Sales history from property card
- Go to the Health Department
- Copy of existing septic permit
- If required, apply for a permit
- Complete CMA through MLS and transfers files
- Create CMA and establish a listing price
- Create an estimated net profit statement
- Conduct Home Audit:
- Take pictures for advertisements
- Measure square feet and verify room count
- Walk property boundaries, flag if possible.
- Install sign/ infobox
- Gain Permission for Lock Box and make copies of keys for the lockbox.
- Fill out MLS form and enter into the appropriate MLS databases
- Provide seller with required Residential Property Disclosure Statement and listing agreement
- Hold Open Houses and let the client know the dates
- Update disclosure statement: monitor property/ circumstances with the seller to help ensure the accuracy of the disclosure statement.
- Provide periodic updates to the seller:
- Recalculate estimated proceeds for sellers as often as appropriate
- Monthly Report of Showings
- Provide Feedback from showings and open houses
- Give updates on market activity
- Solicit ideas on promoting property
For the lucky buyer:
- Qualify prospective buyer on financial ability
- Schedule appointment to see property
- Show property to potential buyers along with property disclosure, MLS Sheets, and custom marketing brochures of your home.
- Buyer determines the price to offer the seller
- The buyer’s agent fills out the offer to purchase and sends it to your agent to consider and present it to the sellers.
- The buyer signs and initials offer to purchase
- Buyer provides an initial deposit
- Present offer to the seller
- If the seller decides to move forward with the offer, we have a deal
- if the seller decides not to move forward, the buyer has the right to counter offer or walk away.
- Stay in touch with buyer and seller – the negotiation process begins (counteroffer, price, terms, property inclusions/ exclusions, etc.)
- When the seller and buyer agree, all parties sign the final offer, initialing all changes from the original offer
- Distribute copies of the final agreement to the following parties:
- Mortgage Company/Lender- they will provide the loan commitment/ approval letter
- Appraiser- produce comps for appraiser
- Deposit earnest money in a trust account
- Schedule closing date and confirm with the seller, buyer, mortgage company, and other appropriate parties.
It’s Home Inspection Time!
- Pay inspector upfront.
- Be present during the inspection to observe – offer no opinions.
- Give seller list of needed repairs, if any.
- If necessary, get estimates for repairs and documenting who is paying for what.
- Respond to the buyer about repairs
- Complete radon test.
- Provide buyer and seller utility companies contact information
- Facilitate pest inspection
Finally! It’s time for a successful close:
Prior to closing:
- Stay in touch and follow up on conditions. contingencies
- Confirm resolution of problems/repairs in writing
- Stay on top of attorney offices, mortgage companies, etc.
- Inform POA of transfer
One day before closing:
- Verify HUD Statement
- Make sure all vendors are paid
- Make sure POA dues are included
- Double-check/verify calculations
- Do walkthrough
- Verify inventory of personal items
- Solve any outstanding problems – may need to escrow repair monies
- Apply for a home warranty and take a copy to close
- Take the earnest check to close
DELIVER PROCEEDS TO SELLER. CONGRATS YOU HAVE OFFICIALLY SOLD YOUR HOME.