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Home Seller Guide Appraisal Buyer pays for the appraisal The appraisal normally occurs after the home inspection period has ended The buyer's lender hires an independent appraiser to evaluate the property ensuring the value of the property is sufficient to the loan amount The appraisal takes less than an hour. The appraiser will need access into the home The appraiser will call me directly to set up a time There is a chance the appraisal could come in lower than the asking price Prepare to Close Escrow received all necessary documents from agents and lenders The title company issues a title policy ensuring a clear and free title The owners title policy is paid by the seller The escrow company prepares all documents for signing I work closely with the buyer’s agent and escrow officer to monitor all documents arrive in a timely manner Signing You will sign all documents at the escrow office Signing usually scheduled 2-3 days before closing Signing and closing rarely occur on the same day Closing Closing is when the sale is recorded with the county and the funds are deposited Why does a closing get delayed? Closing Costs The sellers pay closing costs Closing costs are based upon your sales price. The closing cost includes escrow fees, owners title policy, recording fees, and taxes (payment or refund, depending on the time of year). There could be other nominal fees as well. Escrow can prepare for you a Seller’s Net Sheet, which will lay out most of the fees. Commission The Seller pays the Real Estate Commission on both sides The listing commission fee is 6% The commission is divided between the listing agent and the buyer’s agent. From each agent’s commission a fee is paid to their brokerage firm and then their brokerage pays the agent. Listing Contract As part of the listing contract the following language will be included: If seller terminates this contact within 30 days of the active/listing date, the seller shall reimburse the listing agent marketing cost. Not to exceed $2,000.
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