What to Expect, When Selling My Home – Part 2
After Listing My Home
Step 1: Multiple Listing Service (MLS)
Your home will be put into the Multiple Listing Service (MLS). From here your home will be listed on many websites automatically. Trulia and Zillow are two of them, however, there are many more. Your home will only be listed on Realtor.com if your agent is a Realtor
Your agent may conduct an open house. More on this in a separate blog!
Step 2: The Showing
Your agent will call you whenever someone wants to see your home. Sometimes there will be very little notice and sometimes there will be a few hours or even days’ notice. While you don’t want many of the short notice calls, I would allow your agent to at least call. If your home is clean and ready to show and you are out of the house then it would work out. If it’s really not a good time for you, it’s okay to say, “no, but I can be out in an hour or two hours” or whenever works for you. A realtor works for you and if it’s a bad time, say so.
Whenever your home is toured, the agent that came into the home should leave a business card. Your agent should follow up with the agent and see how the showing went and give you feedback.
Step 3: The Offer
You will receive an offer. Your agent should have thoroughly reviewed the offer and gone over anything important with you. After the offer is reviewed you have 3 options:
- Accept the Offer – If you are happy with everything you can accept the offer as is.
- Reject the Offer – If you are really unhappy with the offer and don’t think you can get it anywhere close to where you want to be, you can reject the offer.
- Counter the Offer – When you counter the offer, the first offer is voided. It no longer exists. You are now making the offer to the buyer and the buyer has the option of walking away and not accepting your offer. They also have the option of accepting or countering back. It’s really important to know and understand that once you counter, you can never go back to the first offer. A new contract can be written identical to the first offer, but you can’t go back to that offer.
Step 4: After Accepting the Offer
After accepting the offer, there are many things that go on behind the scenes:
- The contract and all of the buyers information goes to underwriting for full loan approval (if this was not already done). Usually buyers only have a pre-approval, not a full approval.
- The appraisal and inspections are ordered. Inspections may include a regular inspection, termite, mold and moisture, radon, pool, etc.
- If you live in a Condominium Association or are part of a Homeowners Association (HOA) the buyer will have the opportunity to review the rules, guidelines or bylaws in the HOA documents.
- Closing is scheduled, this is only an estimated date and is subject to many things:
- Inspections and any repairs that need to be done and then a reinspection if necessary.
- The appraisal will need to be done. Sometimes second appraisals are done if something doesn’t seem right with the first appraisal.
- The buyers have an opportunity to review their loan documents 3 days prior to closing. If there is anything that seems wrong, they need to be corrected and are then given an additional 3 days.
Step 5: Closing
The buyers and sellers sign all of the documents. Each party usually signs at a different time.
**Note: This does not include every possible thing that could come up through the process. This is just an overview of the selling process.
If you would like additional information, please reach out to me on social media or fill out the contact form!