The Selling Process
The selling process can be intimidating and seem overly complicated. With so many real estate and legal terms being confusing, procedures and roles of participants vague, it can seem like a daunting enterprise. However, with the assistance of an diligent Realtor©, an informed seller can have enjoyable (and profitable) experience. Below is an outline of what the process normally entails.
1- Obtaining representation by the RIGHT Realtor can be critical in maintaining a good working relationship and executing a successful transaction. At the listing appointment, the real estate agent will provide certain data on the market condition, such as how comparable (comps) active listings are priced and the final sales price of recently sold "comps". This is critical in establishing an asking price. As a rule of thumb, properties priced more than 5% above market value will not be absorbed quickly. Equally important is being represented by a Realtor who will aggressively market your home. Our team has years of experience in the fast-paced world of international marketing and the technical knowledge to successfully market your home, establishing maximum exposure in the market.
2- Your real estate agent will ask for a number of documents and information pertaining to the property. You will be required to disclose all information relating to the condition of your home and to the financial status of the title. Relevant information, such as amenities and assets, will be used to effectively market your home and garner the interest of buyers.
3- Make a lasting impression by preparing your home for showings. Start with curb appeal by making your yard well-maintained and ensuring the exterior is well-kept. An old real estate adage is that kitchen and bathrooms sell home, be sure these areas are particularly spotless. Maximize the assets and minimize the flaws by helping define the space for potential buyers.
4- You spent a good amount of time and effort preparing your home for buyers, however, your broker will be the one marketing and showing your home. It is best for a buyer to view the home without the owner or tenant present. And leave the negotiating to your Realtor.
5- Upon receiving an offer, your realtor will present the terms to you, to include the sales price and earnest money offered, proposed closing date and contingencies. At this juncture, the options will be to accept the offer as is, make a counter-offer, or reject it. Consult your realtor for professional advice on the negotiating of offers presented.
6- When the buyer and seller agree to terms on a contract, the sales process will proceed through various stages. Many more participants enter at this stage, such as escrow officers, house and termite inspectors, attorneys and appraisers. With the assistance of your realtor, you will obtain all documents required for closing and address all contingencies. Prepare your home for the buyer to make the final walk-through inspection and to take possession of the property.
7- In the State of Hawaii, closing is a non-event. All monies and fully executed documents are due to escrow no later than 2 business days prior to closing. Transfer of ownership becomes official upon recordation, the morning of closing.