Step 5 in Selling Your
Northern Virginia or
Washington, D.C. Home:

Summary:
We're almost there! The last step in the process concerns receiving offers, selecting the best one for your interests, and making sure things proceed smoothly to and through closing. I'll work to make sure that this part of the process is as smooth and clear as possible so that you fully understand what's going on and that you remain in control.

Detail:

1. Setting contract procedures and deadlines -- You as the seller will have the opportunity of deciding whether you want to receive and review contracts as they might be submitted, or have all the contracts submitted at the same time on a specific date. There are advantages and disadvantages to each approach that I will thoroughly discuss with you so that you are fully informed before making your decision.
    
2. Offers -- A buyer makes an offer by submitting a written and signed offer to purchase, which will become the sales contract when/if ratified by having both the buyer's and seller's signatures upon it.  Once the seller and buyer sign the contract, they are bound by the contract conditions.  The “presentation of a contract” begins when the selling broker registers the offer with the listing agent in anticipation of their client actually making an official offer.  In Virginia and Washington, D.C., it is more common for the listing agent to receive the offers and then present them to the buyer (this may be different from the way in which it is done in other parts of the country where buyer’s agents actually present their contract in person to the seller or seller’s agent).
    
3. Comparing apples to apples -- Once I receive all the offers on your property, I will create a matrix/spreadsheet that compares the salient points of each offer so that you can easily see what each buyer is offering and which total package is the best for you.  As part of this presentation to you, I will also have verified the financial information presented by each buyer, speaking directly with their loan officers.
    
4. Contract completion -- In this area of the country, the selling agent usually oversees the contract through to closing and helps to ensure the financing is in place, the settlement company is making progress, and the arrangement of various inspections and reviews.  At this stage, all contingencies will be satisfied and removed.  The buyer selects the settlement company and/or title company, and the listing or selling brokers notify those firms and provides them with the pertinent information.  However, as the listing agent, I will be continually checking/overseeing the process to ensure your best interests are being served.
    
5. Closing/Settlement -- The day upon which title to the home is actually transferred from the seller to the buyer is the closing date.  Usually earlier that day, the buyer will conduct a final walkthrough inspection of the home, the purpose of which is to determine if all conditions of the contract have been satisfied.  The time for the buyer to inspect and note defects for correction by the seller is during the contract negotiation and prior to signing the sales contract.  Repair or replacement items should be noted in the contract as well.  Most resale homes are sold in “as is condition;" however mechanical, electrical and plumbing items must be in working condition.  It is up to the buyer to perform the inspection, not the seller.  However, the home seller should ensure that the utilities are still one so that equipment can be tested.
   
   At the actual time of settlement, the attorney or title company representative/agent, the buyer, the selling agent, and the seller and listing agent will all be present; sometimes the buyer’s loan officer is also present.  The settlement company will have researched the title, and obtained old and new lender instructions. The seller should bring with them all keys to the home, shed, the garage door opener remotes, etc. to the settlement.  The seller should also bring all relevant warranties with them or leave them in the kitchen of the home.
   
   At settlement, all unresolved walkthrough items/deficiencies are resolved.  With the buyer, the settlement agent will review the deed of trust, deed of trust note (mortgage) and settlement costs.  The buyer signs all three, and pays the balance of the down payment and buyer’s closing costs.  With the seller, the attorney explains the deed and settlement sheets and gets the home seller’s signature on them.  The seller pays the appropriate closing costs.  Once all items have been satisfied and paperwork signed, the sale of the home is complete.

* Remember that you as the seller need to set up your moving company so that you have vacated the property according to the terms of the contract.  Normally, that is for the day of closing, but can be earlier or later than closing depending on what the buyer and seller have previously agreed.  Long & Foster’s Home Service Connections can help you with finding moving companies and comparing their costs.