SELLERS - WHAT TO EXPECT WHEN SELLING YOUR HOME
You should select a professional real estate agent to represent your needs. Once you establish a working relationship with your agent, your home is put on the market and marketed to potential buyers. Once a buyer makes an offer on your home you have three options: accept the offer, counter the offer, or reject the offer. After you accept an offer you can expect to do the following:
- Escrow is opened and buyer deposits "earnest money" into escrow.
- Seller submits documents and information to escrow holder, such as:
- addresses of lien holders
- tax receipts
- equipment warranties
- home warranty contracts (if any)
- any leases and/or rental agreements.
- Seller approves and signs the escrow instructions, grant deed and other related documents required to complete the transaction.
- Seller orders inspections, receives clearances and approves final reports and/or repairs to the property as required by the terms of the purchase and sale agreement (responsibility for inspection procedures may vary).
- Buyer and Seller fulfill any remaining conditions specified in the contract and/or escrow instructions; approves the pay off demands and/or beneficiary's statements.
- Buyer and Seller approve any final changes by signing amendments to the escrow instructions or contract.
Note: The above is general information only. Your situation may differ. Please consult your real estate professional for details about your specific situation.
