Below, you will find a brief description of each phase from Listing to Sale. We will keep you updated of each step.
Listing Paperwork
I will take your signature in person or by email. I will email you copies of the listing paperwork within 24 hours of signing. You will also have the opportunity to download it if you sign digitally. You do not need to keep or save copies of the listing paperwork. Copies can be requested from me anytime. You do not need to be in town.
Preparing the Home
Many homes already look great and present well. I may provide you with a checklist for preparing the home. In many cases, I will walk through the home with you or take photos for your consideration. I create a priority list to show you where your efforts are most effective. Some homes are best sold as is, and others sell faster and for more, with just a few easy adjustments. If you are not in the area, I may install an air freshener and will monitor the home for you. Always keep the utilities on and paid. If you are out of the area and concerned about a water water break, it’s ok to shut off the main water valve. Just tell me how to turn it on if I need to demonstrate functionality. And don’t forget to tape off the toilets to prevent use.
Advertising
I will ensure the quality of all signage, photos and advertising. Your home will be advertised Nationally and Globally on all legitimate real estate websites. Buyers will find your home easily, and be able to contact me to schedule showings quickly. Some buyers may prefer to use a showing agent from another company. I will ensure that agents from other companies are incentivized to bring their buyers. If your neighborhood allows, there will be a sign in the front yard. This helps buyers have a seamless experience by finding your home easily.
Scheduling Showings
Your spare key will be kept safe in a lockbox attached near or on your front door. The box can only be opened by me, or licensed buyers agents first approved by me. If you occupy your home, you will receive a text or email requiring your approval prior to each showing. Do not try to reschedule the showing. If you do not occupy the home, I will personally approve each showing and notify you by text or email. The showings will normally arrive during a one hour window. In rare cases, there may be a no show due to traffic, etc. Never let anyone into your home unexpectedly.
During a Showing:
Myself, or a licensed agent authorized by me will tour your home. We point out the best features. Over many showings, we develop a relationship with the buyer. We know what the buyer wants. Never let the buyer or agent see you. Hide all signs of children and pets. Close the shades on bad views, open them on good views. Set the home to a comfortable temperature. Turn the lights on. Turn fans off. Showing agents generally leave everything the way it was found. In rare cases, a light may be left on or a door may be left unlocked. Your house is now a museum and you are the janitor. Due to the nature of people in general, the showing process is not perfect. I will do my best to keep your home safe and secure.
After the showing
You may return home. I will survey all buyers and showing agents for feedback. At minimum , I will ask them to complete a 5 question survey. Most showings do not give valuable feedback. Many agents can not remember much about your home after showing multiple homes in the same day. They might say something like “ the buyer just didn’t like the layout” or “they saw something they liked better.” In some cases, I can get specific and helpful feedback. They might notice a burned out light or suggest an update. I will notify you when the agent completes my survey and whenever I am made aware of relevant and valuable feedback.
Offers
Various types of people may offer on your home. Most offers are legitimate and some are unreasonably low. I get you the best results by rejecting ridiculously low offers. If the offer is reasonable, I will carefully review and summarize it for your easy review. At the bottom of the offer, I will estimate your take home pay. Once I am sure that you understand, agree to and are happy with the price and terms, I will email you the offer to click and sign. Just follow the prompts in your email to click and sign. You do not need to keep or print it. You can request a copy from me at any time. Your home will now be labeled as pending sale and showings will generally stop. Most agents and buyers do not want to look at a home that is under contract. I will continue to collect and encourage back-up offers. It is your responsibility to keep the house in good condition and with the utilities on.
There may be scammers who try to contact you directly. If anyone contacts you about your home, Say, “My agent is Dan Novak with Prime Time”, and immediately end the call. Always avoid communicating with other agents and buyers. The most dangerous scammers are the ones that try to get through to you without my knowledge. I personally screen and qualify each buyer carefully to prevent scams, fraud and identity theft. I have reviewed thousands of offers. I know which offers are legitimate.
Accepted Contract
Most closings take between 15 to 45 days from the signing of the sales contract. Cash deals are the fastest but less common than mortgages. I will be monitoring the progress and keeping you abreast of all the contractual dates and deadlines. The title company will contact you to verify your personal details. It is good policy to delay giving the title company information until you are sure we have made it through the inspection period. You don’t want to send out your important documents until the sale is secure. Verify that you are dealing with the correct title company before giving out any personal information. Never pay anyone any money. When in doubt, ask me.
