Hey there! One question I get asked a lot is "What happens when my home goes active", so today I'm going to walk you through and answer your questions!
You can watch the video above and if you prefer to follow along by reading, I've outlined everything I talk about in the video below!
So once we have you live and on the market, all of the buyers out there that have any kind of online search set up will be notified that your home is now available if your home matches up with their criteria. So let's say they have a criteria alert set up for any homes that are 2400-2800 sq ft in a certain area under $450,000 and you match that criteria, they will be notified that you were active and on the market and then they will let their agents know that they want to come see your home.
That agent will then schedule a showing through the showing service that we use. You will be notified of the showing and you'll have the option to approve or decline the showing based on your availability to vacate the home. At a minimum you'll have at least a 30 minute heads up notice if not an hour or more notice before a showing appointment.
During showings, the buyer's agent will escort their buyers to your home, accessing the lockbox on the front door, and showing the property. Once the showing is complete, we will request feedback from those agents and provide feedback once we receive it. It's not uncommon for agents to not leave feedback and we do the best we can to capture the buyers thoughts on the home.
Once an offer is submitted for your home, we'll confirm that we have a complete contract package and then we'll reach out and present the offer to you. During that conversation, we'll discuss and talk about your options, guide you on what we feel is best and go to work on your behalf.
Ultimately it's up to you which way we go, and depending on if we have more than one offer, we'll discuss next steps, counteroffer recommendations, and you'll be guided on that entire process. Once we have come to terms with a buyer and have an executed contract, meaning the contract has been signed by all parties, you go into what's called Option Period.
The Option Period usually lasts about seven to 10 days depending on what's been negotiated in the contract and that's where the buyer will usually pay for and schedule inspection.
The Inspector will usually schedule the inspection through the showing service and you will be notified when the inspection will be scheduled. It's usually a 2-4 hour block that they will reserve and we ask that you vacate the home for the inspection just like you would for a showing. The buyer and buyers agent a lot of times will accompany the inspector.
The inspector will inspect the home and will likely have a list of repair items that they deem are worthy of addressing. They buyer and their agent will look over the inspectors report and notify us of anything they want repaired or financially compensated for, etc.
Once we receive any items that the buyer wants addressed, we'll present the information to you and discuss next steps. We'll guide you on your options and make recommendations and then negotiate on your behalf. Rest assured, just because something comes up on an inspection report or repair list, it doesn't mean we have to fix everything or anything for that matter, depending on the items. Once we come to an agreement with the buyer on the repairs, then we move into what's called Pending Status.
Pending Status usually lasts three to four weeks if the buyer is securing a loan because they usually have to get their loan documents in order, order the appraisal, etc.
If the buyer is paying cash, usually the pending process is a bit shorter, maybe two or three weeks because they won't have to have the loan set up or appraisal done.
Once everything is in place with the title company, we will schedule your closing day and time and once you close and fund, the home will be in the new buyers name and you'll have to vacate the home by the date that was agreed upon in the contract.
Let me know if you have any more questions about what happens when your home goes active and if you want to read more, check out my post on What Happens During a Listing Appointment