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COLDWELL BANKER RESIDENTIAL BROKERAGE: Realtor serving Temecula, Murrieta and surrounding area's.

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The Selling Process

The home selling process is usually a very long and arduous journey. On average, it takers over 2 months for a house to be sold but sometimes houses can be on sale for more than a year. If you’re looking to sell your house quickly then it might be worth looking into Ittenbach Capital – We Buy Houses and completely avoid the whole selling process. However, if you are willing to go through it then here are some of the steps involved:

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Pre-Listing Inspection

Typically after a home has received an offer that is agreed upon by Buyer(s) and Seller(s), the Buyer will hire a licensed Home Inspector, such as this Austin Home Inspector as an example, to inspect the systems of the house. The inspector will generate a report that will instruct the Buyer which items they should have repaired or have a specialist give an opinion of. Generally, most items can be addressed by a handy homeowner however after a contract, that might not be acceptable to the Buyer.

A pre-listing home inspection will allow you to see what items an inspector will point out to a Buyer and to have those items corrected prior to listing the home for sale. It the inspection report, along with the repairs, can also be used as a marketing tool to attract prospective buyers.

Home Staging

Home Staging allows your home to show in its best possible way to Buyers. Vacant homes can be staged with furniture and art work to give the home a “lived-in” look. Occupied homes can benefit from a professional home stager guiding re-decorating options (which rooms to paint), what items to remove from the house to make it show less cluttered to buyers, and even re-arranging room furniture to increase flow and appearance or space. Alternatively, you may decide that you want to freshen up some of the decor in your house so it has the possibility to sell for a higher price. For example, if you have a bay window then it may be worth having a look for shutters that suit curved bay windows so that they are a better fit for your window.

Professional Photography & Virtual Tours

According to the NAR Survey of Buyers and Sellers, prospective home buyers find photos of a listing the most important part of a home’s marketing listing. We offer high resolution digital SLR photography. We utilize high quality photography as this is the very best way you can market your home. All of our listings have a unique property website and virtual tours.

Pricing

Pricing the home for today’s market is essential to not only obtaining a buyer but ensuring the transaction can end successfully. Regardless of whether a Buyer obtains a mortgage or not, 99% will order an appraisal to assess the home’s value. The appraiser will consider the values of similar homes that have sold in the last six months, similar in size, and closest in proximity. Pricing the home outside of those criteria will most certainly lead to a home not appraising for the right value and depending on financing, that appraisal could remain for the next six months.

Appraisals are subjective so its best to consider the most recent sales around your home at the time of listing and then again at the time of contract to ensure that the home isn’t overpriced for the market.

Home For Sale

When a home is listed for sale, it is active in the real estate agent’s database (referred to as the Multiple Listing Service or MLS) along with a description, multiple photos, a virtual tour, and instructions on how other agents are to view the property. In the Temecula and Murrieta area, most properties are shown to prospective buyers by Buyer’s Agents. These are real estate agents that have an agreement with the Buyer to represent them in the transaction. Appointments are scheduled through a centralized service and the buyer agent (represents the buyer) will show the home typically without the assistance of the listing agent (representing the seller). They access the property either by special code given to them by the centralized service or by a special electronic box that can only be opened by a Realtor.

It is customary for Sellers to leave the home prior to a showing however prior to, it is recommended that lights are left on and window blinds are open to let in as much light as possible. After an appointment, the buyer agent will leave feedback from the Buyer which can be used to adjust pricing, marketing or used to put together a deal with the Buyer.

In certain circumstances, open houses can be a great tool to attract Buyers however with the advent of the internet and virtual tours, most Buyers have toured the home virtually and rarely take advantage of open houses.

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Receiving Offers:

When an offer is received, some items we will be negotiating with the Buyer and their agent is:

  • Offer Price
  • Closing Date (the date the home is no longer yours)
  • Due Diligence Period (the time period a Buyer has to complete inspections, appraisals, etc)
  • Earnest Money or Good Faith Deposit paid into escrow by the Buyer
  • Any Contingencies (anything that must be satisfied in order to complete the sale).

