The Typical Sales Process
1
HAVING THE RIGHT LISTING AGENT MATTERS
Collaborating with a local area specialist empowers you throughout the entire selling process. Their expertise offers a distinct advantage by providing reliable insights into property pricing trends, the current market conditions, and ensures your representation during negotiations is both strong and dependable.
2
GETTING READY TO SELL YOUR HOME
Before determining the asking price for your home, it's crucial to take various factors into account. These factors encompass the overall condition of your property, the need for any significant upgrades or renovations, and the prevailing market inventory at the given moment.
3
LISTING YOUR HOME
Achieving the right listing price for your home requires a careful balancing act. An excessively high price can lead to prolonged periods on the market or no sale at all. Conversely, a price set too low might mean missing out on a potentially more profitable outcome.
4
FINDING THE RIGHT PROPERTY
After you've set your budget, defined your ideal home parameters, and enlisted the guidance of a local real estate agent, you're ready to embark on your search for a new home. A valuable starting point is right here.
We've meticulously crafted one of the most comprehensive websites for exploring Miami real estate. Our platform boasts a wealth of up-to-date property listings, precise hyper-localized neighborhood search tools, and robust market statistics to aid you in your quest to find the perfect property.
5
MARKETING YOUR PROPERTY
Maintaining flexibility in your schedule is crucial during this period. While your comfort and privacy matter, not all buyers can adjust to your preferred showing times.
Avoid losing potential buyers due to inflexibility. It's equally vital to keep your home clutter-free and clean, ensuring it's ready for showings at any reasonable time. Being accommodating and presenting your home in its best condition increases the chances of a successful sale.
6
ACCEPTING AN OFFER
Upon receiving an offer, you have four options to consider:
1. Acceptance: By accepting the offer as presented, you ratify it, entering into a contract for the sale of your property.
2. Counteroffer: You can choose to negotiate various terms, such as the purchase price, contingency periods, and the escrow length, by making a counteroffer.
3. Back-Up Position: If another offer has already been accepted, you may provide a back-up offer. In this case, the buyer can ratify their offer if the initial offer falls through or is canceled.
4. Rejection: Your final option is to reject the offer outright.
7
THE INSPECTION AND ESCROW PERIOD
Once you have accepted the offer and received an executed contract, the inspection and escrow phase commences. In this stage, the buyer's deposit is placed in an escrow account, and all disclosures and documents, including the sales contract, undergo thorough examination. This signifies the buyer's good-faith commitment to the transaction.
Throughout this period, your home is taken off the market, and the expectation is that the buyer will proceed with the purchase, provided no significant issues with your property are unearthed during their due diligence, particularly during property inspections.
8
YOUR FINAL MOVE
In this phase, it's essential that you have completely vacated your home. This involves a thorough cleaning and ensuring that any agreed-upon repairs have been carried out. Your home should be well-maintained until the final walk-through takes place, including proper care of your landscaping, pool maintenance, and keeping utilities active. A seamless final walk-through is key to ensuring a smooth and timely closing process without any unnecessary delays.
9
FINAL WALK-THROUGH
The final walk-through represents the buyer's final opportunity to inspect your property just before taking possession. Ideally, it should be scheduled within a 24 to 48-hour window before the closing, or as close as possible to this timeframe. This walk-through provides assurance to the buyer that the property's condition has remained consistent since their last visit. It also serves as a confirmation that all agreed-upon repairs have been completed and that no new damage has occurred as a result of your move-out process.
10
THE CLOSING
The final phase in any real estate transaction is the closing process. This crucial date marks the formal transfer of ownership, where you, as the seller, will sign over the deed to the new owner. The buyer takes possession and receives the keys to their new home.
At the closing, the balance is settled in full, whether by the buyer or their financing institution. This balance includes various costs like title search services, mortgage and homeowner's insurance, prorated property taxes, title insurance, and, when applicable, condominium or homeowner's association (HOA) fees. It's important to note that closing costs are typically covered by the buyer and can vary depending on the specific details of the transaction.
