May 2020 Seller Resource Guide | Preston Jenkins

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ON THE MARKETWHAT HAPPENS WHEN YOU ARE ACTIVESHOWINGSOnce we list your home, brokers and their buyers gain access by callinginto a showing service. At Madison & Company Properties we useShowingTime. This full service showing database makes it the quickestand most efficient way to get buyers in your home.Showings can be set 24 hours a day, 7 days a weekShowing requests can be sent to your smart phone;giving you the control to approve or decline showingsSHOWING FEEDBACKThrough ShowingTime, your Madison REALTOR®sends out an email immediately after the showingto receive feedback from the buyer’s agent. Thefeedback is imperative especially if you are curiousto why your home is not selling as quickly as youmight have imagined.VIRTUAL TOURAnother way to get insights on your home isthrough the virtual tour that is created by thephotographer that took pictures on your home.How many people clicked on your listingHow long people stayed on yourproperty websiteWhich photos are most popular26
UNDER CONTRACTNEXT STEPS WHEN YOU ARE UNDER CONTRACTOFFER ACCEPTEDNow that you have decided on an offer, it is time to start the under contract process. Thereare a few dates and deadlines to be aware of - title deadline, due diligence, inspection(including ILC’s and surveys), appraisal, and loan conditions. Remember where we askedyou to gather documents on your pre-listing preparation? This is where those may come inhandy and help move this process along a little more smoothly. The under contract processcan take anywhere from 30, 45, to 60 days.INSPECTIONOne of the most crucial steps in buying a home is performing an inspection. The buyerselect to do this if they so choose. The buyer’s agent will set up a day and time that worksfor you to have the inspector perform a full inspection of your home. It is best not to bepresent during this time. It should take anywhere from 1-5 hours, depending on the size ofyour home and how many inspections the buyer is requesting. After inspection, the buyersagent will send an inspection objection requesting specific repairs or replacements, ifneeded. At this time you can decide which items you agree to fix, repair, or replace (if any)on the inspection resolution.Remember, inspection items should be left to things that affect health and safety.12APPRAISALAn appraisal will be required by the lender if the buyer is obtaining a loan. The appraisal isto determine at which amount the bank will provide a loan. It is your agents responsibilityto meet the appraiser at your home to show where they came up with the listing price.This can be explained by providing a list of comparable properties that sold of a similaramount, a list of showings and offers that were received, etc. The appraisal could comein low, high, or at value. Your Madison agent will guide you through this process if theappraisal comes in low. After the appraisal, we wait for loan conditions deadline and thenyou are that much closer to the closing table.LOAN MONITORINGBy the loan termination deadline date, the loan needs to be satisfactory in the buyer’ssubjective discretion. Specifically “contract is conditional upon buyer determining, inbuyer’s subjective discretion, that the availability, terms, conditions, and cost of such newloan are satisfactory to buyer.” By that date, if the buyer does not approve of the loan, theymust deliver “written notice to seller to terminate the contract.”3427
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May 2020 Seller Resource Guide | Preston Jenkins

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