When an offer is agreed up on by all parties, it is a Contract.

Due Diligence Period: Inspections and Appraisals

After a contract has been reached by Buyer and Seller, the Buyer’s Due Diligence Period begins (In California, the concept is the same but the terms are slightly different). The Buyer will complete any requirements set forth by their lender (paying fees, completing application, providing documentation), ordering a home inspection, survey (if necessary), etc.

It is customary, after a home inspection, for a Buyer to request that the Seller complete all of the repairs uncovered in the inspection report or to ask for additional money off the contract price. Therefore, it is always a good decision to complete a home inspection prior to listing the home for sale to identify potential problem areas and to have those items addressed prior to the Buyer’s home inspection.

The Buyer will also complete an appraisal to ensure the sales price is within the market value for that type of property. If the Buyer is obtaining a mortgage, the lender may request that the price is adjusted down to meet the appraisal value if the home does not appraise.

Title and Underwriting

Prior to closing, escrow will order a title report on the house to ensure that there are not issues with current or past ownership that could cause issues down the road. In final underwriting, the lender checks to ensure the Buyer is still employed, did not open any new lines of credit, and is still mortgage-worthy.

Closing

In California, real estate closings generally take place with an escrow company overseeing the transaction. Escrow along with the title company certify title and ensure that the information is correct. This is where the Buyer provides the funds to purchase and the Seller signs over the deed. Once the deed is recorded, the home has officially passed to the Buyer and all funds are released to the Seller (and their bank if any).

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Local Communities

Temecula

About the Community of Temecula Temecula is well known for its championship golf courses, a climate perfect for serene and beautiful hot-air ballooning adventures, and award-winning wineries nestled in 3,000 acres of picturesque wine country, but that’s just the beginning. The community’s mix of entertaining activities and friendly residents makes visitors want to return again […]

Menifee

About the Community of Menifee The City of Menifee is located in southwestern Riverside County approximately 30 miles southeast of the City of Riverside, California. The City encompasses approximately 50 square miles with an overall population of 80,589. Interstate 215 traverses north and south through the center of Menifee, with existing community commercial areas located primarily along […]

Murrieta

About the Community of Murrieta The natural scenic beauty of the area and what is still by California standards reasonably priced housing continues to attract significant numbers of residents and businesses who are finding Murrieta a great place to grow. Those living in the community find distinguished schools, abundant recreation, excellent medical facilities, expanding employment […]

Hemet

About the Community of Hemet Hemet today retains much of its retirement orientation but is also becoming home to significant numbers of younger families who provide services to the senior population or who are simply fleeing the more urbanized areas of Southern California. The economy is based primarily on service to the senior community and […]

Wildomar

About the Community of Wildomar Wildomar is located along Interstate 15 in Riverside County, a growing community comfortably nestled in a valley bordered by a mountain range on the west and rolling hills to the east. Its boundaries take in some 24 square miles. Background Information Wildomar is a community of old and new, more […]

Lake Elsinore

About the Community of Lake Elsinore Visitors to Lake Elsinore will discover a perfect climate, blue sky, clean air, world-famous thermal winds for aerial sports and, our crowning jewel, a sparkling 3,300 acre recreational lake for exciting water sports. All of this is set against the spectacular Ortega Mountains and Cleveland National Forest, providing opportunities […]

Canyon Lakes

  About the Community of Canyon Lakes If Canyon Lake had to be described in one word, that word would be unique. One of only five gated cities in California, Canyon Lake began as a master-planned community developed by Corona Land Company in 1968. The Lake originally was formed in 1927 after Railroad Canyon Dam was […]

Tom Olsewski

Partner First Preforeclosure Specialist - HAFA Certified - Luxury Home Short Sale Certified - H.E.L.P. Certified - Internet Marketing Specialist Designation - CA Lic #01442461

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Tom Olsewski
CALBre # 01442461
Realtor
2010, 2011 Agent Leadership Council
eEdge Ambassador
Past Technology Committee Co-Chair

Fax: 888-386-4035

tom@teamolsewski.com
951-216-3008

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