A market analysis or competitive market analysis (CMA) is similar to an appraisal of the property. But it is NOT an appraisal. The Agent will find other comparable properties (comps) that are similar in size, style, area and quality to the property you are selling (subject). They will then examine market trends and come up with a range or prices for you depending on your needs and how much work you want to put into it.

This is when you enter into an agreement (usually a Exclusive Right to Sell Listing Agreement) with the Brokerage to sell the property. This establishes the rights and responsibilities of the Agency and the Seller including commission rates, pricing and all the specific terms. There are several items of paperwork that happen at this step depending on the property. These could include; a Brokerage Disclosure, a Lead Based Paint Disclosure, A Property Condition Statement and others.

Along with the Agreements and paperwork your Agent will ask you about your existing mortgage if applicable and get preliminary title insurance, there may be inspections, surveys and other discovery actions that take place in order to get you and potential Buyers needed information. You should get a Estimate of Proceeds that will give you a rough idea of the money you will make at the closing based on the terms you agree to.

In most cases there will be a “to do” list to get the property ready for sale. This can vary widely from property to property but usually includes; cleaning, decluttering, minor repairs, sometimes updates to fixtures like lights and faucets, sometimes the property will need safety items installed in order to help it qualify for the most potential loan types, more decluttering and more cleaning. The last eight hours of cleaning done on a property can be worth as much as $1000 an hour on your bottom line.

Also during this time your Agent will get high quality photos of the property and begin putting together advertising and marketing materials. This could include handouts, flyers, website design and a lot of data entry.

We will put your property up on the web on our site as well as the Multiple Listing Service (MLS) which is a Real Estate Agent software platform that allows us to share your properties details with ALL THE BUYERS AGENTS in the area. We will put it up on Zillow and Trulia, and Reator.com as well as Facebook, Google and a bunch of others. We will install professional Signage at the Property, we will make professional client Handouts, and Flyers. We may also create ads in other media forms such as newspapers, TV and Radio.

If we’ve done a good job on Preparing, Pricing the property appropriately and Marketing we will get an offer to purchase it. You are in the driver’s seat on the decisions. We will look at the offer and choose to Accept, Decline, or negotiate via a Counter Offer. Your Agent will be there to help you through the process.

Most offers will include Earnest Money. This is usually in the form of cash that is held in a Trust account that is to make the Seller “whole” in the event the Buyer backs out for no good cause. If the Buyer has cause (such as a defect in the property is discovered that can’t be rectified) they get their Earnest Money back. If the sale goes through the Earnest Money is applied to the purchase.

If we do not get an offer it means that either the Condition of the property is not up to the price we are asking or the price we are asking is too high so we need to update either the condition or price to meet the demand.

After the Buyer places an offer on your property that is mutually accepted they are typically allowed to investigate and inspect the property for defects. The Buyer may ask for repairs or improvements. Time is allowed here for negotiations. Resolution is the end of the negotiation on these proposed repairs and improvements.

If the property is being purchased with the help of a loan the Mortgagor will have an independent Appraiser assess the true value of the property to make sure the Mortgagor is making a sound investment. The Appraisal may also call for additional requirements based on the loan program.

Closing is the time when the transaction is completed and property is exchanged for valuable goods such as money. This is usually when the Title is transferred and ownership is exchanged. At closing any outstanding contractor fees are paid if applicable, mortgages are paid off, commissions are paid. A few days ahead of Closing the property should be VACANT and clean. Many signatures (especially for the Buyer) are usually required to complete the transaction. At Closing the money and keys are exchanged and the deal is done!