What should you expect over the next few weeks?
Every transaction follows its own path, but this is a general idea of what you can expect.
1. Listing Paperwork
As soon as you decide to hire us to sell your home, we will begin the required paperwork. Once the paperwork is completed, we will discuss our staging suggestions and prepare you for the market. At this time, we will most likely (depending upon your specific situation) begin the "Pre-Coming-Soon" marketing of your home so we can start building momentum even before we have your photoshoot scheduled.
2. Media Day
We schedule a time and date with our photographer once you tell us your home is ready. We suggest vacating the home during this appointment to make it easier for the photographer. We generally arrive early to do some light staging, let the photographer in to discuss the home, and do what we need to do. Then we leave while they complete the shoot and they lock the home when they're finished. You want your home to look PERFECT on this day. We usually install the sign and lockbox after this appointment.
3. Coming Soon
We typically start receiving the processed photos and videos within 1-2 business days after the shoot. Once in hand, we'll begin your "Coming Soon" marketing campaign. This marketing push generally runs between 2-4 days, depending upon our targeted listing date. We can start scheduling showings for a later date, but we cannot actually show the home until it is fully listed in the MLS.
4. Just Listed
Your "Coming Soon" campaign will end and we will transition right into your "Just Listed" campaign. We begin by entering your home into the MLS (this data will push out to Zillow, broker websites, Realtor.com, etc. over the next couple of days). We will now publish your unique listing story on parrettgroup.com and begin the marketing campaigns for it. Showing requests will start coming in from ShowingTime (they will text, email, or call you for approval). An Open House may be scheduled... talk to your agent.
5. Receive an Offer
If you're lucky enough to receive multiple offers, we'll go over your options at that time. For now, let's assume you receive just one. We will present the offer to you and explain the proposed terms, timelines, costs, etc. We will advise you and come up with a plan before responding to the buyer. Your options will be to accept the offer, counter the offer, or reject it outright.
6. Accepted Contract
Congratulations! We have successfully negotiated an agreeable contract. Your buyer will send the contract to their lender to begin the financing process and we will send the contract to the title company so they can prepare documents for closing. You should take a breath and celebrate a little, but keep in mind that we still have a number of hurdles to clear.
7. Inspections
Most contracts are contingent upon a satisfactory home inspection. The buyer will have a previously negotiated number of days to perform their inspections, but a common timeline allows for around 7-10 days. You are advised to vacate the home during this appointment. Inspections that are common (but are not limited to) are a general home inspection, termite inspection, radon inspection, and well and septic inspection.
8. Request to Remedy
On (or before) the final day of the inspection period, the buyer can submit their Request to Remedy. This document is a list of items discovered during inspections that they do not find satisfactory and that they are asking you to repair. We will have a previously negotiated number of days to reach an agreement on this list; 3 days is a common time frame. If you agree to make repairs, they typically need to be completed before closing.
9. Appraisal
If the buyer is obtaining a mortgage to purchase the home, it is likely the lender will require an appraisal. Your Parrett Group agent will typically reach out to the appraiser to provide him/her with the comparable properties we used to determine your price and the appraiser will complete his/her report over the next few days. If the appraised value equals or exceeds the purchase price, we move forward. If the value comes in lower, we need to negotiate the difference with the buyer. We will advise you of your specific options at that time. Some loans also require the home to meet a certain standard of condition so the appraiser may require some work to be done (flaking paint, broken windows, handrails, etc).
10. Clear to Close
We've navigated showings, inspections, and appraisals. Your buyer has submitted what feels like countless documents to their lender. And now the underwriter gives the file their final stamp of approval and we are "Cleared to Close" - A fist pump is absolutely appropriate at this time. The buyer will sign a closing disclosure from the lender and after a 3-day waiting period, we are free to close.
11. Final Walk-Thru
The buyer may (or may not) have a Final Walk-Thru to check on repairs from the inspection, make sure the home is still in the same condition, or maybe just to measure for some furniture. This commonly happens within the final 48 hours before closing. If you made repairs and have corresponding paperwork, it would be wise to leave the paperwork on the countertop. It's very likely the home will be in a bit of disarray because of the moving process... but that's not uncommon, so don't freak out :) Just try to have it as tidy as possible.
12. Closing
Closing Day! As the seller, you will have the option of signing at the same time as the buyer or pre-signing. A round table closing (with all parties) usually takes about an hour. If you choose to pre-sign, it will probably take about 15 - 20 minutes. If you are married - and sometimes when you're divorced - your spouse will also need to sign (even if they aren't on the deed or mortgage). You will need to have a current photo ID (make sure that your license isn't expired) and if you want to have your proceeds wired to your account, bring a voided check for the title company to use for your routing and account numbers. If you prefer to receive a check, that is an option as well.
13. Celebrate
You just sold your home and successfully completed one of the most stressful events of your life. Celebrate the win for a moment before heading back to the reality of moving boxes. You've earned it.
14. Possession
If the contract states that the buyer receives possession of the home at the time of closing, you will provide them with keys, garage door openers, etc. at this time. If you don't have to give them possession until a later date (this was a negotiated part of the contract), we typically have you exchange phone numbers with them - or if you prefer, we will just stay in contact with their agent - to arrange an exchange of keys later.
Pro Tip
Q. How do you eat an elephant?
A. One bite at a time.
Don't let the process overwhelm you. As long as you stay focused on each step, you'll look back after closing day and realize you've completed one of the more stressful events of your life... and it wasn't all that intimidating.
Plus, we'll be right by your side with advice and guidance the whole way.
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