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Reality Real Estate: A Typical Transaction

By
Real Estate Agent with The Mode Real Estate Group DRE # 00935148

REALITY REAL ESTATE WITH LORI MODE

A very typical real estate transaction...

 

Today we closed what I would call a very typical real estate transaction.  I’m going to take you through some of the steps, so you can see what a rather easy real estate sale looks like.  

 

In October, I was contacted by a past client of mine to help him and his mother sell their uncle’s home. The uncle had recently passed away and they inherited the house.  The home was located near the American River Parkway on Mira Del Rio Drive.  The home was built in 1976 and was basically original.  It had been maintained but had never been updated.  The family wanted to know if they should update it or sell it “as is”.  Which would yield them the most money?  I did an analysis of the property and the comparable sales, and we decided together that it was definitely going to yield them the most money to update the home themselves.  Otherwise, the home would most likely sell to someone else who was looking to update it and flip it for profit.

 

I referred them to a contractor we have used many times.  We also had a termite inspection and a roof inspection completed on the property, .  The family met with our contractor and agreed on his bid. Basically the house was gutted.  It got a whole new kitchen, new flooring, new windows, fresh new paint inside and out, updated bathrooms, new fixtures, and new fences.  This process took about a month to complete.  We then had the home staged and took professional photos for marketing.

10 days after putting the home on the market, the home went pending! The buyers were first time homebuyers expecting their first child.  The buyers loved the house and the sellers were happy that it was going to a new family starting out.  This is always an exciting time for everyone…and then the real fun starts.  

  • Buyers complete their own inspections and of course, there were still a couple of things that the inspector found that needed to be done.  
  • The seller agreed to these items and had the contractor complete them.  
  • The buyer’s lender orders an appraisal to make certain they are not over-extending themselves on the loan.  
  • We meet the appraisers on all of our sales with comparables and to let the appraiser know what work has been completed.  
  • The appraisal went smoothly.  
  • During this time, the buyers are giving their lender all of the paperwork needed to complete the loan; I’m sure this seems to buyers like it is never going to end.  And it finally does, the loan is approved and we moved towards actually closing.  
  • Buyer and Seller sign all their final papers in escrow at this point and buyers complete their final walk through.  
  • 28 days after the contract with the buyer was accepted, we closed escrow!  
  • Buyer gets the keys to their new home!  Seller receives the proceeds of the sale!  So from start to finish, this typical sale took 1 month of updating the home, 10 days of marketing and 28 days in escrow – not bad, just over 2 months from start to finish!

 

This was a smooth real estate transaction and a pleasure to work with everyone involved.  Everyone did their part to make this happen for the buyer and the seller and I really appreciate it.  It’s not often that we have sales that work out this smoothly.  Congratulations to everyone involved!

 


 

Posted by

Lori Mode

Lori Mode, Keller Williams Realty - Elk Grove

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Lori Mode and Bruce Durham, Elk Grove agents

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About the author: The above Real Estate information was provided by Lori Mode.  Lori can be reached via email at Lori@ModeREGroup.com or by phone at 916-405-5737. Lori has helped people move in and out of Elk Grove and surrounding Sacramento areas for the last 37 years.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!

Comments (1)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Updates can be great as long as they are done right.

Jan 05, 2018 04:22 PM