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| Deciding to Sell | Select a Realtor® & Price | Prepare to Sell | Accepting An Offer | Due Diligence | Buying Your Next Home |
Loan Approval and Appraisal.
We suggest that you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
Inspections and Appraisals.
During a negotiated due diligence period of time, the buyers must complete all of the inspections, surveys and appraisals. Typically buyers will have the property inspected by a licensed home inspector. Some buyers will have additional inspections of the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area, such as roof, HVAC, and/or structure.
Buyer’s Due Diligence
During this timeframe, the buyer needs to be satisfied with the documents governing the home; the availability and affordability of insurance for the home; and their own ability to be approved for a mortgage.
If the buyer is not satisfied with the investigation – or if they simply change their mind about completing the purchase, the buyer may unilaterally terminate the contract and be entitled to a return of their earnest money deposit, assuming notice of termination is delivered to the seller prior to the expiration of the due diligence period. After that expiration date, the buyer loses their ability to terminate the contract and receive a refund of the earnest money deposit (except in the case of the seller’s breach) and the power of the contract shifts to the seller.
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we guarantee our expertise and total commitment to every customer, no matter what their situation is.
Contingencies
A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is binding only when their current home is sold and their mortgage financing has been approved.
The Closing
A closing attorney will be selected by the buyer as the closing agent, whose job is to examine and insure clear title to real estate. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions, liens) by the date of closing; and 2) all new encumbrances are duly included in the title.
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