Explain Home Selling Process Florida

Every home sale in Florida is different, especial now in today’s market. Therefore, we find it important to answer the most ask question.

CAN YOU EXPLAIN THE HOME SELLING PROCESS IN FLORIDA?

We have to look first every home seller situation. We have different sellers with different needs.

If you are an arm lengths seller, you still have enough equity in your home and the payoff would cover your mortgage, if any. The selling processes for these homes are straightforward and called an arms lengths transaction.

First, a seller should find a representation in the sale of their home. In most cases they will hire a real estate agent or Realtor. Keep in mind not all real estate agents are licensed Realtors. Only Realtors abide by the strict Code of Ethics can call them Realtors. In many cases the listing agent then will list a home and tries to find a buyer.

If we represent a seller we have already buyers lined up who are looking for a home. The home then will be matched with those buyers in our list. Many times those buyers will buy your home.

Now to answer the question: Can you explain the home selling process in Florida?

When the buyer is matched and a contract for sale has been signed the home selling process will move straight forward to closing with following steps in between.

1)      The buyer should pay a binders deposit, when submitting an offer, into an escrow account and as stipulated in the contract for sale and purchase.

2)      The home seller should provide the Sellers Property Disclosure to the buyer and as of the contract written, if not provided before negotiations.

3)      If the buyer needs financing they will immediately start a full loan application, including supplying a credit report and ordering the appraisal.

4)      In addition, the buyer also will start the application with the homeowners or condo association, if any. Many associations have a four weeks approval time.

5)      If agreed in a contract the buyer then will proceed with all inspection needed. Be aware that every home inspector will find something, even you think there should be nothing found. Depending on the contract negotiations the outcome of the inspection has several ways.

a)            If it is sold “As Is” usual it means “As Is”, but still some agents still try to
negotiate an “As Is” contract.

b)            If you gave room for negation on the home inspection and major condition have
been found there is the possibility that a re-negotiations on this items could
take place.

6)      In the meantime the buyer’s lender, if any or the buyer has ordered a home appraisal. When the appraisal is to the lenders and/ or buyers satisfaction than the lender will approve the loan.

7)      30 days before scheduled closing date the seller or buyer will order a Wood Destroying Organism Report. Depending on the negotiation and outcome of the report buyer or seller will do treatments or repairs if needed.

8)      A Survey will be ordered and send to the Closing Agent which will do the title search on the property, and if clear a title commitment will be given.,

9)      24h before closing the Closing Statement known as HUD 1 will be sent out for review the sales transaction.

10)   One day or on closing day the buyer will have a final walkthrough if everything is in the same condition and as agreed in the sales term. They will check if the repairs have been done and if no damages have accrued.

11)   On closing day everybody meets at the closing agent and the transaction is be finalized. The buyer will sign their mortgage documents first if any and the seller sign the Warranty Deed receives the sales proceed and exchanges the keys.

There are many more small details we have not covered, but your agent will take care off, and this should answer the question “Can you explain the selling process in Florida?”. Also, keep in mind this is for our Florida market and every region is different, and transactions are different in different home markets.

March 12, 2013