The Benefits of Selling Your Home with a REALTOR®

What Happens When the Offers Roll in...

Your REALTOR® has researched the market, determined your home's value, listed your property on the Multiple Listing Service (MLS) database, and begun marketing your home to their contacts and other agents, literally throughout the world...

If they've done their job well, you should receive an offer for your home. Actually, in today's market, you'll most likely be receiving multiple offers. It can be a pretty long road between receiving an offer and scheduling a closing. This is where your REALTOR'S® expertise really shines!

Your REALTOR® is there to help you sort through and understand any offers and help you to make an informed decision about which is the right one to accept. The Offer/Contract process can be tricky.It's the right time to have a REALTOR® on your team tonegotiate the right deal.

In this selling your home post, we're going to explore the process and steps your REALTOR® will take from the moment an offer (or offers) is made until the day a Contract to Purchase is signed!

Selling Your Home:When You Receive an Offer...

Once you've received an offer for your home, there are several steps your REALTOR® will take that will keep the process of selling your home on track. An offer is the first step toward a signed Contract to Purchase. The buyer may have contingencies like home inspections, and your REALTOR® will take steps to verify that thebuyer is pre-qualified.

During this part of the process, there is a lot of paperwork, deposits must be properly handled, and the buyer may need additional information that your REALTOR® should have in the Property File. Here are the steps and tasks your REALTOR® will manage from receiving an initial offer, culminating in a signed Purchase and Sale Agreement:

• They will review all Offer to Purchase contracts submitted by buyers or their agents.
• Based on their experience, they will evaluate the offer(s) and prepare a "net sheet" on each offer for you for comparison purposes.
• Your REALTOR® will counsel you on the best offer, explaining the merits and weaknesses of each component of each offer.
• They will contact the buyer's agent to review the buyer's qualifications and discuss the offer.
• They will then fax/deliver the Seller's Disclosure form to the buyer's agent or directly to the buyer upon request. Before the offer, if possible.
• Your REALTOR® will confirm the buyer is pre-qualified by calling the Loan Officer and obtain a copy of the buyer's pre-qualification letter.
• Your REALTOR® will negotiate all offers on your behalf, setting time limits for inspections, loan approvals, and closing dates
• They will also prepare and convey any counteroffers, acceptance, or amendments to the buyer or agent.
• They will then fax copies of contracts and all addendums to the closing attorney or title company.

This process should culminate in a signed Offer to Purchase. When the Offer to Purchase Contract is accepted and signed by you, your REALTOR® will deliver the signed contract to the buyer's agent. They will then record and promptly deposit the buyer's earnest money into an escrow account, disseminate "Under-Contract Showing Restrictions," and deliver copies of the fully signed Offer to Purchase contract to you.

Your Realtor will also deliver copies of the Offer to Purchase to the selling agent and the lender. They will add copies of the contract to the office file and advise the seller in handling any additional offers to purchase submitted between the contract and the closing. At this point, the process of selling your home will enter into the final stages. This includes:

• Changing the status in the MLS to "Sale Pending."
• Updating the transaction management program to show "Sale Pending."
• Your REALTOR® will then review the buyer's credit report results with you and advise you of the best and worst-case scenarios. If you are financing the property, they will provide you with a copy of the buyer's credit report.
• They will assist the buyer with obtaining financing if applicable and will follow up as necessary.
• Your agent will coordinate with the lender on Discount Points being locked in with dates.
• They will next deliver unrecorded property information to the buyer.

If your home has a septic system and/or a well...

• Your REALTOR® will order a septic system inspection.
• Receive and review the septic system report and assess any possible impact on the sale.
• Deliver a copy of the septic system inspection report to the lender and the buyer.
• Conduct and deliver a Well Flow Test and deliver copies of the report to the lender, buyer, and Property Listing file.
• Verify that a termite inspection has been ordered.
• Verify that a mold inspection has been ordered (if required).

Tracking the Loan Process

Your REALTOR® may also work with the buyer to assist them in securing a loan. Loan approval is a major element of a successful sale and as such, your REALTOR® will spend time tracking the process. They will:

• Confirm that the Verification of Deposit & Buyer's Employment has been returned.
• Follow the loan processing through to the underwriter.
• Add the lender and any other vendors to the transaction management program so agents, buyers, and sellers can track the progress of the sale.
• They will contact the lender weekly to ensure that processing is on track.
• When the buyer is approved, they will relay the final approval to the seller.

The Appraisal

The lender will require an appraisal to approve the loan. Your REALTOR® will schedule the appraisal and provide the comparable sales used in market pricing to the appraiser. After the appraiser has left the property, your REALTOR® will follow up with them and enter the completion of the appraisal into the transaction management program. If you have any questions about the appraisal report, for example, if it seems too low, your REALTOR® will assist you in questioning the report.

Home Inspection

Your buyer and their lender will require a home inspection before approving a loan. Along with the appraisal, this is an important element. Your REALTOR® will work with you to coordinate the buyer's professional home inspection. They will then receive and review a copy of the inspector's report and enter its completion into the transaction management tracking software.

They will sit down with you and explain your responsibilities concerning loan limits and interpret any clauses in the contract. They will also ensure your compliance with any Home Inspection Clause requirements.

If issues arise, your REALTOR® will assist you with identifying and negotiating with qualified contractors to perform any repairs required by the seller or their loan underwriter. They will also negotiate payment and oversee the completion of all required repairs on your behalf if needed.

Once you've received an offer for your home, the process can move quickly, and there are many moving parts to selling your home before closing. Your REALTOR® has the experience, expertise, and contacts to assist you and make the process as smooth as possible. Should a problem arise, they are there to help you resolve it, whether it's hiring a contractor for needed repairs or explaining the appraisal or home inspector's report.

In our next blog post, we're going to take a look at the final steps of the process when selling your home – the closing, and how your REALTOR will continue to work for you, even after you've given the keys to the new owner!