What You Need To Know About The Home Selling Process
Congratulations you found your dream home and now decided to move to Florida. You still need to sell your current home and move your family to your new home. Factors that may impact your home sale are your local market and the time of the year. The home selling process starts with a listing and ends with closing. Here is a brief overview of what to expect during the home selling process Virtual Home Tours We are living in an increasingly connected world. Sometimes you aren’t able to travel to the location of the property. Virtual Home tours allows home buyers and sellers to view properties. Zillow has this function for sellers to create 3D home tours using a panoramic photo taken on a smart phone. This requires minimal photography skills such as knowledge of lighting and proper angles. Sale Pending You put a for sale sign, a few online listing and told a few friends about your home being on the market. Now you received an offer from a home buyer. Next step is to agree on a price. Your role as a seller is to accept or reject the existing offer in addition to suggesting a counteroffer. As a soon as the price is agreed upon then the transaction can proceed forward. Once a deal has been made the home has to go to the sale pending status. Differences between Sale Pending and Under Contract Sale pending and under contract are both similar terms. The primary difference between these two terms is that when the sale of a home is under contract. This means certain terms must be met before the sale is final. For example there may be a clause of a second viewing of the property in event the buyer can’t travel to the property. Home Inspections Once the price is agreed on then the buyer or the seller will schedule a home inspection. There will be further negotiations when the home inspection report is complete. If you as the seller agree to specific repairs or a price reduction. Mortgage Approval Appraisals are a requirement for all loans and usually require an appraiser to enter and walk through your home. It is best to mortgage specialist to see what is required of you based on the type of loan you’ll receive. The buyer also needs to get loan approval on the agreed-upon purchase price. As the seller, it’s important to know that the average time between when your buyer applies for financing and the closing of the property can take up to 45 days or more. Home Warranty and Selling Homes Home warranty plans are annual service agreements that covers appliances and systems in your home. Typically homes with home warranty coverage sell faster than homes without home warranty coverage. Closing To finalize the sale of your home, Escrow and title companies handle the closing. Normally, the closing process, which includes singing and notarizing documents, must be done in person. More recently property owners are now allowing online documents and electronic signatures.