Home Selling Basics
Selling a home is an emotional, financial and practical decision. With so many factors, educating yourself of the process can make a big difference to the end result. Find help below, or call us today to learn more.
All of us at Team Andersen want act as your partner and educate you on the terms of the offer and help you understand the offer in the context of the housing market in your area. You will need to know whether you’re in a balanced market with equal numbers of buyers and sellers or one in which buyers or sellers have the upper hand. You’ll also need to estimate whether home prices are rising or falling in your community.
Before you begin to analyze any purchase offer, the most important step is to determine whether the buyer can fulfill the terms of the contract with financing. Your realtor can check on the pre-approval letter that should be included with any offer by consulting with the buyer’s agent and the buyer’s lender.
In other words, before you can completely relax you need to get to the end of escrow.
While the burden is on the buyer to finalize financing for the home purchase and to obtain homeowners insurance, some contract contingencies will impact you, too, especially if you’re living in the home. Most transactions include a home inspection, so you’ll need to make your home available to the inspector and then negotiate with the buyers about anything the inspection turns up according to the terms of your contract.
Besides the home inspection, some contracts and some lenders call for a termite inspection and a radon gas inspection. In each case, you or your listing agent or the buyer’s agent will need to make the home available for inspection.
Another important step prior to closing is the appraisal. If the appraisal comes in higher than the sales price, then the buyers can relax and be happy that they have purchased a home for less than its market value. Once the contract has been signed, you as the seller cannot renegotiate the price higher. However, if the appraisal comes in lower than the sales price, then the buyer’s lender will limit the loan amount to that lower value. The buyer may have to come up with additional cash to cover the financing gap or may ask you to renegotiate the contract. Your realtor can advise you about the best way to handle this situation, but in any case you and the buyer are also bound by the contract terms.
Before you close escrow, you and your listing agent should go over the contract and make sure you’re fulfilling all the promises you made in terms of what items will be conveyed to the buyer and any repairs or improvements you promised to make.
The time to plan your move begins once you’ve decided to sell your home. Some of the activities required to sell the home can actually help with the moving process. For example, by cleaning out closets, the basement and the attic there will be less to do once the home is under contract.
For tips and tools to assist you in the moving process, visit this helpful link from REALTOR®
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