How The Traditional Process Works
Generally properties listed on RealtyHive, are for Traditional Sellers who are truly motivated to get offers. This is not a typical MLS feed site with just any sellers’ properties entered. Each listing is displayed with a List Price that is determined and set by the property owner and listing agents.
This price is normally based on a number of different factors including:
• A competitive market analysis of similar properties currently available for sale
• Comparable properties sold within the past few months
• The number of days that similar properties have been available on the market
• The average difference between the original list price and the actual selling price of similar properties sold
• Local market conditions
• Property condition and other factors
As A Buyer
First and foremost, start with a prequalification or preapproval from your lender. This creates a powerful advantage, especially in a competitive offer situation. It also eliminates the disappointment of finding out you cannot afford the property you were hoping for.
If you've found the property you want, you will need to place an offer to purchase the property. If you're working with an agent or broker, he or she can assist you in discovering how much similar properties have recently sold for in the market .
To place an offer for a traditional sale property on RealtyHive, you will need to be logged in to your buyer account and enter your offer amount in the “My Best Offer” field; then click the “Place Offer” button or work with your current agent to construct and present your offer.
Once you've submitted your offer, the seller will typically respond in 48-72 hours. He or she may accept your offer or provide you with a counter offer. If you are not in agreement with the counter offer amount, you can submit a counter offer to his or her counter.
Once you and the seller have agreed on a price, you will need to make an earnest money deposit. This deposit amount is held in an escrow account until the property sale is in its final stages. At that time, the funds are released from escrow and applied toward your down payment for the purchase of the property.
As A Seller
As noted above, you will need to determine a List Price for your property. Review all of the available data to determine the market conditions and competition currently available. There are many different elements to consider when determining your selling list price, including the availability of other similar properties in the area, the appraised or assessed value of the property, if improvements have been made to the property in any way, current bank interest rates and market conditions, or other considerations and factors. If you're working with an agent or broker, he or she can advise you on how much comparable properties have sold for in the market recently.
As soon as your property is published on RealtyHive as a traditional sale property, many buyers who have established an active Listing Cart in their buyer accounts will be notified about your property listing if it matches the listing cart criteria the buyers have set. Other potential buyers will find your property listing in the buy section of RealtyHive, or by using our Advanced Search tool.
A buyer who is seriously interested in purchasing your property will submit an offer to purchase. The local Broker will assist in the details of each offer and present strategic advice on your next steps. The decision is always yours as to the final sale price and terms.
Once you've agreed on a price with the buyer, the buyer will submit an earnest money deposit into an escrow account, which will be applied toward the buyer's down payment when the property sale is in its final stages. If there are contingencies and inspections, your Broker will review them and determine the best ways to handle each item.
We wish you the best and are thrilled to be part of such an important process!