What to expect when selling your home in Rhode Island:

So, you’ve signed your listing agreement, what happens next? Aliesha Noonan & Associates wants to make this whole process easy for you, so here’s the list! (Anything in bold has a definition at the bottom.)

What to expect listing your home in rhode island

 

  • All of your listing paperwork will be copied to you via email (or the most convenient way to deliver them to you).
  • A professional photographer is scheduled, and pictures are taken of your home. This is paid for by us.
  • After the photos are ready, your listing is inputted into MLS.
  • Within 24 hours of listing in MLS, we will place a sign in your yard.
  • Showings begin after that!
  • We will provide feedback after each showing, giving you ideas on how to adjust your home to sell.
  • Presentation of offers- we sit and discuss each offer in depth and decide which offer is most advantageous to you, as well as the option of counter offers.
  • Once the party has agreed, the P&S is drawn up and we fully explain it before…
  • The signing and submission of P&S with deposit from buyer. This deposit is held by Remax Property escrow account until closing, at which time we apply it towards the purchase price.
  • The inspection period commences- the buyer has 10 business days to do any inspections relevant for the house.
  • We are there for all inspection(s)- you will be informed of the date(s) and we will make arrangements for timing with you, including things like picking up radon testing. You are not responsible for buyer inspections!
  • Once buyer’s inspection requests come in (if any), we sit down and discuss them with you. Once we come to an agreement on said requests, an addendum is drawn up and signed.
  • Once the inspection contingencies are completed, the appraisal will be done. We meet the appraiser at the home and provide comps and a copy of the P&S.
  • The buyer’s final mortgage commitment letter is due and a title search is done on your property to be sure there are no outstanding issues on your title. This ensures we’re ready to move towards closing. This is done at the buyer’s expense.
  • Once all of these items are completed, we gather final reads on water, sewer, oil, gas, propane, obtain a smoke certification, provide all information to the closing attorney. The attorney then draws up the final documentation for the closing, and the date of closing is set.
  • The CD is prepared by the lawyer prior to the closing for you to review, all figures and questions can be reviewed with us ahead of time so you are comfortable on closing day.
  • Your final walk-through is scheduled… and then we’re off to the closing table!
  • We are there with you at the closing, and will ensure you have everything with you to have the day go smoothly!

And then you’re there!

This is an amazingly intricate process, much of it handled by us, behind the scenes! There is no specific timeline that can be assigned, because each sale is tailored to our sellers, individually.

We look forward to taking this step with you and welcome all of our clients to the first step of their listing! Contact us at 401-580-8672 today!

LIST OF TERMS TO KNOW:

  1. MLS:multiple listing service (MLS) is a service used by a group of real estate brokers, that allows each of them to see one another’s listings of properties for sale.
  2. P&S: A Purchase and Sale (P&S) agreement is a legal document that has been prepared and agreed to by attorneys representing the buyers and sellers. Please note, in Massachusetts, it must be signed by a buyer and seller after both parties have come to an agreement on an offer.
  3. Escrow account: Escrow refers to money held by a third-party on behalf of transacting parties.
  4. Addendum: an item of additional material, omissions or requests, added to the offer.
  5. Inspection contingency: A contingency clause defines a condition or action that must be met in order for a real estate contract to become binding. A contingency becomes part of a binding sales contract when both parties (i.e., the seller and the buyer) agree to the terms and sign the contract.
  6. Appraisal: An expert estimate of the value of the home.
  7. Mortgage Commitment Letter: A loan commitment letter is a letter provided by a mortgage lender that indicates a borrower has passed their underwriting guidelines and that they are willing to offer the borrower a home loan. A loan commitment letter is an indication that the buyer’s home loan has been approved.
  8. Comps: Comparables (or comps) refers to properties with characteristics that are similar to a subject property whose value is being sought.
  9. Smoke certification: A certificate issued after the home is inspected by the local fire department for properly working smoke detectors, as well as carbon monoxide detectors. This law is designed to save lives. A property can not change hands without a certificate issued by the local fire department.
  10. CD (Closing Disclosure): A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs)..
  11. Walk-through: The “Walk Thru,” “Final Walk Through,” or “Verification of Property Condition” should always be preformed.  No matter what you call it, the walk-through is typically done a few days before a buyer is going to close escrow.
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