Home Selling Process in Colorado Springs
This infographic describes the step by step process of selling a home in Colorado Springs.
Major steps in the home selling process:
- Selecting a real estate agent.
Your agent should be familiar with the local market and the home selling process in Colorado Springs. Ideally, it is someone that you can trust or be referred to you by a friend that had a recent positive experience. This agent will analyze your needs, provide pricing recommendations based on recent comparable solds, and provide all the necessary documentation to include disclosures.
- Prepare your house for selling.
Your agent will provide you with staging advice and improvements for curb appeal. It is highly recommended that homeowners do a pre-inspection to identify any major repairs that may be identified by the future buyer. Completing major repairs before listing will make the process go smoother once under contract and provide confidence to the buyer that you maintained the home.
- Review the marketing plan.
Understand what your agent will do for you to get your home sold. This often takes more than putting a sign in the yard and listing the home in the local MLS.
Have the home ready on a moments notice for showings. If possible, remove all pets from the property so as not to distract the buyers. Sellers should receive feedback from the showing agents, typically by email. This will provide the sellers an opportunity to make corrections prior to the next showing.
- Receive offer.
Offers should include at a minimum a pre-qual letter when a loan is required or proof of funds for cash purchases. Sellers are advised to review the offer closely with their agent so they understand their requirements. This could include concessions paid by the seller, dates, etc. The agent should create a net sheet for each offer received and any counter.
- Under Contract.
More than onced during the home selling process, sellers will be asked to review the draft title commitment to ensure a clean title can be delivered to the buyers. Sellers need to cooperate with the inspection process. Review the inspection objection closely understanding that the contract can be renegotiated. Seller repairs are documented in an Inspection Resolution which is signed by both buyers and sellers.
Another opportunity to renegotiate the sales price of the home is during the home selling process is with the appraisal. There are three options if the appraisal comes in below the contracted price, the seller can lower the price, the buyer can cover the difference in cash, or the contract is terminated. Every effort should be made to keep the deal together because no one knows when the next qualified buyer will come along.
If a survey is required to identify questionable property lines it is typically a buyer’s responsibility and expense.
All parties are required to have a valid id and will sign documents in front of a Notary (title company representative). Sellers will sign documents transferring title of the property to the buyers. Buyers will sign title documents receiving the property as well as their loan documents. If a loan is to be paid off, the title company will make payment to the sellers’ lender out of seller proceeds after closing. The sellers will receive their proceeds by a title company check or wire transfer. Sellers will turn over all keys, garage door openers, and any garage door codes at closing.
Find out what your home is worth by requesting a pricing analysis based on recent comparable solds.