Many sellers ask me what happens next when their house gets listed. That’s why I compiled these “expectations” to inform sellers what they should anticipate once their house is already included in the listings.
1. The pertinent information about your home: Room sizes, heating, special features, taxes, mortgage information, date of possession, etc is put onto a listing sheet which is distributed by the Multiple Listing Services, as well as being put into the MLS computers. These sheets are then available for buyers and other brokers with buyers.
2. A sign will be placed on your property.
3. A photographer from the Multiple Listing Service will take an outside photograph of your home. This will be included on the listing sheet. For the best picture it is recommended that the garage door is down, the yard is neat and that there are no cars in the driveway.
4. Movers start calling at about this time. We do not give them your name, but one way or another they obtain the information. I include this so that you will be prepared. We are doing our best to see that this practice does not continue.
5. Our office will call you to set up appointments to show your home to prospective buyers.. They must call before they come. If the people ask you questions, answer them to the best of your ability. Do not volunteer further information unless asked for it.
6. We will solicit locally to find buyers for your home.
7. Your property will be submitted to the most effective sites on the Internt
8. Ads will be run in several different publications.
9. A tour for local Realtors may be arranged.
10. Information will be sent to other appropriate sources.
11. When a buyer is found who is willing to make an offer, an appointment will be set up with you to present the offer. The listing salesperson will go over the offer with you.
12. You will have to make a decision as to what to do about the offer. There are 3 options available.
A) You can accept the offer.
B) Reject the offer.
C) You may counter the offer (change parts of the offer so that it is more acceptable to you)
13. If you accept the original offer or counter and your counter is accepted, you have a contract. The contract is usually subject to attorney’s approval and a building inspection. If the building inspection and attorney’s approval are acceptable, the contract moves ahead.
14. The buyer must arrange financing. In most cases, with the assistance of a Realtor he will apply for a mortgage. He will have a set number of days to procure the loan. In that time his credit, work record and ability to pay will be determined. Also, the house will be appraised by people from the lending institution for purposes of loan value. When all the information is gathered, an underwriter either approves or rejects the loan.
15. If the loan is approved, all that remains is for the title to be brought down to date, making sure that the property can be transferred without others having a claim on the property. A title insurance policy should also be obtained.
16. If you do not have a current survey, one will be ordered. It may take up to three weeks, so it is best to have one before the transaction proceeds too long.
17. The time, date and place of closing is determined.
18. At closing, documents finalizing the transaction will be signed and funds will be transferred.
19. All that remains is for the keys to be transferred.