From Listing To Closing: The Selling Process

 

41 Steps From Listing to Closing

For our sellers, here is what we can help you with:

1. Go to Courthouse, OR get copies online:

• • Deed- verify ownership
  • Covenants
  • 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

1. Go to the Health Department

• • Copy of existing septic permit
  • If required, apply for a permit

1. Complete CMA through MLS and transfers files

• • Create CMA and establish a listing price
  • Create an estimated net profit statement

1. Conduct Home Audit:

• • Take pictures for advertisements
  • Measure square feet and verify room count
  • Walk property boundaries, flag if possible. 
  • Install sign/ infobox

1. Gain Permission for Lock Box and make copies of keys for the lockbox. 
2. Fill out MLS form and enter into the appropriate MLS databases
3. Provide seller with required Residential Property Disclosure Statement and listing agreement
4. Hold Open Houses and let the client know the dates
5. Update disclosure statement: monitor property/ circumstances with the seller to help ensure the accuracy of the disclosure statement. 
6. 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:

1. Qualify prospective buyer on financial ability
2. Schedule appointment to see property
3. Show property to potential buyers along with property disclosure, MLS Sheets, and custom marketing brochures of your home.
4. Offer! 
   1. Buyer determines the price to offer the seller
   2. The buyer’s agent fills out the offer to purchase and sends it to your agent to consider and present it to the sellers.
   3.  The buyer signs and initials offer to purchase
   4. Buyer provides an initial deposit
5. Present offer to the seller 
   1. If the seller decides to move forward with the offer, we have a deal
   2. if the seller decides not to move forward, the buyer has the right to counter offer or walk away.
6. Stay in touch with buyer and seller – the negotiation process begins (counteroffer, price, terms, property inclusions/ exclusions, etc.)
7. When the seller and buyer agree, all parties sign the final offer, initialing all changes from the original offer
8. Distribute copies of the final agreement to the following parties:
   1. Buyer
   2. Seller
   3. Attornies 
   4. Mortgage Company/Lender- they will provide the loan commitment/ approval letter
   5. Appraiser- produce comps for appraiser
9. Deposit earnest money in a trust account
10. Schedule closing date and confirm with the seller, buyer, mortgage company, and other appropriate parties.

It’s Home Inspection Time!

1. Pay inspector upfront.
2. Be present during the inspection to observe – offer no opinions.
3. Give seller list of needed repairs, if any.
4. If necessary, get estimates for repairs and documenting who is paying for what.
5. Respond to the buyer about repairs
6. Complete radon test.
7. Provide buyer and seller utility companies contact information
8. 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

Closing Day:

• 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.