Houston Home Selling Process
How The Home Selling Process Works
Taking The Stress Out of Selling Your Houston Home
For many selling their Houston area home, successfully marketing your property on the Houston MLS can be viewed as a stressful event. Add the fact that you are marketing, in many cases, your most valuable investment; it’s easy to see why more Houston home sellers select the expert services of their Houston realtors, The Zoller Group! Because of the intricacies of the real estate transaction, we devote a team of specialists trained to take the stress out of selling your fine Houston home!
Negotiating The Offer To Purchase (Offers and Counter Offers)
Once an offer is submitted on your property your Houston realtor, The Zoller Group will contact you immediately. As your REALTOR® partner, we will scrutinize the offer, then review it with you carefully. Feel free to ask questions at any time, especially during this period. The written purchase offer will identify all terms of the sale.
The terms of the offer will include:
- Identifies the parties (buyers/sellers and their agents)
- The legal address of the property (property description)
- The price the buyer is willing to offer
- The financing terms (If applicable)
- Who pays for closing costs
- Specific closing date
- And earnest money funds
Once all parties agree to these terms, the offer then becomes a binding contract.
Real Estate Contingencies in Texas
The offer may include a contingency on the buyer to sell their home first or it may contain a condition of a home inspection. As your Houston real estate experts, will fully explain all contingencies and advise you of your options and how those options impact the sale of your home. Ask your REALTOR® how these terms affect you and whether the offer is in line with the other recently sold properties. The offer describes the property, states who pays for closing costs, and specifies dates for closing and possession. Along with making the offer, the buyer will include earnest money as a sign of good faith. The earnest money will be kept in an escrow account and applied as a credit toward the buyer's down payment and/or closing costs when the sale closes.
Seller closing costs include the following:
- Title Transfer & Conveyance Expenses-including title insurance, document fees, attorney fees, recording fees or other title-related fees. These items are negotiable items.
- Prorated Expenses & Credits: Various expenses are prorated between the buyer and seller on closing day. Examples of prorated expenses could include property taxes, HOA dues and fees, or credits for prepaid seller expenses.
- Mortgage Payoff: Any fees, penalties, or outstanding mortgage loan balances are paid from the proceeds of the sale.
- Broker Commissions & Fees: Home seller real estate broker fees are deducted from the sales proceeds including commissions or transaction fees included as a result of a signed listing agreement.
- Seller Concessions to the Buyer: Negotiated items paid by the seller on buyer’s behalf including credits for closing costs, repairs, or other negotiated allowances. (All items are subject to the lender’s approval)
The Inspection Process of Your Houston Property
In all likelihood, the buyer will require a home inspection. As your REALTOR® partners, The Zoller Group will coordinate the inspection of your home on your behalf. The home inspector will review all home systems including HVAC, electrical systems, roof systems, structural components, plumbing systems, appliances, and mechanical items. A written report (given to all parties) will document any items that the inspector finds to be in need of repair. In all liklihood, the buyer will ask you to complete certain repairs. It is not unusual for home inspectors to note items in need of repair. No matter how new or well maintained your Houston home is, chances are an inspector will find some items in need of repair.
Do you have any questions about the inspection or closing process? If so, contact your Houston real estate experts now!
Final Walk Though
At the final walk through, the buyers, with the Buyer's Agent, will perform a "final walk through" to determine if the property has been left in what is commonly called "broom-clean condition". All possessions that transfer with the property must be present as well. No unwanted items shall be left behind on the premises.
Your real estate transaction formally ends at the closing table on the date designated by the contract. In most transactions, the closing is approximately an hour in duration and often occurs at the title company office. The parties usually consist of the home seller, The Zoller Group and the buyer and the buyer's agent. The title company officer or escrow agent will preside over the closing. Items needed at the closing include your driver's license or any of the following documents including a DPS identification card and passport. It is at this time that property rights and ownership is transferred to the buyer.
Congratulations- The transaction has been officially consummated!