Inspections
Buyers will do an inspection after the contract is signed, and within the timeline specified on the contract (normally 14 days or less). The buyer will choose and pay for an inspector. The buyer may request more than one type of inspection on more than one day. The inspector will often check over the entire structure, such as the roof, foundation, electrical, plumbing and sewer. I will get your advance approval for each inspection date and time. You must do your best to approve and allow inspections. No inspection will occur without your approval. Normally, the buyer, buyers agent and inspector will attend the inspection. They don’t want me or you looking over their shoulder.. It’s best if you are not there. After inspections, the buyer will have the right to ask for discounts or repairs. You have the right to say yes, no or negotiate. In all cases, the sale is labeled AS IS and you will never be required to offer discounts or repairs. It is normally best to give the buyer a discount rather than agree to perform repairs on the home. If negotiations fail, the buyer has the right to walk away and retain their deposit. Once we successfully negotiate a resolution and the inspection period ends, the chance of sale increases from 50% to 90%. The most common inspection problem is when evidence of (WDO’s) wood destroying organisms is found. Banks will not loan money unless you provide a guarantee from a reputable pest control firm guaranteeing that there are no live termites on the property. If you think you have past termite damage, it’s helpful to have a recent invoice or receipt guaranteeing no live termites.
Title Search:
The title company or attorney will do a background search on your home. They will notify us of any issues which could hamper or delay issuing a clean title to the buyer. We don’t want any problems or delays at the closing. I will be attentive to helping these issues get solved quickly
Appraisal:
The appraisal occurs after the inspection. The appraiser is hired by the bank. It is hard to predict when the appraisal will be scheduled by the bank because all banks operate differently and behind closed doors. It will normally be required to happen within 30 days of all parties signing the sales contract. Once the appraiser calls me to schedule a visit, I will get your approval. No one will ever enter your house without your knowledge unless it’s vacant and you have given me the authority. It is best if you are not there. The house should look great with everything working. The appraiser will take a quick walk through the home. The appraiser’s job is to verify that the home is worth the sales price. Banks only want to lend on homes that are worth more than what they are lending. The appraisal results can take 3 to 14 days. No news is good news. The buyer is paying for the bank to do all this work and they don’t notify me of the results unless there is a problem. Often, we won’t even be entitled to know the appraisal amount, unless there is a problem. About 15% of the time, the value comes in below the sales price, or the appraiser spots a repair related problem. If the value is lower than the sale price, the buyer simply can’t get the money. The buyer might try to negotiate or just walk away and keep their deposit. The same applies if a repair or update is required by the appraiser. It is best if the seller is negotiable in these cases. But since the sale is AS IS, the seller is never required to give any discounts or repairs. Appraisal issues are slightly more common with government sponsored loans such as FHA loans. In most cases, everything will go smoothly.
Final Walkthrough
Just before the closing, most buyers will want to walk through the home to ensure that it is clean and in good working order. It is important that you are not there, the home is cleaned out and the water & electricity are on. Clean and broom sweep the home. Keep the yard trimmed. We don’t want any problems or hesitations at the closing.
Closing
The title company will call to set a closing appointment 48 hours of the closing. All owners must sign. If you are going to be unavailable or away on closing day, tell me, or the title company so they can arrange a long distance closing or an early signing appointment. Normally the closing will happen on the original closing date. About 25% of the time, delays occur due to common issues (such as negotiations, bank financing delays, sellers working to close open or expired permits). These closing delays normally are short. All parties should agree to and sign a closing extension agreement. Do everything you can to prevent closing delays on your end. If you are the cause of a closing delay, the buyer could choose to exercise their right to walk away from the sale.
Upon Closing, the title company will use the proceeds to pay all money owed related to the property. In a prorated manner, they will pay your taxes, HOA dues, Realtor, mortgage balance etc. An estimated settlement statement should be provided to you by the title company within 24 hours or more prior to closing. You will give the title company your bank information and they will send the closing proceeds into your account within 48 hours after the closing.
Post Closing
Normally the buyer will update all utility companies. It’s always a good policy to call the utility companies yourself to verify that the bills are no longer in your name. Sometimes there are closing delays. Never schedule the disconnect before the closing occurs. Congratulations, you are no longer responsible for the home. Re invest your proceeds wisely.
Sarasota Home Sales Specialists 