The Selling Process
The Selling Process
Step One: List Your Home
Set a listing appointment with a St. Louis real estate agent (preferably one of ours!) to discuss your objectives (price, time frame and new home search) and learn about their marketing plan for your home. Your agent will prepare a Comparable Market Analysis (CMA) of similar homes in your neighborhood that have listed or sold within the last 6 months.
Step Two: Showing Time
During the showing process your agent will attach a lockbox to your home so it is accessible for showings. Don't worry, lockboxes can only be accessed by licensed showing agents and each entry is recorded. Appointments are usually made through the office and you can specify particular terms such as only allowing showings during a particular time of day or asking to confirm each appointment time before it can occur.
Make sure to ask for feedback! With Prudential Select your agents have access to online feedback from each showing agent. These reports are available to you along with reports on web performace and open house performance.
The showing process is a great time to prep your house for sale by beginning to pack and de-clutter.
Step Three: Negotiating an Offer
Once a buyer makes an offer through their agent, your agent will relay it you and help you evaluate it. The process of offer and counter-offer may go on until parties arrive at an acceptable contract. This step can go very quickly or take days, even weeks.
Loan Application and Inspections
Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.
The loan is approved. All parties breathe a sigh of relief and begin preparations for moving.
The listing agent coordinates all activities required for closing. Your agent will funnel all the closing documents to the escrow agent. Papers include the deed, mortgage, numerous tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled.
Step Three: Close and Move
Finalize and close transaction. What you call this final real estate transaction depends on where you live and if the parties gather for the proceedings. The term settlement applies when a meeting takes place. In colloquial terms, many people refer to this as the closing. On the other hand, closing of escrow occurs without a meeting. When the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed. Now it's time to move!
When all of the conditions of the purchase agreement have been met, your agent will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder's office and you will take ownership of your home.