| The selling process - Steps to a stress-free sale.
Selling process
Determine listing price
Choose a real estate agent
Multiple listing agreement and disclosure forms
Marketing, advertisement etc.
Contract presentation, negotiation, acceptance
Selling expenses
Attorney's review
Professional inspections
Survey
Well and septic inspection
Arrange for appraisal
Loan approval
Arrange for utilities
Final walk-through
Condition
Closing
Selling process
Selling a home can be a very stressful experience: so when it's time for you to sell, it is important to be prepared and to make well-informed decisions. The following paragraphs describe the major steps you should take to make the process easier on you.
Determine listing price
Have an objective and accurate market evaluation done on your property: It should be based on the actual selling price of comparable homes in your area.
Choose a real estate agent
Working with a real estate professional can save you endless amount of time, money and frustration. Furthermore, having the house in excellent showing condition and with the right market price is of the utmost importance for a successful transaction!
Search for a real estate agent
Multiple listing agreement and disclosure forms
Your professional real estate agent will provide you with the marketing agreement and the residential property disclosure forms.
Marketing, advertisement etc.
Our marketing objective is to sell your home for the highest value and in the shortest possible time, with the least inconvenience to you. In order to achieve this goal you should:
- Establish a realistic price for your property based on the market evaluation.
- Prepare your home for showing --repair, replace, paint and clean and declutter.
- Consult with a professional real estate agent for guidance.
Search for a real estate agent
Contract presentation, negotiation, acceptance
Your professional real estate agent is familiar with every aspect of negotiating the contract to sell your home and will guide and advise you throughout the process.
Selling expenses
The costs in selling a home:
- Payoff of the existing loan balance, if any
- Proration of taxes to date of closing
- Discount points, if applicable
- Title charges - seller's portion of Title Insurance
- Recording release
- Transfer tax stamps- State of Illinois and County Real Estate Transfer Tax Stamps
- City or Village Transfer Tax stamps, if applicable
- Survey
- Well and septic test, if applicable
- Brokerage fee
- Attorney
Attorney's review
The attorney reviews the sales contract and all riders, he or she can make modification to the terms except purchase price. The review usually has to be done in writing within a certain number of days from date of acceptance.
Your attorney will also order the survey and the title.
Do you need an attorney?
Professional inspections
The buyer of your property will probably hire a certified inspector to conduct a professional inspection of your home. This involves a visual analysis, along with a written report, of your property and its internal components in order to find potential problems.
An inspection is different from an appraisal. An appraisal is used by a lender to determine the market value of a property. An inspection is an in-depth look at the structure and mechanical components of the property including the roof, plumbing, and electrical and heating systems.
A written report will be issued usually at the end of the inspection or given to the buyer shortly thereafter.
Radon measurement: A professional radon inspector must be state-certified through the Illinois Department of Nuclear Safety. Your inspector should be certified by the IDNS, and not solely by the EPA (which has relinquished control of its radon proficiency program). All tests done by people other than IDNS-certified companies must be turned in with a non-compliance form.
Termite inspection: The inspector conducts a specific inspection for the presence of termites and other wood destroying insect infestations.
Mold inspection: One of the more recent concerns in the inspection process is the possible presence of mold. It is commonly known that mold has been around for many years. Yet there is a growing awareness of the problems mold can cause. Experts are unclear about whether more mold is actually being found in the air, or whether the press and local communities have made us all more aware of it. Mold can be toxic or non-toxic. Most molds found in homes and buildings today are non-toxic. Large mold infestations usually can be seen or smelled. If you have a concern about mold being present in your property, you may, as the seller, hire an inspector to tell you the problems that the buyer's inspector might potentially describe.
Be sure to consult your professional real estate agent for advice.
Survey
The lender requires an updated survey of the property before closing. This is done to confirm that the property's boundaries are as described in the purchase and sales agreement.
This survey may show that a neighbor's fence extends onto the seller's property (or vice versa). Sometimes more serious violations are uncovered that must be addressed.
This is another charge that is generally paid by the seller. You might be able to save money by requesting an "update" from a surveyor who has previously surveyed the property.
Well and septic inspection
In the event that your property has well and/or septic system, prior to closing you should provide the buyer with the test results indicating such systems to be in compliance with the applicable state statutes and county health department regulations.
Arrange for appraisal
The lending institution where your buyer applied for the loan will order the appraisal of your property.
Your professional real estate agent will meet with the appraiser, if necessary.
Loan approval
Your buyer must have a mortgage loan commitment by the date specified in the sales contract.
Your professional real estate agent will keep you informed of the progress.
Arrange for utilities
Prior to closing, you will need to call the utility companies to have the gas, electric, water and sewer, garbage, telephone services, etc. transferred out of your name and request a final bill.
Final walk-through
A few days prior to closing the buyer's real estate agent will schedule a final walk-through of the property to make sure that everything is in working order and in the same condition as when the contract was signed.
Condition
The property should be left in broom clean condition. All refuse and personal property not to be conveyed to buyer shall be removed from the premises before the date of possession.
Closing
You will be notified by your attorney, real estate agent or title company when and where the closing is going to take place. You do not need to attend the closing, since you can sign all pertinent paperwork in advance. Ask your attorney for advice.
Closing is the act of transferring ownership of a property from the seller to the buyer. Depending on where you live, the lender or escrow agent will see to it that all terms and conditions of the transaction are met.
The agent for the title company will:
- accept and coordinate the flow of documents
- verify and collect closing costs and down payment funds
- prepare a closing statement of the entire transaction
- make sure all documents are signed correctly
- arrange recording of the deed and mortgage
- secure title insurance
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