Home Selling Process

The process of selling a home is a complicated process involving many steps, persons performing different tasks, and a extensive number of documents. Below are the key steps in the home selling process.

Listing Consultation with Realtor

Learn about your real estate advisor and how he helps you achieve your real estate goals.
Learn about property selling documents, home selling costs, the current real estate market.
Discuss time frame for selling your home
Review sales comparables information
Determine listing price
Review seller's net sheet
Review and sign Listing Agreement
Provide essential home selling information for your reference

Home Preparation

Realtor conducts walkthrough of your home
Realtor provides recommendations to make your home more saleable
Seller prepares home to enhance saleability

Realtor Lists Home For Sale

Realtor takes photographs of home
Realtor creates list of features for home
Realtor inputs property features and photographs into Multiple Listing Service (MLS)

Seller’s Disclosures

Seller completes property disclosure forms provided by seller’s agent

Receive Offers

Seller’s agent receives offers from buyers’ agents

Review Offers

Review offers received with agent
Discuss strategies with agent
Accept or reject offer, or make counter offers

Write Counter Offers

Seller's agent presents offer to buyer's agent
Negotiate counter offers

Acceptance

Seller and buyer agree and sign agreement (escrow time period begins)

Open Escrow

Purchase agreement is sent to escrow
Buyer gives escrow company deposit check
Buyer's check is deposited into escrow account

Property Disclosures

Escrow and Title

Financing

Disclosures (7 days)

Seller provides disclosures to buyer
Realtor orders Natural Hazards Report and provides it to the buyer

Preliminary Title Report

Realtor orders Preliminary Title Report from title company
Preliminary Title Report is provided to buyer

Physical Inspection

Buyer conductcs physical inspection of home and receives Property Inspection Report
Buyers submits Request for Repairs to seller
Seller's agent reviews Request for Repairs with seller

Pest Inspection

Seller has pest inspection performed
Buyer reviews Termite Inspection Report

Inspection Contingency Removal (Day 17)

Buyer sends Inspection Contingency Removal

Repairs

Seller fixes items on Request for Repairs
Seller fixes items on Pest Inspection Report and provides Termite Clearance

Final Walkthrough

Buyer performs final property walkthrough
Verification of repairs

Prepare Escrow Documents

Escrow prepares Escrow Instructions and sends them to buyer and seller and their agents
Escrow orders Preliminary Title Report
Escrow orders HOA documents (if applicable)

Sign Escrow Documents

Buyer signs escrow documents, transfer documents, and signs and notarizes Grant Deed

Title Search

Title company performs title search
Escrow orders Preliminary Title Report and sends it to buyer and his agent

Research and Analysis

Escrow orders existing payoffs of any recorded loans, receives copy of title report and reviews contents, checks for status of taxes paid or owed, reviews homeowner dues if applicable, checks for any leased equipment, clears any title problems.

Pre-Closing Activities

Escrow prepares estimated Settlement Statement (HUD 1) for both buyers and sellers.
Prepares all necessary closing documents in addition to closing loan documents.
Escrow sets appointment for the buyer and seller to sign their respective documents.
Escrow sends all signed documents to lender for a final review.
Escrow receives all funds from the buyer as required.
Escrow sends documents to the County Recorder's Office to be recorded.
Escrow disburses funds per the purchase agreement.

Estimated Settlement Statement

Seller reviews and approves estimated Settlement Statement (HUD-1)

Close of Escrow (COE)

Escrow officer does final settlement
Buyer gets keys to home; seller gets their proceeds

Record and Transfer Title

Grant deed is recorded at County Recorder’s Office
Buyer’s deed of trust is recorded at County Recorder’s Office

Post Close of Escrow

Seller receives final Settlement Statement and/or HUD-1 document

Loan Application

Buyer fills Loan Application with loan officer

Loan Processing

Buyer provides documentation to loan officer
Loan application is processed by processor or loan officer
Loan officer orders title, appraisal, credit report, verification of employment, verification of deposits, etc.

Property Appraisal

Property appraisal is performed

Loan Package Submitted

Completed loan package is sent to lender's underwriter for loan approval

Preliminary Loan Approval

Lender approves loan with conditions

Loan Contingency Removal (Day 21)

Buyer sends Loan Contingency Removal

Final Loan Approval

Conditions met and lender approves loan

Loan Documents

Closing loan documents prepared by lender and sent to escrow company
Lender sends loan documents to escrow
Sign loan documents and closing cost statements

Loan Funding

Lender wires funds to escrow
Buyer wires down payment funds to escrow