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Know the whole sale process

Posted October 02, 2013 in Advice Column, Perry

Believe it or not, there is more to selling a home than just sticking a sign in the yard and waiting for the offers to roll in.

First and foremost is setting the correct price. There are lots of factors here and time should be spent to make sure we have this right. To do so, a real estate agent will do a market analysis. We compare our subject property to the competing properties and also similar sold properties. Each market is different and it’s important to hire a professional in your market.

Once we have a price and a listing is signed, the marketing of the home will begin. This is done through print ads and, more recently, multiple websites.

When an interested buyer calls, we need to figure out how he or she will pay for the home. There are lots of options — cash, conventional loans and government-backed loans like rural development or FHA. This is important because you can fall in love with a home, have FHA financing and find out because of condition the home will not qualify. The whole deal can fall through.

At this point, your real estate agent will put an offer in writing and help negotiate terms between buyer and seller. After an offer is accepted, the buyer will have time to do inspections. We will order a termite inspection, and the abstract will be sent to
the county to be brought forward. This is a history of the property and will be read by an attorney to assure the buyer and lender they will be given marketable title.

At the same time, the bank is ordering an appraisal and checking the information on the loan application. After we have clean title and final loan approval, we will draw a deed, declaration of value and ground water hazard statement. Since the offer was accepted, we have been working on the transaction 30 to 45 days and we are ready to close.

Close is when the seller gets paid and the buyer gets the signed deed and keys to their new house. Through the whole process, if one part goes wrong, the whole deal can fall apart. This is why it is so important to work with a real estate professional in the beginning of the selling or buying process.

Information provided by Larry Saemisch, RE/MAX Pros on Main,1207 Second, Perry, 515-465-5000,

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