Friday, March 7th, 2014
Preparing for the Closing
The weeks before the closing will be occupied by paperwork, communication, more paperwork, and planning for your move.
The legal work in preparation for closing is critical. We are fortunate to partner with exceptional title companies and closers. Their abstractor and/or attorney will examine the history of your title, confirm whether the property has an Abstract or Torrens title, provide for the purchase of title insurance and work to resolve any “clouds” on the title. Providing OEA Realty with the necessary information at the initial visit can help prevent delays in this process.
During the weeks before closing, your OEA Realtor will be in communication not only with the title company, but also with the buyer’s agent. We check to see that the buyer has not encountered any problems in securing the mortgage, and that no other substantive changes have happened to delay the closing.
In addition to packing, there are a few other details to attend to, including:
- Hire movers.
- Cancel utilities as of closing day.
- Change of address forms.
- Remove all unwanted property that is not moving with you. This includes but is not limited to trash, yard debris, old tires, paint cans, and general junk.
Friday, February 28th, 2014
An offer is submitted…And accepted!
You have an offer – great! This is what we have been working towards! In short, you have three options:
- You can accept the offer.
- You can reject the offer.
- You can counter the offer.
This is, of course, the critical step in selling. Are the terms (price, closing date, type of financing) acceptable to you? We will review the offer and respond to the buyer’s agent/broker in a timely manner. The buyer’s earnest money (part of their down payment) is then deposited in OEA Realty’s trust account until the closing. Occasionally, the earnest money is refunded to the buyer if there are irreconcilable issues with the inspection, buyer’s financing, title work, etc.
When all counter-offers have been completed we have a “fully executed” purchase agreement, and a “final acceptance date” is recorded. Next, the buyers will schedule their own inspection with a private inspection company that they hire. Inspections are completed within three to five business days of the final acceptance date.
After the inspection, several things could happen:
- They buyers could remove the inspection contingency with no further requests.
- The buyers could decide to withdraw their offer.
- The buyers could request that certain repairs or hazardous issues be resolved before closing, or perhaps ask for a price reduction in lieu of the repairs.
Once the inspection has been agreed upon, the next step of the process is the appraisal. They buyer’s lender orders the appraisal and will need to have ALL signed pages of the Purchase Agreement including all counter-offers and addenda. (This is why it is crucial to get all signatures quickly, so this next step is not delayed.) With an appraisal at or above the agreed-upon sale price, we are getting close to the finish line!
Monday, February 24th, 2014
Housing starts haven’t been quite as robust as forecast, climatological factors have chilled demand in many places and dramatic declines in foreclosure activity has become the norm in several housing markets. These factors can sometimes pull down overall sales numbers, so it’s important to dig beneath the headlines. All of this looks and feels like a natural part of the transition toward a healthier marketplace. Prices are still experiencing upward pressure, and sellers are still receiving competitive offers.
In the Twin Cities region, for the week ending February 15:
- New Listings decreased 2.9% to 1,162
- Pending Sales decreased 8.4% to 816
- Inventory decreased 9.7% to 11,965
For the month of January:
- Median Sales Price increased 12.4% to $179,850
- Days on Market decreased 12.3% to 93
- Percent of Original List Price Received remained flat at 93.5
- Months Supply of Inventory decreased 15.6% to 2.7
All comparisons are to 2013
Click here for the full Weekly Market Activity Report.From The Skinny.
Tuesday, February 18th, 2014
Showing Your Home
We will attach a lockbox to your property in a logical location (usually the front door). The electronic lock boxes are heavy, blue metal. The home key is inside the box. The box can only be accessed by licensed realtors, appraisers or inspectors during certain hours of the day. This provides for greater security. In some cases, with your permission, we may use or add a second lockbox that has a code that can be shared with contractors who may need access to the home.
A showing will be scheduled (typically by another realtor representing the potential buyer) through our on-line system. They will submit a request to see your property on a certain date and time. You will be contacted by our office to confirm if that day/time is acceptable to you.
Try to leave the home during your showings so the clients can tour the home with their agent. Turn the lights on for the showing (if possible) and kennel or remove any pets. Also, make sure all valuables and medications are removed or secured.
Never allow anyone into the home for a showing if a showing was not scheduled and approved in advance!
The buyers’ agents are asked to remove their shoes during the showing, leave a card, and turn off the lights when they leave. The agents usually submit on-line feedback for us to review within 24 to 48 hours after the showing.