Littleton real estate agent – broker shares the process…
Choose a Realtor® that shares your values and tells the truth. TRUST IS #1. Negotiation style and candor are also key components in your selection. Remember the Realtor® will not be living with you nor helping with the payments, so their input should be limited to the “value” as it relates to the asking price and marketing “value”, not whether or not he or she “likes it”. Sometimes you need to talk with more than one Realtor®, sometimes one is enough.
Make Sure Your Realtor represents your interests! Check the Colorado Real Estate Commission’s definitions of Agency Relationships
When your Realtor® Suggests repairs, listen. Sounds like a conflict? Both you and your Realtor have mutual objectives…getting your house sold! So repairs or upgrades should only be viewed as ways that can occur faster. None of our contractors “KICK BACK” anything to us. Be careful of anyone that offers cash back incentives. Go to https://www.denverrelocation.com/Add-Value-To-My-Home.htm for some great tips on getting your home ready.
Check your Realtor’s® Marketing Plan. How do they expect to attract Buyers to your house? And when they get them in there, what kind of materials and information will they have for them? How big is the Buyer pool for your home? How long do they expect to take to get an offer? What is normal or average in this market?
Consult with your Realtor® on the state of the market in your neighborhood. Some areas appreciate, or have a greater demand for housing than others. What is your market like? Ask for a CMA and go over it carefully. Then decide “Is this guy “puffing me” by telling me what appears to be an inflated value? Is he playing on my emotions by telling me it is worth more than what I think it is?” Realtors® have a code of ethics and they are not supposed to do that, at least that is what it says.
Set an ASKING PRICE with your Realtor® While we all may realize it sometimes saying it helps…there are 3 prices for every home: What you want; What you ask for; and What you get. The closer you can be to the latter one with your asking price the faster the sale.
NOW, the hard work starts! While we all get excited about the day the house goes on the market, the sign goes up and it gets into the MLS, there often is a lag in the buyers showing up at the door. Some areas almost all showings are on the weekends because the demographics require the buyers to work 8-5 Monday through Friday. Other areas there may be only 3-4 “lookers” in the first 2-3 months! Be patient as the properties that move the fastest will be in the best condition when the buyer walks through the door. So keeping the house ready to show at a moments notice is really the hard work of selling a home. You will hear folks say “Living in a house for sale is ALOT different than living in a house”.
Get PRE-APPROVED! Not pre-qualified. (WHY??? Click here). This assumes you will be buying a replacement home. Make sure you are a cash buyer subject to the sale of your existing home. Credit issues could cause real problems
A Contract/Offer Appears You and your Realtor® should be able to do a market valuation and compare the most recent sales to see what other sellers have accepted and to see what you should be expecting. An offer can be either ACCEPTED as is, Rejected, or Countered. That is your choice. Colorado has pre-printed real estate contracts that Realtors® use to submit an offer. Your Realtor® should be able to go over the contract with you paragraph by paragraph. If any of it does not make sense or you have questions either the Realtor’s managing broker or an attorney should be consulted as when the Seller accepts the offer by signing it, it becomes a binding specific performance contract for the Seller. In other words the Seller cannot “just back out” and cancel the deal.
Offer is ACCEPTED!!! Earnest Money check is cashed! Typically the title company will hold these funds. Often this means getting out and finding a new home. E-mail searches can be a great assist in this effort and can be done for months in advance, helping you narrow the scope of your search. Now it is time to get the movers lined up, arrange the inspection, get the loan documents finalized and order the appraisal. All of these items are addressed in the Colorado Real Estate contract. Your Realtor® should be able to explain them to you and assist you in the process.
Loan Approved! Closing Date is Confirmed! The closing date is actually negotiated in the Colorado contract, however Colorado is a “TABLE FUNDING” state…in other words the Seller brings the deed and the Buyer brings the cash & loan proceeds to the table and they “trade them at the table”.
CLOSING AND POSSESSION The day of closing is not always the day of possession. Often this is because the Seller cannot move into their next home until they get the money from their current home. While this is a regional custom and your Realtor® can explain the local customs, your relocation company may ask for possession on the day of closing. This is your decision, not their’s.
Moving DAY!!! You have the keys and start the process of making your new home yours. The truck shows up and the un-loading starts! Hopefully, it feels like a birthday party with all those boxes to open! HAVE FUN!!!
How long does all this take??? I have done one closing in 36 hours from the time of contract. Normal is between 21 & 45 days. It can be faster or slower and will depend on the Buyer and your needs. We will make all these decisions when we prepare and negotiate the offer. You will be making all the decisions with our help. Would you like to work with us??? Do you have more questions??? Our contact information is just below…