It is the responsibility of your agent to offer a detailed explanation of the home selling procedure to the home seller. If you are willing to sell your home, an agent can assist you to ensure your home is well prepared before various people come to check its features. This is an excellent period to ensure your paperwork for the process is completed as it will make the closing more comfortable when you receive an acceptable offer from a serious buyer. On the other hand, hiring a real estate attorney will be a wise decision as he will serve as your representative when you have an accepted offer. You can speak to your agent to recommend a reputable attorney who is an expert in real estate.
DECIDING ON AN ASKING PRICE
Various factors determine the list price of a home and these are the condition, location, amenities, local and global market conditions, as well as supply and demand. You can be assisted by an agent who will offer a comprehensive market analysis of your home as this will help you to have an accurate and viable pricing strategy.
WHEN A BUYER IS READY TO MAKE AN OFFER
Your agent will offer professional help in the negotiation of the best price and conditions when an offer is presented. Though the process of paperwork and process differ within regions and it is crucial to have an understanding of the different forms and transaction details. You need to be sure that the buyer is pre-qualified as your agent will work as your representative and assist in creating a smooth and successful transaction.
Usually, an offer is opened by the buyer’s agent and contains the following details:
• The amount of the price offered by the buyer
• The amount of escrow deposit
• Closing date
• Contingencies like home inspections, and mortgage commitment.
• Personal property included or excluded in the property
If the offer submitted by the buyer is not sufficient, you can negotiate with the buyer to reach a compromise. It is important to note that counter-offers are frequent in this kind of transaction as an altercation in the offer will be seen as a counter-offer. Staying in touch with your agent when the procedure of negotiation is ongoing is critical to ensure the suggested changes are appraised and worked on as soon as possible.
YOU HAVE AN ACCEPTABLE OFFER
It is important to note that contingency dates, contract writing procedure, down payments needed and other elements of the transaction differ from region to region; this is where the expertise of a professional agent comes into play. The agent will provide you with information on what to do next as time plays a significant role at this point.
BETWEEN CONTRACT AND CLOSING
There is a need for you to monitor the progress of each contingency to ensure the targets are met. On the closing day, the buyer will go through the property to check if the necessary repair works have been carried out on the house, and make sure the home is in excellent condition.
WHAT TO EXPECT AT THE CLOSING
The closing is an official procedure where the involved participants in the transaction sign the required paperwork to ensure the completion of the sale. The buyer will receive the title to the property from you, the seller. The title representative has to deduct money to take care of the current mortgage and other transaction expenses from the money paid to you. Relevant documents such as loan papers, deeds, and other documents are arranged, signed and kept with the local property record office.
AFTER THE CLOSING
Proceeds from the sale will be wired to your account. You can now move on to your new home while the buyer takes possession of their new home.