The Real Estate Selling Transaction Process

Are you in the process of selling a property that you own? Are you wondering exactly what the selling process looks like? Maybe you inherited a property or have owned one for so long you can’t remember what the entire transaction involves.

Step 1: Find your buyer. Finding a buyer in the last 18-24 months has been a breeze, but the continuation of that is unlikely. The main two ways to get your property sold are going to be through a real estate agent, or off market to an investor. If you’d like to find out which is right for you, contact us and we’d be happy to point you in the right direction.

Step 2: The transaction. Now that your property has the buyer in place, an investor or a buyer sourced by the real estate agent(s), the due diligence and contract to close timeframe is in effect. If you’re working with a buyer from a real estate agent, it is likely they will have a bank loaning a marriage to them. The bank is going to require appraisals and certain inspections, depending on the type of loan. However, if it is an investor, the investor is likely going to be a cash and quick close buyer, like we are at WestCar Properties. If you’re under contract with a normal financing “retail” buyer, you may not be out of negotiations yet. If the appraisal comes back low or inspectors find issues the buyer may ask for repairs, closing costs or even a price reduction. A cash investor is going to buy as is where is

Step 3: Closing. Typically, in North Carolina, an attorney facilitates closing between buyer and seller. Many sellers think as soon as they sign the deed and papers they get their money. However, just because you sign the paperwork doesn’t mean the deal is done. The money has to get to the attorneys account for the attorney to record the legal documents. Then you can receive your money. This can be an issue with bank loans as lenders can be behind and not have fund to the attorney. Typically, this is not an issue with an investor. At WestCar Properties, we do our best to have funds to the attorney at least the day before closing, as long as we know the exact closing amount.

So, all in all, you as the seller have to decide what’s right for you. If you can deal with the hurdles of a financed buyer and the property is in above par condition, your best bet may be a real estate agent. However, if you need cash quick on a property that needs repairs, and/or you don’t want to deal with a real estate agent, a cash investor like WestCar Properties may be the route to take.

Either way, our team would be more than happy to assist you.

**Disclaimer: This is not legal or representative advice**

Contact Us!

- Chase Melton, chase@westcarproperties.com

- Maggi Martin, maggi@westcarproperties.com