Selling Your Home

STEP ONE - The Planning Stage

Meet  with  Phyllis Harb or your Realtor,  to determine your asking price  and  to  establish a customized  marketing  plan.   Discuss any inexpensive repairs or improvements that are suggested  that might enable you to sell your home more quickly  and  for  more  than  the cash outlay.

Listing paperwork is signed and numerous disclosures as mandated by law are prepared.   At this time,  Phyllis Harb will also arrange to h a v e  professional  photographs  taken  and  a  property  brochure developed.   Now,  is an excellent time to order  certain  inspections such as a termite report,  so that these  costs  can  be  factored  into your "net".

STEP TWO - Going to Market

Phyllis  will  also  input your listing into the Multiple Listing Service and arrange for a Broker's Open  House.   This  Broker's  Tour is a terrific tool to get as many Realtors as possible into your  home in a s h o r t  b l o c k  of  time.   Often,  Phyllis  Harb  &  Co.  will  serve refreshments to encourage agents to linger at your home.

Your advertising campaign should also be in full gear,  and showings are  now  taking  place.   Remember,  if you know your home will be shown turn  on  the  lights!   Phyllis  Harb  will  also  give  you  other showing tips.

STEP THREE -Negotiating the Offer

Congratulations you have an offer!   Sometimes  an  offer  won't  go through,  the  buyer  may  be  "fishing"  and  unwilling to come up in price,  but  at  least  they  liked  your home enough to write an offer. You  probably  will  counter  the  offer  as  far as price, and or terms such as close of escrow.   And  perhaps  you  might want to sell your home  "As  Is",  rather  than  with  a  seller  warranty.   The  "seller warranty" can have serious ramifications.

The buyer may then  sign  and  accept  your  counter  offer,  counter your counter,  or fail to respond.   This  counter  stage  can go on for any length of time, but usually not more than one week.   Hopefully, you will come to terms and escrow will be opened.

STEP FOUR - Escrow follow up

Once  an  offer  is  accepted,   the  buyer's  deposit  is  forwarded  to escrow.   Phyllis  Harb & Co. will follow up on the buyer's deposit to make certain that escrow receives the check and that it clears.   We will also follow up with  you,  to ensure that escrow instructions,  are promptly signed and returned.  Failing to do so may result in escrow not  being  able  to  retain  the  buyer's  deposit in the event that the buyer fails to perform.

Other  events  must  also  transpire  for a timely  closing and Phyllis Harb  &  Co.  will  follow  up on these too.   The buyer has a specific time  period  as  designated  in  the  Purchase  Contract  in  which to complete and approve a physical  inspection.   Sometimes,  this  can result  in  the  buyer's  attempt  to  renegotiate and infrequently can result in a cancelled escrow.

Typically after the inspection has been approved,  the appraiser will come  to  your  home  and certify that the value of the property is at l e a s t  the  buyer's  purchase  price.   As  the  buyer  pays  for  the appraisal and the inspector,  the completion of these tasks  reflect a cash outlay by the buyer and are a good  indication that the buyer is committed to consummating this purchase.

Another  sign  that  Phyllis  Harb  &  Co.  look  for  is  t h e  buyer's willingness  to  complete the myriad of paperwork  required by their lender. We closely monitor the lender's progress.

STEP FIVE - CLOSING

The last several weeks of your escrow will be a whirlwind of activity for Phyllis Harb & Co. We will coordinate the buyer's walk through, key exchange and of course closely monitor the following:

When are loan documents (loan  contract)  arriving at escrow?   Are there  any  outstanding  loan  contingencies?   When  is  t h e  buyer signing the documents?   When  will  the  documents  be  returned to the lender? And did the lender review and approve them?   Has  the lender confirmed  the  funding?   When  are  the  buyer's  remaining funds  going to be deposited at escrow?   And did these funds arrive as scheduled?

All  of  the  above  must  take  place  on  time,  or  closing  could  b e delayed.

This  sellers  guide is meant only as brief synopsis of a very complex process and you should discuss your  particular  requirements  with your  Realtor  and in certain instances an accountant, CPA, escrow and or title officer.

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