On the day of closing, the home buyer is allowed to do a final walk through. This lets the buyer see that the home is in the same condition as when the offer for sale was made. After the walk through, the parties will meet at the office of either the lawyer or the title company. At that time all the documents for transfer of this property will be signed.
When a potential buyer presents a contract for sale to you, it is a good idea for you to have your lawyer or title company review this document. There will be a dated stipulation for you to either accept, decline, or make a counteroffer. There will be other contingencies such as the buyer needing to sell their home first, financing needs to be obtained within a certain amount of time, etc. The decision to accept this offer sometimes depends on the market conditions at the time.
Before you look for your next purchase, it is a good idea to be pre-approved for your new mortgage. Going to the local bank is a good idea, but remember the bank sells mortgages at a retail price, and take into consideration that they have a high overhead.
On the other hand, a mortgage broker brings together the lender (the bank) with the borrower for a fee. Mortgage brokers deal with a large number of banks and have a great deal more products to offer to match your financial needs. Also, the mortgage broker will not receive their commission until the loan has closed.
An appraisal is the act of estimating the value of your house determined by recent sales of houses in your area and how they compare to your specific property. The purpose of an appraisal is to determine if the property represents adequate security for a mortgage. Usually the choice of an appraiser comes by referrals. Either your lender or mortgage broker will suggest a reputable appraiser who knows the area and is qualified to prepare this report.
The title company will handle all aspects of the transaction and usually they have their own in-house legal department. This step might help to eliminate the hiring of a real estate attorney. As the seller, you are allowed to choose the title company for the transaction. They will hold the deposit check and review the contract for sale. It’s a good idea to select your preferred title company before you put your house up for sale. Your mortgage broker usually has several companies you can choose from.
Lawyers can be an invaluable resource when you are trying to sell your home, especially if the offer becomes complicated and you aren’t sure about any legal issues. Your lawyer will review the contract for sale, hold your escrow deposit, review the things you must disclose to buyers, and advise you on how to avoid discriminating against potential buyers.
It is very important that the buyers are pre-approved before they buy your house. The same goes for you. You will also need to be pre-approved to buy your next home. Sometimes applying for an Equity loan will help with any expenses you might have or a down payment on your new purchase. Lenders and mortgage brokers will be able to help you and your new buyers.
There is a clause in most standard sale contracts allowing the prospective buyer the right to have the house inspected. Generally, there is a time period stated for this to be done. There is an agreement that if there are any problems with appliances, plumbing, roof etc., the seller will have these items repaired or monies set aside for the cost of such repairs.
The contract has an area which can state the limitations of what the seller will spend on repairs. If this item is left blank, the seller is responsible for any items found. It is not a bad idea to have your house inspected ahead of time to see if there are any areas that need attention.
Considering an open house event?
Open houses are sometimes a good way to attract buyers to your house. Signage is a very important tool for the sale of your home. You can buy signs at your local building supply store. Create a very homey atmosphere in the kitchen with coffee and cookies or cakes.
Compiling a fact sheet with pictures of your house is of the utmost importance. This will help keep the prospect from forgetting important information. Your fact sheet should be as explicit and descriptive as you can be. Brag, no one knows your house like you.
Curb appeal is the one of the first steps to selling your home. Everyone knows that first impressions are everything. From the outside, buyers can tell right away how you keep up your home. Trimming trees, planting flowers, and a little bit of mulch goes a long way.
You want your home to sparkle, even down to freshly painting the entrance doorway. If you have pets, have the rugs cleaned and deodorized.
When the buyers come in, they don’t want to see clutter. Their goal is to imagine themselves in the house. So remove family photos, trophies, or other personal displays that would distract their vision of living in the house. Be sure that the house is clean and it smells good.
Burn a few candles or bake some cookies, offering some to your new guests.
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