A few weeks ago we shared the six steps in buying a home, so we thought it only seemed right to do the same this week, but for those of you out there looking to sell your home in Central Florida.
As with buying (or selling) a home, a question that inevitably comes up is, “how long does it take?” While we can't give you a definite answer on how long it will take to sell your home, because each transaction is different, we can educate you on the steps involved in selling a home. This may give you a better understanding of what's to come once you decide to list your home.
For a seller, the process begins with finding a REALTOR® who will be able to work with you in advancing the sale of your home to the largest pool of prospective buyers as possible. Finding someone to work with that is knowledgeable of the area in which your home is located and the most up-to-date ways of marketing your home is key.
You will need to contact your mortgage company to request an updated ledger for the balance on your mortgage. Your REALTOR® should be able to help you assess general expenses involved in the sale of your home and what you stand to net from the transaction. Your REALTOR® should also be discussing what disclosures need to be completed to ensure that you’ve met state mandated criteria.
The type of sale will determine the length of time it will take for the transaction to close. Your REALTOR® should be able to coordinate with you to ensure that the buyer’s real estate agent is coordinating all relevant activities within the parameters delineated in the contract. Any breach or issues that arise could effect your entitlement to the earnest money that was put down during this offer period and how to proceed in canceling the contract.
An agreed upon EMD (earnest money deposit) and contract will trigger your duty to provide certain disclosures. Again, this will vary depending on the type of transaction, the type of financing the buyer is using and the age and condition of the home. Don’t be afraid to coordinate with your agent to find out what’s required and ask questions. For those of you who are property investors, be sure to discuss Internal Revenue Code §1031 about like exchanges and the deferred treatment of capital gains taxes with your REALTOR® (as a side note, to better protect yourself, always consult a CPA for tax advice).
Be sure your agent stays on top of the time frames set forth during this step to ensure that the transaction is moving forward and that the other party is adhering to what all parties had agreed to in executing the contract.
Finally, prior to closing, the buyer’s real estate agent should schedule a final walk through to ensure that the property is still in the same condition as when all parties had executed the Purchase and Sale Agreement. At closing all parties get together to celebrate over the age-old ceremony of signing papers, shaking hands, and exchanging hands of the keys to the property.
Now that you know the key steps involved in selling a home in Central Florida, we hope you feel better prepared to make a decision on listing your home. Dream Builders Realty also offers monthly market updates, with important information on what is happening in the real estate market in Central Florida. This may be another great resource for you.
About the author, Christy Lim: Christy graduated with a Juris Doctor from Florida Coastal School of Law. Her areas of focus include residential and commercial real estate transactions, immigration and foreign investments and visas, and contract negotiations and alternative dispute resolution. Having over six years of real estate experience in Florida and having managed commercial properties for over fifteen years, throughout California, Florida and Texas, Christy brings forth a broad and diverse understanding of the complexities associated with the legal and real estate fields. Like what you read? Read another post by Christy, FAQs on Property Investment in Central Florida.