Does our weather drive sales in the real estate market? We tend to think so. Wouldn’t you rather look at property when it’s warm and sunny outside? Or have pictures of your home taken in the spring versus the winter? I know I would. However, when it is time to buy or sell, do not let the weather stop you.
So, you have decided to list your property for sale. Great! You may ask yourself, what comes next? Your agent will have you sign the listing documents, they will take photos and place a sign in the yard. They will also market your property through social media, print, and the MLS (Multiple Listing Service).
Hopefully, you are getting a lot of showings, some good feedback and an offer. Let’s discuss what to do when that offer is presented to you. First your agent will call, email or text you that you are getting an offer on your property. They will then discuss all the terms of the contract including the price, date of closing and whether the buyer will be completing inspections.
This is the time for you to consider all the options presented to you. If you are lucky, you will get close to your asking price and a quick closing. That doesn’t always happen though, and your agent can help you with the negotiations. Most often they will provide you with comparable sales for your property and help you get the best price.
Once accepted, it will be time for inspections. The buyer will hire the home inspector and the buyer’s agent will contact your agent to keep everyone updated on who the inspectors are and when they expect to come to your home. The home inspection can take almost half a day. The inspector may ask the buyer to come toward the end of the inspection to go over his or her findings. The home inspectors should be certified and some also offer radon and mold inspections.
The next step is for the buyer to report the repair requests to the seller via their agents. They may ask for the seller to complete the repairs prior to closing, offer a reduced sales price or give money toward closing costs. All these things will be negotiated over a few days and once terms are accepted the process can move forward.
The appraisal can take a bit longer. The buyer’s bank will order the appraisal and using a third party, the request will be picked up by an appraiser. Your agent will be notified by the appraiser of the date they want to inspect your property.
Hopefully all the above inspections are good, and your home appraises for the sales price. If that is the case, then the bank will send everything to underwriting and get you a “clear to close”. REALTORS® love to hear those words! Now it’s time to pack and hopefully you are moving to your perfect home!
Happy Valentine’s Day! Remember to do good things!
Stephanie Lemley, 2021 MBOR President
