Understanding the Buying and Selling Process
Buying or selling a home? Even if you are already in the process of buying or selling, this report has been designed to help you understand what happens from the time a contract is signed until the checks are signed and the keys are handed to the new owner.
By knowing what happens during this process, you will avoid any surprises. And, by understanding, you will know why things are happening and when they should occur.
So let's start with the buyer. You begin by selecting a real estate professional to help you buy a home. The 21st Century Team will help you narrow down the available properties to those that best meet your needs. We are even available to help you meet with a loan officer to begin the loan approval process.
Once you are pre-qualified for a loan, The 21st Century Team will help you inspect the homes you are considering. When you have made a final selection, The 21st Century Team will generate all of the necessary contracts and paperwork and present them to the seller's agent on your behalf.
If the seller offers a counterproposal, The 21st Century Team will discuss it with you and generate your written response to the seller. Everything will be documented in writing to ensure that there are no misunderstandings.
Once the offer is accepted by the sellers, We will make sure that the earnest money is forwarded to the appropriate title company agent or entity in accordance with the terms of the contract. They will also help you arrange for finalization of your loan application, a title search, an appraisal, and an inspection of the property. The property inspection will identify any structural, roofing, plumbing, and/or electrical problems that might impact your purchase of the property.
Your contract will normally provide a clause that the contract is contingent upon an appraisal, title search, loan approval, and/or the inspection. These are all designed to protect you and your potential investment in the property.
Once all of these items have been completed, you will move toward the closing process. Prior to the actual closing, you will receive copies of the settlement sheets. These settlement sheets will outline the costs for which you are responsible and will let you know what funds, if any, you need to have available at the actual closing.
If you desire, a pre-closing walk thru / inspection of the property will occur either the day of or day prior to closing to make sure that the property is in acceptable condition. And, finally, the moment you have waited for. Once all of the paperwork has been signed by the sellers and by you and funds have been transferred, you will receive the keys to your new home! And, because you selected The 21st Century Team to help you, this entire process will have been as smooth as possible.
The process for a seller is very similar to the buying process once a contract is received; the difference is that The 21st Century Team is representing your interests as a seller of the property.
So what happens when you list your property with The 21st Century Team? The first thing you will do is to sign all of the necessary paperwork. This includes a listing agreement that outlines the terms of the listing contract between you as the seller and The 21st Century Team as your real estate professionals.
Once the paperwork is signed, The 21st Century Team immediately puts into action a very effective marketing plan. Your home is immediately placed in the Multiple Listing Service for other agents to see, flyers, fax cover sheets, feature sheets, the real estate hotline, newsletter, email broadcast to agents, just listed cards to your neighbors, newspaper advertising (where appropriate), and Internet sites. The 21st Century Team also begins immediately contacting potential buyers about your property AND begins making telephone calls to property owners in your neighborhood to see if they know of a potential buyer. This marketing plan is customized for your property, your timeline for selling, and the current market conditions. The team meets every Friday to discuss what is happening with your property, who is the most likely buyer, and what other marketing ideas might work to sell your home in the fastest time, at the best price, and with no hassles for you.
Each time an agent shows your home, The 21st Century Team will contact that agent to obtain feedback. Feedback from showings and from open houses will be forwarded to you. You will also receive weekly feedback that includes a market analysis for the prior week. All of this is information you need to help you sell your home in the shortest amount of time.
Once a buyer makes an offer, The 21st Century Team will review, and in some instances, generate all of the necessary contracts and paperwork and present them to you. We will be available to help you understand what is included in the offer. We will also generate any counterproposals you wish to submit to the potential buyers. Everything will be documented in writing to ensure that there are no misunderstandings.
Once the offer is accepted by you and the buyer. The 21st Century Team will make sure that the earnest money is deposited at the title company to ensure that the funds are good and in the appropriate escrow account until closing. A title policy will be ordered, copies the property disclosure will be forwarded to the inspector, and right of first refusal procedures will begin (if applicable). The 21st Century Team will make sure that every commitment you have made in the contract is taken care of in a timely and efficient manner. The contract will normally provide a clause that the contract is contingent upon an appraisal, title search, loan approval, and the inspection. The 21st Century Team will communicate with the buyer's agent to determine if there are any concerns or situations of which you should be aware.
Once all of these items have been completed, you will move toward the closing process. Prior to the actual closing, you will receive copies of the settlement sheets. These settlement sheets will outline the proceeds you will receive at the closing as a result of this sale.
And, finally, the moment you have waited for. Once all of the paperwork has been signed by the sellers and by you and funds have been transferred, you will receive the proceeds from the sale of your home! And, because you selected The 21st Century Team to help you, this entire process will have been as smooth as possible.
The 21st Century Team looks forward to talking with you and "helping you make all the right moves.