SELLERS RESOURCES
Now that your house is listed we are on the other side of getting your house to sold. Here are the next few steps to get you to the closing table.
ADDITIONAL STEPS
SHOWINGS
One of the most difficulties to selling a house while living in it is showing it. We do everything we can to make this more pleasant! We use bluetooth lockboxes that are regulated by a company, Supra. Only authorized key holders can open a lockbox, and every opening is documented both in the lockbox and in the secure SupraWEB database. This gives you peace of mind about who will have access ro you home. We also use a showing service, ShowingTime, to schedule your showings. This service gives you control over accepting, rejecting, and rescheduling your showings.
RECEIVINGÂ AN OFFER
Once you receive an offer, we will present your offer to you. A seller's net sheet will be present with each offer.We will walk through the pros and cons of the contract and give you professional advice as needed. Once we know what know your negotiables and non-negotiables - Boot Team Realty goes to work negotiating to get you the best deal possible.
EARNEST MONEY
Earnest money is just money you put down as a good-faith gesture that you’re serious about buying a house. Typically it’s 1% of the purchase price. It must be turned over to the title company with 3 days from the time the contract was executed.
While you wait to close on your house, the money is deposited into an escrow account with the title company.
If you terminate the contract for pre-negotiation reason within the contract, you will receive your earnest money back. If you breach the contract for reasons outside the contract, the title company releases the earnest money to the sellers.
Earnest money is applied to your closing cost at the end of the transaction.
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OPTION PERIOD
Once you have executed a contract your property, you will begin the option period. This is an allotted (usually 7-10 days - including weekends and holidays) time which allows the buyer to inspect the home. They must pay for this time. The amount they pay and the length of the option is negotiation in the offer period.
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Once all inspections are complete and all the information is gathered you can on the house, the buyer can request repairs to be completed at the seller's expense before closing. If you and the buyer cannot come to an agreement the buyer can terminate the contract.
APPRAISAL
Once you've passed the option period, the next big step is the appraisal of the property. You will order your appraisal through your lender. They buyers lender will order an appraisal. The appraiser usually comes out sometime during weeks 2-3 after executing the contract. They evaluate the house/property based on a comparison approach. What this means is they gather information about the house and they find other homes within a mile and sold in the past year that are most comparable. They make adjustments and are able to give an appraised price.
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Once the appraisal comes it, we will be informed by the buyers agent if the property "met value" (meaning it is worth the contract price and the lender can move forward with your loan) or if the property appraised for a lesser value. If the does appraisal comes in short, the buyers lender can not give them a mortgage for more than the appraisal amount. At this point we must re-enter negotiations and come to an agreement on how we are going to handle the deficit in price.
CLOSING
Congratulations! If you have made it through the previously listed steps then you are CLEAR TO CLOSE! We can set a closing date at the title company!
Paragraph by paragraph Explanation of the contract you will enter into with a seller when you purchase a property.
Here you will find a list of common real estate terms and their definitions.
Once we set you up on an auto-email, which will send you current market listing within the criteria we set for you, each listing will have a status. Here you will find the meanings to those statues.
There are two moments during your listing process you may been to hire a professional to repair, replace or update something in your house - during pre-listing and after the buyers inspections. We would like to invite you to get in touch with a vender we know and trust.