By DAVID HOUCK
Qualifying Broker
Atomic Realty LLC
You have interviewed Brokers and you have decided who to work with, NOW WHAT?
While every transaction is different, a common transaction may include:
- We suggest the Seller having a whole home pre-listing inspection done, it’s not required, but suggested. By the Seller having an inspection done, Seller’s can address any, some, or none of the inspection issues and usually reduce selling time and further Buyer negotiations.
- Next, a flurry of paperwork will come your way for electronic signature – Don’t worry your Broker should take care of which documents you need and explain them to you. If you have any questions make sure you ask your Broker, don’t sign anything you are uncomfortable with. Documents will come to you for review or signature throughout the process.
- If your property is in a Trust or you have a Power of Attorney don’t pack those documents away as the title company will likely need them to close.
- Once you have signed the listing documents, Your Broker should schedule a time to take pictures, create a virtual 3D walkthrough and put up signs.
- Your Broker will begin marketing your home – Your broker should have provided you with a list of what to expect in their marketing plan.
- While some areas and some homes are more challenging than others to sell, generally if your is “priced right” you should expect about a minimum of 6-8 weeks from the time you list your home until you close and move out.
- Once you are under a Buyer’s contract to purchase you will know when you need to be out, and need to schedule your move – Don’t cut it too close, moving companies often have logistical issues such as delays or lack of equipment. The cost of a few extra nights in a hotel is well worth not being frazzled over the movers showing up on time.
- Often Sellers are not taking some or all of their “stuff”. Generally it is the Seller’s responsibility to have got rid of all personal property. There are many ways to dispose of personal property, selling, gifting, donating, and just throwing it away. Your Broker may have some resources to help you with this.
- Closing: You can choose to sign documents a few days before the closing, sign documents the day of closing, or have the documents overnighted to you, with so many options you do have flexibility as to when you leave the area, but it is important to have planned for this. Your Broker should work with you and the title company on this step.
- If you have any home warranties that are transferable to the Buyer, be kind and have those warranties ready to transfer.
- Contact your bank on or before closing. If you have a loan the bank has escrowed your money to pay future taxes and insurance. Make sure they are sending your escrowed money to the correct address or account. Title often provides this to your bank.
- Make sure your homeowner’s insurance company has your new address. Cancel the day after closing and have the insurance company send you a refund for the remainder of the year’s insurance.
- Make sure utilities /HOA have been changed to the buyer’s name.
- The day the Buyer closes and funds the transaction is generally the day you or your Broker provides the keys for access to the house. Make sure you give your Broker or the title company all the keys and remotes prior to closing. Don’t leave a key with a friend or neighbor. While probably a good person, how comfortable would you feel if some random neighbor, who you don’t know, had keys to your new home?
Editor’s note: David Houck is the Qualifying Broker for Atomic Realty, with 40 years experience, a BS in math and physics and a doctorate in law. For more details on these issues and answers to selling and buying questions, see AtomicRealty.net.