In this edition of the Utah Real Estate Podcast, we talked about:
- Schedule the closing details
- Appraisals, property disclosures, financing deadlines, title reports, contingencies
- Delivering the executed documents
- Confirming the earnest money deposit
- Confirming the existence of the bank account(s)
- Wear your real estate agent out
Press the ‘PLAY’ button to listen to Utah Real Estate #17: The Selling Your House Checklist – Part 2
YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
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Cool Voice Guy: It’s real estate news you can use, this is the Utah Real Estate podcast, giving you free expert advice, and tips if you’re looking to buy or sell a house, and now, here are your hosts, Roger Zundel and Patrick Wiscombe
Patrick Wiscombe: The Utah Real Estate podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in Utah, please call Patrick Wiscombe at area code 801-602-5850. That number again area code 801-602-5850.
Patrick Wiscombe: It’s the Utah Real Estate podcast. My name is Patrick Wiscombe. Coming up on today’s edition of the Utah Real Estate podcast we’re going to continue our sellers checklist of things to do when selling your house. Joining me for the podcast, as he does every single week day morning, Greg Hales, the Commercial Real Estate Manager at Weichert Realtors at the Rockies in American Fork. Hello there.
Greg Hales: Good morning Patrick, how are you?
Patrick Wiscombe: Good, let’s get right into this. Some of the things that people need to do in order to get their house sold; we are developing a checklist of items that people need to do in order to further the sale of their house and one of the things that people absolutely need to do is assist in scheduling all closing details. Now, what are the closing details and what kinds of things need to be scheduled?
Greg Hales: As you sell your property, there is really a checklist as you go through them. You’ll have certain contingencies or things that have to occur before your house can close. Some of those would include an appraisal, property disclosure, financing deadlines, title report. Those are sort of the details that continue to keep your contract in place or not. If I could just take a minute, a word that a lot of people may be familiar with or not familiar with, or as they say, this is contingent upon. As you see that word or if it’s contingent upon those things, that becomes a checklist item for you and your realtor to take care of and that would include home inspections, appraisals, financing contingencies. These are the things that your realtor really has to stay on top of so the contract stays in full force in effect.
Patrick Wiscombe: And if those things aren’t done, you could have a breach of contract correct?
Greg Hales: You could. You could have a seller’s breach of contract which most guys really don’t think about, or you could have a buyer’s breach of contract. Either one of those could trigger a breach of contract, so essentially you’re really not selling your home because it’s not under contract.
Patrick Wiscombe: Alright, and that’s obviously no place that anyone wants to be. Now, we also talk about delivering the executed documents to the party that’s involved. Why is that?
Greg Hales: Well, that’s really critical as well. If you don’t have an executed contract with all parties, all signatures, and all initials, then you don’t have a fully, what they call, executed contract. To begin with, you have a contract that’s delivered to either the buyer or the seller. You have simply a proposal. A contract only becomes a contract when certain elements are met. One of those is to insure that all the executed documents are delivered to all parties.
Patrick Wiscombe: So in addition to scheduling all of the closing details and getting the executed documents to the individual parties, I don’t know that people necessarily forget, but you need to confirm that there is an earnest money deposit. Why is that?
Greg Hales: That is probably right at the top of the list. You don’t have a contract without consideration. Consideration is that earnest money deposit that allows you to say, “Ok, now we are under contract.” The contract allows for a realtor to either receive it upon execution or receive it within three days. Sometimes those timelines might slip a little bit. You need to make sure your agent is on top of that and understand that they have received the earnest money deposit and it has been deposited in the appropriate trust account.
Patrick Wiscombe: Now, I know this might sound kind of strange, but you should also confirm the existence of a bank account or bank accounts as the case might be.
Greg Hales: It solidifies the contract. It’ll say well, so much is being put down as a down payment or this is where the money is coming from. In today’s world, you just don’t want to spend a lot of time on buyers who aren’t real. People may say, “Oh I’ll put 30% down.” They are only really saying, “I’m going to put 5% down.” Your realtor and the buyer’s agent as well, both of them would want to confirm that to make sure it’s a real deal. If they don’t have the money to put down then it might be wise to move onto the next buyer.
Patrick Wiscombe: If you’re not prepared to deal with this, this is a whole other world that you’re going to be getting into. That’s why people need a real estate agent.
Greg Hales: If I was a seller or a buyer of real estate, I would wear my agent out by making sure they’re following through on these checklists. It’s complicated. It’s difficult. The better your real estate agent is, the smoother that process is. That’s for sure.
Patrick Wiscombe: Alright, we will go ahead and wrap up this edition of the Utah Real Estate podcast. So for Greg Hales, the Commercial Real Estate Manager at Weichert Realtors at the Rockies in American Fork, Utah, my name is Patrick Wiscombe. Be sure to tell anybody who is looking to buy or sell a piece of property within the state of Utah, contact me directly. You can call or text me at area code 801-602-5850, that number again is 801-602-5850. So for Greg, I’m Patrick. We’ll talk to you tomorrow, see you.
Cool Guy Voice: Helping you buy or sell a house, this has been the Utah Real Estate podcast, with your hosts Roger Zundel and Patrick Wiscombe, sponsored by Weichert Realtors, and heard exclusively on attherockies.com