Listing contract, disclosures and preparing to market
Prior to listing your home, you will need to sign a listing contract with an agent and their firm. This will establish the price you want to sell at, how much you will pay the agent, how much you will pay the Buyers agent when the home will be marketed, and for how long,
In addition, you most likely will need to sign a property disclosure statement. This is a series of questions about your property that you must answer and provide to all prospective Buyers. You may also have several other disclosures you should fill out early with your agent depending on your property. These could include, HOA contents, fireplaces, drinking wells, septics, wood siding, green energy scores, etc.
On Market, Offers and Acceptance
Once the home is on the market you will start to get potential buyers and their agents inquiring. Clients come with either their agents or with the Selling agent to view the home. Clients will then make offers on the home that must be in writing. This will accompany their financing conditions (Cash, cash from home sale, or financing) this is the crucial item that must be viewed. Not all loan products are the same, this is where your agent will guide you in accepting an offer that has the highest chance of closing. There will contain other contingencies for the Buyers as well. A home inspection, approval of the HOA/By-Laws, Seller disclosure, etc. Once accepted, you are "In Contract" and the Buyer will deposit earnest money to for the transaction. The earnest money is typically refundable if the Buyer backs out due to disapproving one of the contingencies outlined earlier. If the Buyer fails to perform or act on the contingencies within a time frame the money is kept by the Seller party. This money may be given to the Sellers in full or spilt with the agent in some % manner. The timeline from In Contract to close typically takes 30-45 days when there is a loan involved.
Closing
Once all the contingencies have been removed and Buyers have completed most of the conditions for their loan we move to close. Closing typically takes place at an escrow title company. You will need to come in and sign closing documents. Escrow will give you a settlement statement. This statement outlines where all the monies from the transaction are going; agents fees, county transfer fees, escrow fees, taxes, HOA dues, Seller credits, etc.
What does Willamette Equity Brokerage do?
- Provide professional photos and a virtual tour
- List your property on the local MLS exclusive for real estate agents and real estate industry professionals.
- Provide flyers and physical signage on the property/neighborhood
- Contract negotiation and tips
- Digital signing for real estate contracts and disclosures
- Competitive listing commissions
- Easy 24-hour cancellation of a listing contract (Contracts typically have a penalty for canceling)