Congradualtions, you have an offer on your home. Now you will want to be prepared for the following:
Possible counter offer. A counter offer would be the next step if you are not satisfied with the amount that the buyer has offered for your home. Your Agent should do a net sheet. A net sheet will be a list of all of the expenses involved with selling your home, and will give you a good idea on the amount that you will receive at closing. Net sheets are approximate, and should not be considered exact figures and totals.Once both parties have agreed to all terms a home inspection is usually the next step.
Home inspection. A home inspection is an option that the buyer may elect. They normally have 10 days to hire an inspector to go through the home and give them an idea of the homes condition. The inspection period may be shorter or longer than 10 days depending on what was agreed to when the offer was accepted.The buyer may also elect to conduct the inspection themselves. Usually the home owners are not present during the home inspection. The Buyer, and their Agent normally attend.
Home inspection response. Now that the home inspection has been conducted your Agent will be presented with a form indicating whether the Buyer was satisfied with their inspection, or will need additional inspections, they may ask for repairs, or monetary adjustments to the contract in lieu of repairs.Your Agent will discuss this with you in detail, and negotiate on your behalf until both parties agree on how to proceed. There is a limited amount of time to come to an agreement, and your Agent will advise you concerning your contract. Once all has been agreed to you will move to closing.
Title and Escrow. The title company prepares all the needed documentation to transfer the title to the new owner. You will need to provide the title, and escrow company with information. Once all of the paper work is complete the escrow company creates a settlement statement. This will list all that is owed on the property, and which party, Buyer or Seller needs to pay for each item. These items are considered credits and debits.
Closing.Once you review the settlement statement, and have any questions addressed, you will be asked to sign paperwork. The Buyer will also sign paperwork, and possible loan documents. Once everything is signed by both parties, and the money has reached the appropriate people, the Escrow company will receive recording numbers.They will then proceed to the county to have the title recorded in the appropriate name. Once all of the information is recorded with the county, the transaction is considered closed. The Buyer is now permitted to move in, unless your Agent has negotiated other arrangements.
While some of the steps above may seem overwhelming, and every transaction is unique, having a qualified Agent there to walk you through the process, will set your mind at ease. Contracts should not be taken lightly, and your Agent will assist you with any questions that you may have,and be able to recommend specialists should a specific need arise. Selling your home can be an enjoyable process, if you know what to expect ,and hire qualified agents to represent you and your family.
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