I wrote the this article for the would be home seller in Fayetteville NC who isn't sure what to expect. How does the process work? I get the question from sellers quite often, especially the folks that haven't sold a house before. It isn't a terribly difficult process for someone who does it on a routine basis but there are specifics that must be observed to get to the closing table on time and without the threat of litigation.

After meeting the agent and the sellers will determine if any property preparation is needed such as paint, new carpet, etc. A listing price will be decided based on comparable sales data and the property is placed on the multiple listing service or MLS. The MLS is a networking platform used by REALTOR agents in Fayetteville to display properties for sale. It is extremely effective. In addition to the MLS I also submit the property to additional websites by hand and with the help of a syndication service. All said about 30 different web platforms will have the property on display.

At this point the property will be available for showing. Access is typically controlled by a lockbox but alternatives are sometimes used. Access to the property is tracked by a company called CSS. A follow up is performed on every showing to collect feedback on how the property reflected and to determine if adjustments are needed.

When a buyer decides on your property he will make an offer. The offer will be presented to the seller who may accept it, reject or reject and counter the offer. Upon acceptance by a contract is made. At this point both parties are bound by the terms of the contact. What this means is the seller must sell and the buyer must buy I changed my mind is not allowed unless it adheres to a provision of the contract.

I should take a moment to comment on closing costs. The Fayetteville NC homes market is very different than most in the country in that sellers typically pay the buyers closing costs. It is not a requirement but a seller should expect to pay closing costs simply because competing sellers will be. This fact is driven by the military community and the prevalence of VA loans in Fayetteville.

the reason for this is because the buyer will likely spend some money to inspect the property and needs assurance that the property won't be sold out from under them. The seller also has assurances mainly in the form of earnest money. If the buyer breaches the sales agreement they also forfeit their earnest money. Earnest money is explained by the NC Real Estate commission here.

After the sales agreement is reached and before the close many things happen. The loan is committed and an appraisal is ordered.  A home inspection is often done and a repairs request will typically follow. With the agent's guidance the actual repairs needed, if any, will be determined and if acceptable to both buyer and seller they will be completed. A termite inspection is ordered for all properties being financed by a lender. If needed a well water test and gas log safety check is conducted for VA loans. An attorney will check the public records to ensure the title is clean and can be conveyed in a sale.

All settlement costs will appear on a HUD form and presented to the buyer and sellers agents before the closing. If the Seller is out of town the deed package will be over-nighted to be signed and notarized by the sellers. The agents are obligated to verify the charges and fee on the settlement sheet.

At the closing table the buyer is presented with a ream of papers and instructed where to sign. The mortgage or deed of trust, and deed (property title) are recorded at the county courthouse, typically the buisness next day and the deal done. After documents are recorded all settlement checks are written and either sent out or held until they are picked up.