Putting your home on the market can be a stressful process, especially when you don’t know what to expect. Fortunately, with the help of an experienced agent and this easy-to-follow guide, you can smoothly complete the process. Following these steps will help you prepare so you can get organized and sell your home for the best price possible.
01
Meet with your Compass agent to discuss your plans and goals, trends in the current marketplace, and assess you property's qualities and characteristics. Your Compass agent will analyze comparable property sales, assess the competition, work with you to determine pricing strategy, and outline a strategic plan to achieve the best possible result for you as a seller.
02
From applying a fresh coat of paint to rearranging furniture, your Compass agent will ensure that the property is visually ready for showing. Your agent will schedule a professional photo shoot, commission an illustrative floor planm and prepare a listing description. At this time you should also sit down with your agent and complete the Seller Disclosure documents that will be necessary for the transaction.
03
The listing is broadcast on Compass.com and sent accross our 100+ partner sites for the duration of the selling process.
04
The Compass marketing team produces beautiful print collateral to strategically showcase your property. your agent develops and executes an intelligent, effective paid marketing plan in relevant publications. Eye-catching property signs are produced and palced outside your property.
05
Your agent continuously leverages professional contacts and the Compass Network Tool to find ideal buyer brokers. Open houses are hosted for both brokers and clients on an ongoing basis.
06
Your agent conducts on assessment of the market response within the first 30 days of your listing going live. Feedback from agents and buyers is aggregated, and the listing strategy revised if needed.
07
You and your Compass agent will establish the best method and frequency of communicating as the process unfolds. Your agent will provide you with regular feedback and will keep you updated with continuous traffic metrics and information from the market.
08
Once we receive an offer, your agent will contact you to review the terms of the offer and anlyze the pros and cons. Together you will decide how to respond to the buyer in one of several ways: by accepting the offer, rejecting the offer, or making a counter offer.
09
Once a contract has been agreed to and signed by all parties, an escrow will be opened and the buyer's contigency period will begin. Timelines for the completion of buyer and seller responsibilities will be listed in the purchase contract and adhered to in the escrow. Your Compass agent will keep a close eye on the timelines and ensure that you are in compliance with your responsibilities, while also holding the buyer's side to task to keep the process moving.
10
Your Compass agent will monitor and coordinate all the details necessary to get you to the finish line. Once the buyer has performed their inspections, removed their contigencies, and the loan (if any) is ready to fund, your agent will arrange the final walk-through. At or near this time the escrow will close, payment will be made, and the keys will be handed over to the buyer.
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Short Description
Short Description
Short Description
Appraisal
Assessment of the property's market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Assessed Value
Value placed upon property for property tax purposes by the text collector.
Closing Costs
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.
Closing Statement
The statement which lists the financial settlement between Buyer and Seller, and the costs each must pay.
Contingency
Certain criteria that have to be met in order to finalize the sale.
Conventional Mortgage
A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
Credit
Money given to a buyer from a seller through escrow at closing.
Escrow
A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
Earnest Money Deposit
Buyers in California usually deposit 3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
Fixed Rate Mortgage
A loan on which the interest rate and monthly payment do not change.
Home Warranty
A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year.
Preliminary Title Report
A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.
Title Insurance
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
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