Seller Services

Pricing is key in a successful sale. As you may now, your home will generate the most interest when it first hits the market, and if the price at market or below, it will generate the most activity. If the property is priced too high, you could miss out on the initial interest and be forced to lower the price, selling the home possibly below market

Accurately pricing requires a concrete understanding of the housing market and the multiple factors that affect its direction. Things to consider include: supply and demand on the local and county level, economic growth, interest rate activity, financing capabilities, job growth in the area and/or buyer’s overall sentiments. These, along with other indicators, are essential criteria your agent should be well versed in.

In addition to pricing, timing also plays a pivitol role.

If an interested buyer is serious enough, he or she puts together a purchase offer with his or her agent. The buyer’s agent then presents the offer to the listing (your) agent. Rarely does an offer get accepted as presented. There are usually terms that need to be revised, and this is addressed through the counteroffer process.

Should there be more than one interested buyer, there could be a multiple offer situation. A deadline should be set to hear offer presentations in this scenario. Agents in the Peninsula are generally familiar with multiple offer situations and will be comfortable presenting their client’s offer at an appointed time. On some occasions, given the bidding context, one party will exceed the others in amount and terms and will immediately be accepted by the seller. In others, the seller will have the option of counteroffering the highest offers or all of the offers..

Your agent should thoroughly explain to you the process and discuss with you the best negotiation strategy.

Upon ratification of the purchase contract, the escrow process begins. Escrow generally refers to money held by a neutral third-party on behalf of the transacting parties. Parties choose escrow to give them the assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents that are in its possession, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.

During this process, the important timelines related to contingencies in the contract are as followed:

1. Buyer’s deposit is given to the escrow company
2. Additional inspections, if any, are performed
3. An appraisal is performed if there is a loan involved
4. If there is a loan, the buyer goes through the lender’s approval and underwriting process
5. If your property is a condo or townhouse, the homeowner’s association provides a package of HOA documents and transfer paperwork

Once contingencies are removed, the escrow company contacts your mortgage holder and any other lien holder to request a pay-off amount. The escrow company then prepares the settlement statement detailing your pay-off and other closing-related expenses for your review. You will then meet with the escrow officer to sign the deed transfer and other documents, while the buyer meets separately to sign their loan and closing documents.