Episode 5: The Seller Process
This episode covers the general process of selling a home in Colorado.
A note about the timing duration of the process discussed: The amount of time this entire process takes depends on your individual situation.
Interview agents and look/listen for these key elements – thorough marketing strategies, will provide professional photography, is well organized, an effective communicator, and a skilled negotiator.
Schedule an initial visit for the agent to see the home.
Schedule a follow-up appointment with the agent to review the pricing analysis.
Choose your agent and sign the listing agreement.
Review property disclosures – these will include a general property disclosure, square footage disclosure, source of water, and possibly a lead based paint disclosure.
Schedule a staging consultation appointment.
The seller should take whatever amount of time they need to complete the items outlined on the staging report.
Schedule a pre-listing home inspection.
The seller should do a “deep clean” prior to any photography.
Agent will schedule the professional photography.
Agent will create print marketing materials.
Take another look at the pricing analysis and make and necessary adjustments.
Agent will make your home ‘active’ on the market.
Scheduling showings: The buyer’s agent will contact the listing office to set a showing. The seller will be notified of the requested showing day and time and can agree or decline that specific request. When the appointment is confirmed, the buyer’s agent will receive the access information for the property. It is best if the seller is not present at the home during showings. Following the showing, the listing agent will contact the buyer’s agent to get feedback on the property.
Offers to purchase: When a buyer wants to put in an offer on your property, the buyer’s agent will work with the buyer to put together the initial contract then provide the contract and any supporting information to the listing agent. The listing agent will present this offer to the seller and discuss the pros and cons of the offer. The seller can then decide to accept the offer, as it is, counter the offer with changes to the price and/or terms, or reject. At this time, assuming everyone has agreed to the terms of the contract and the process begins to move forward, the following list will be rough order of tasks:
- The buyer will deliver the earnest money*
- The buyer’s due diligence opportunities: review title documents, HOA documents, and inspection reports
- Schedule property inspections and inspection resolution with the seller
- Buyer will determine that the property is insurable for a price they are comfortable with
- Schedule a survey or ILC (Improvement Location Certificate)
- Schedule an appraisal review
- Schedule a final walk thru on the property
- Final approval of the loan if the buyer is securing a mortgage
*Earnest money: When you execute a contract you define in the contract the amount of collateral you as the buyer are willing to put up to show you will work in good faith to the final closing. The contract specifies the amount and time of delivery. This check will be cashed within a day or 2 of being received and at closing the money is credited toward your down payment and closing costs.