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CLOSING THE DEAL
The closing date is the most wanted day since you start selling your home, but before you get to that point you need to be aware of all the steps that take you to that emmotional day.
If any of the following steps go wrong your home will not sell, so you need to be very tactful and cooperative.
1. The Offer
Once you find a buyer for your property, he/she will write an offer. Usually buyers use a Real Estate agent for their purchasing representation.
If you are using a Real Esate agent, he/she will present the offer to you.
A very important detail. As you can see the buyer is being represented by a licensed agent and you are also represented by a licensed agent too. You are not dealing directly with the buyer. This is a great benefit of using a Real Estate agent.
2. The Negotiation
Another reason why to use an agent is because he/she will do all the negotiation for you. The negotiation process is complicated, even if the offer is for full price there might be something to negotiate, closing costs, closing date, possession, or personal property. This process is crussial because there are many factors playing at the same time, you need to becareful because you can have your home sold or lose a good buyer.
3. Signing the Contract
If you have multiple offers,review all offers with your agent, and compare financial qualifications of all buyers. Your sales associate will counsel and advise you, but you will make the final dessicion.
Once the negotiation is done and both parties (Buyer and Seller) reached their goals you have a contract. A written agreement stating all conditions of the sale is signed by both parties.
Now it is time to sit back and be patient while the buyer is busy looking for financing.
4. The Home Inspection
During the firts 5 to 10 days after signing the contract the buyers at his owns expenses have the right to hire a professional to make a home inspection. If problems are found, the buyer might ask for repairs,compensation or cancel the contract. A good seller always either correct the problem or compensate the buyer.
5. The Appraisal
Since the buyer is looking for financing, the bank send a appraisal to make sure that the money is worth invested.
If your home is overpriced: The home appraisal tells the bank the house is overpriced and the bank will only secure the loan for the amount the appraisal stated on the report. Then the bank tell the buyers the how much the house is worth.
At this point your best option is to sell for the price the appraisal recomend, otherwise you lose the buyer, and even if you find another buyer the same problem will come up again.
This is another reason why pricing the property rigth form the beginning is crussial.
If the home is priced correctly: The bank will lend the money to the buyer, and your home will sell.
6. Getting ready to close
The buyer at buyer expenses will send a surveyor to make a new survey on the property and verify property limits.The real estate company, the attorneys, the bank and the title company collect and verify all necessary documents to schedule the closing of your property.
7. The Closing Day
If there is not a problem with the financing or with any other document, this is the day when you have your home sold, you get your check and the buyer gets the keys of the home and everybody is happy.
8. Documents that seller needs to bring to the closing
9.Seller Closing Costs:
Florida Real Estate Licensed