A Comparative Market Analysis (CMA) is a report comparing active, pending, sold, and unsold homes to the property for sale.  Selling price, days on market, price reductions during the listing, and many other factors provide key indicators of what to expect when marketing and selling a similar property.

While I try to come as prepared as possible and can often present the CMA at our initial meeting, at times, I learn significant changes during our walk-through that I’ll want to further research to make sure I’m presenting the best possible information.

With our the mutual understanding of current market conditions, we’ll develop a marketing strategy to ensure the right buyers find your property.  Home preparation, price and timing are all key factors in being able to ensure a smooth sale.

A typical market plan includes:

• Professional photos
• Listing in the MLS and other online sites
• Targeted marketing for key audiences (nearby colleges, large employer, etc)
• Sign at the home
• Flyers
• Narrated virtual tour
• Drone footage (appropriate for larger properties)

On the time and date you choose, the marketing that’s been prepared will activate and potential buyers will have a chance to learn more about your home.  Myself or other real estate agents will want to do showings of your home.

These showings typically take about 30-60 minutes.  It’s best if only the buyers and their agent are at the property during this time.  Don’t worry, the agent will be with the buyers the whole time.

Ideally, soon after the showings begin, you’ll start to receive offers to purchase your home.  I’ll be advocating for your ideal scenario and conditions to the buyers and their agents, but will also present any written offer to you.

Together, we’ll be able to go through the offers to understand the pro and cons of each of the offers and its contingencies to ensure you pick the one that best suits you.

Alternatively, if none of those offers meet your needs or expectations, I’ll help you write a counteroffer to present back with more favorable terms or conditions.

Once an offer (or counteroffer) is accepted by both the buyer and the seller, escrow is open, and the home sale is pending.  During this time, the buyer and seller are working to clear the contingencies of the offers.  Typical contingencies include:

• Disclosure of known material facts of the property
• Evidence of clear title
• An inspection (and repairs)
• Appraisal
• Review of the HOA (if applicable)
• Financing approval (by the buyer)

There is often some amount of negotiation between the buyer and seller as these contingencies are resolved and lifted.  I’ll make sure you understand the range of available options through each step of the process to make sure your best interests are met.

Closing is the final step of the process.  Closing is handled by a closing agent, often from the title company who researched and is insuring the title is clear (title insurance).

The buyer (and mortgage bank) provide the funds to purchase the home to the closing agent, any lien holders release their interest in the property, and the seller conveys the title of the property to the buyer.  Once closing agent ensures that everything is in order, the closing agent will record the title with the county auditor and disperse the proceeds of the sale to the seller and lien holders if applicable.

Possession of the property can and often does transfer to the new owners at closing, but also common is a “rent-back” period.  This allows the previous owners some period of time after closing to move out of the home.

This is often the case when the previous owners needed the funds from selling the home to be able to close on a new home.  Rent back periods don’t often exceed 30 days, as this presents some challenges to typical owner-occupied conditions of financing.