selling process
the selling process
01
Initial Consultation
Meet with BxP to discuss your goals and plans, trends in the current marketplace, and assess your property’s qualities and characteristics. BxP will analyze comparable property sales, assess the competition and work with you to determine a pricing strategy. Following all this, BxP will outline a strategic plan to achieve the best possible result for you, the seller.
02
Setting the Stage
From applying a fresh coat of paint, to rearranging furniture, BxP will ensure the property is visually ready for showing. BxP will take care of scheduling a professional photo shoot, commissioning an illustrative floor plan and preparing the listing description. BxP will also guide you while completing the Seller Disclosure documents, a necessary step in the transaction process.
03
Going Live!
The listing will broadcast on Compass.com and will be sent across our 100+ partner sites for the duration of the selling process.
04
Spreading the Word
The BxP marketing team will produce beautiful print & web collateral, to strategically showcase your property. They will develop and execute an intelligent, effective marketing plan in relevant arenas.
In addition, BxP continuously leverages professional contacts and the Compass Network Tool to find ideal buyer brokers. Open houses are hosted for both brokers and clients on an ongoing basis.
05
Communication & Data
You and BxP will establish the best method and frequency of communication as the process unfolds. BxP will provide you with regular feedback and will keep you updated with continuous traffic metrics and information from the market. You will be the most informed seller on the market!
06
Maintaining a Strategy
The market in our area can change almost instantly. Having a flexible strategy is key for a project as involved as a home sale. BxP will assess the market response within 10 days of your listing going live, garner feedback from agents and buyers, and alter the strategy if needed.
07
Negotiation
Once an offer is received, BxP will contact you to review the terms and analyze the pros and cons. Together, we will collaboratively decide how to respond to the buyer by accepting the offer, rejecting the offer, or making a counter offer.
08
Escrow
Once a contract has been agreed to and signed by all parties, an escrow will be opened. It is at this time that the buyer’s contingency period will begin. Timelines for the completion of buyer and seller responsibilities will be listed in the purchase contract and adhered to in the escrow. BxP will keep a close eye on timelines and ensure that you are in compliance with your responsibilities, while also holding the buyer’s side to task, keeping the process moving.
09
Closing
Time to get Paid! BxP will monitor and coordinate all the final details necessary to get you to the finish line! Once the buyer has performed their inspections, removed their contingencies, and the loan (if any) is ready to fund, they will arrange the final walk-through. At or near this time the escrow will close, payment will be made, and the keys will be handed over to the buyer. Handshakes and champagne all around!
KEY TERMS
Appraisal
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Assessed Value
Value placed upon property for property tax purposes by the Tax Collector.
Closing Costs
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.
Closing Statement
The statement which lists the financial settlement between Buyer and Seller, and the costs each must pay.
Contingency
Certain criteria that have to be met in order to finalize the sale.
Conventional Mortgage
A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
Credit
Money given to a buyer from a seller through escrow at closing.
Escrow
A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
Earnest Money Deposit
Buyers in California usually deposit 3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
Fixed Rate Mortgage
A loan on which the interest rate and monthly payment do not change.
Home Warranty
A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one-year.
Preliminary Title Report
A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.
Title Insurance
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.