Competitive Market Analysis
A CMA or Broker Price Estimate is a in depth analysis that an agent prepares for you on a specific property in order to assess approximate value based on market trends, the neighborhood, property specifics, and is a gage as to comparable properties that have recently sold in the area where your property is located. This is not an Appraisal of the property but is based on similar subject materials and will help you choose an appropriate price and offer insights into maximizing the return value of your property.
Seller Agency Agreement
Under the law you have certain rights and responsibilities when buying or selling a property. A Seller Agency Agreement establishes a contractual relationship between you and your Selling agent and explains these rights and responsibilities due to you the Seller. Your Agent will thoroughly explain the Agreement and you will receive copies of the agreement.
This is the contract that details the transaction and spells out the specifics of exactly how we can put your property up for sale. It contractually ties you to sell your property with our agency for a given period of time. Disclosures are Addenda to the Listing Agreement that vary from contract to contract but can include important details about your property.
Loan Terms and Preliminary Title Work
When listing your property for sale it is important that any outstanding loan on the property is investigated as to the terms that it can be sold under. Title work includes establishing the true ownership of the property and will outline the steps required to legally sell the property.
After the Buyer places an offer on your property that is mutually accepted they are typically allowed to investigate and inspect the property for defects. The Buyer may ask for repairs or improvements. Time is allowed here for negotiations. Resolution is the end of the negotiation on these proposed repairs and improvements.
Appraisal & Inspection
If the property is being purchased with the help of a loan the Mortgagor will have an independent Appraiser assess the true value of the property to make sure the Mortgagor is making a sound investment. The Appraisal may also call for additional requirements based on the loan program.
Closing is the time when the transaction is completed and property is exchanged for valuable goods such as money. This is usually when the Title is transferred and ownership is exchanged. At this time the property should be VACANT and clean. Many signatures are usually required to complete the transaction. At Closing the money and keys are exchanged and the deal is done!