The process for selling a property will vary depending on the specific transaction — especially for real estate investors — but below is a high level overview of the basic process.
Step 1: Sign up for Guarded Pockets™
If you are not yet a member of Guarded Pockets™, the first step is to become a member. In addition to allowing us to help with your business planning, Guarded Pockets™ also provides many other benefits, including unlimited scheduled phone calls with a real estate attorney, registered agent and deed of trust trustee services, state compliance monitoring, daily REO and distressed MLS listing emails, and discounted title and real estate brokerage services. You can learn more about Guarded Pockets™ or sign up for a free trial by clicking on this link.
Step 2: Sign Buyer’s Agency Agreement
Once you are a member of Guarded Pockets™, you can sign our buyer’s agency agreement to allow us to help you find your next property.
Step 3: Search for Properties
During this stage in the process, we will work with you to help identify properties for sale that meet your criteria. We will help show you available properties and listen to your feedback to help narrow the properties down to your perfect property.
Step 4: Submit Offer
Once you have identified a property, we will prepare the purchase contracts which will be sent to you via DotLoop for your e-signature. Once you have signed the contracts, they will be sent to the seller for their response.
Step 5: Under Contract
We are now under contract for the sale of your new property. During this phase, the buyer may conduct inspections, obtain financing and prepare for closing. There may also be additional negotiation that takes place depending on the results of the inspections. If this is a short sale, during this stage of the process, we will seek approval from your lender. This can take several weeks or even months, depending on the lender and their workload.
Step 6: Contingencies Cleared
At this point, the buyer has completed the inspections of the property and is now bound to complete the purchase. We are just waiting for the title company and lender to prepare all of the necessary documents and then the closing can be scheduled.
Step 7: Ready for Closing
At this point, the title company has prepared all of the paperwork and we are ready to close. If the buyer is obtaining a loan for the purchase, the title company will be required to send the documents to the borrower at least three business days prior to closing.
Step 8: Closed
Your transaction is now closed and you are no longer the owner of the property.