This may be the first time you’ve ever sold a real estate property, or it may have been some time since you’ve been involved in a real estate transaction. Here’s a quick refresher on some of the real estate specific terms you’ll want to know.
Real Estate Brokers and Real Estate Agents
Listing agreements are made between real estate brokers and you, the seller. A real estate agent works for the licensed real estate broker. The commission for the sale of your home will be paid to the real estate broker. The real estate broker will pay a split of that commission to the seller and buyer agents where applicable.
The Multiple Listing Service (MLS)
The Multiple Listing Service is a proprietary database of all properties currently under an active listing contract in each area.
All active agents and brokers who belong to this MLS will have access to information about your property listing. Buyer’s agents searching for a new home for their clients will learn about your property listing through this online database.
Real Estate Portals
Real estate portals websites like Zillow and Realtor.com are data aggregators on listing information. The marketing information on your listing will be syndicated to real estate listing portals in order to draw in the largest possible market of interested buyers.
Before you signed your listing contract with us, we offered you a competitive market analysis of your home’s value. We will set the final asking price on your property based on this market value estimate. This valuation helps assure the lender that they would own a marketable property if the buyer should default on their mortgage. The buyer will pay for the house appraisal, but you should know that it may be different than the market analysis that I provided you.
In addition to an official appraisal, most interested buyers will request a home inspection before final sale. The goal of a home inspection is to give the buyer an objective, independent and comprehensive analysis of the physical condition of your property and check for any safety issues that might otherwise be unknowable.
A professional inspector will check on the structure, construction, and mechanical systems of the house.
When an interested buyer is scheduled to see your property, it’s best if you, your family and any pets you may own are not in the property. We work with you and the other real estate professionals who will be showing your home to schedule and supervise listing appointments. These home showings will most likely be an inconvenience for you and your family. I will do everything I can to work with you to minimize the impact, but an aggressive showing schedule will help us sell your property quickly, which is our ultimate goal.