The Florida Home Selling Process
The process of selling your home can seem like a lot of work but your agent’s job is to make it as easy as possible for you. Yet, as with most things, it helps to know what to expect. Here’s a brief outline of the Florida Home Selling Process:
Interview and Choose the right REALTOR
Learn more about your REALTOR before hiring. Ask about their experience, success rate, availability, and marketing plan. Make sure you feel comfortable and trust them.
Review and Discuss your Comparative Sales Market Analysis (CMA)
A CMA is a document specially prepared for you by a REALTOR to help determine the selling price of a home done by comparing it to recently sold homes in the same area.
Prepare to List your Home
Your agent will create a game plan tailored for you. The process of preparing to list your home includes creating a timeline, agreeing on a pricing strategy, discussing what you may need to do to prepare your home for showings, a professional photo shoot, and the act of filling out contracts and disclosures.
Don’t worry, this is what you hired your agent for… now we’re busy with online, email, and print advertising to market your home in the best light.
The Showings Begin
Agents will preview and show your home to their prospective buyers. Your agent may also host open houses for brokers or the public to highlight your home. Homes will usually generate the most showings in the first two weeks on the market.
Review Purchase Offers
Your agent will explain the terms of the offer and verify the buyer qualifications. They will present a “Seller’s Net Sheet” displaying the offer amount, any concessions, estimated closing costs and the amount you can expect to receive or “net” at the closing table. Negotiation takes place between agents to come to agreeable terms. The offer is accepted by all parties and “executed” then shared with lenders, title companies and home owner associations. The buyer will begin their due diligence and perform inspections. Repairs may be negotiated. Lenders will perform appraisals.
Funds are Deposited to an Escrow Account
The buyer will make a deposit into an escrow account held by the title company or closing agent as good faith of their intention to close on the sale. This deposit is fully refundable in the event of a cancellation during their inspection period or due to a cancellation for other contingencies. However, it is also forfeited in some cases. Your agent will explain any contingencies that exist (financing, appraisal, HOA acceptance, sale of buyer’s property) and advise you on deadlines. Time is of the essence!
Prior to closing, an additional document called a “Closing Statement” will be issued by the title company or closing agent. Arrangements will be made for the time you’ll come in to sign closing papers. Keep in mind this can be done in advance, or as a mail-away option. Rarely do we ever have buyer and seller sit together in the same room to sign all the papers due to confidentiality especially when buyers are signing financing paperwork. The day before, or the morning of closing, the buyer and their agent will perform a final walk-through. All keys, garage door openers, manuals and instructions for the buyer should be left in a conspicuous location.
Refer to flowchart below for a visual depiction of the Florida Home Selling Process: