Home Selling Steps and What You Need to Know
Tru Advantage Realty Video Blog
English - August 13, 2019 21:11News real estate for sale agents top local find agent home Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
After you find a buyer, the home inspection, the appraisal, and providing the buyer with clear title are the three main tasks that need to be completed for the sale to close.
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As a seller, after you’ve come to terms with a buyer during the home sale process, there are still three main hurdles to jump over to complete the sale: the home inspection, the appraisal, and providing the buyer with clear title.
For almost any contract that’s written up for a home sale, there will be a home inspection ordered by the buyer. These typically happen 10 to 20 days after the two parties come to an agreement, and they can vary depending on the property. A home inspection can result in the buyer asking you to make certain repairs, but these repairs are negotiable, so keep an open mind during this phase of the process.
Spikes in interest rates could affect your ability to qualify for a loan.
After the home inspection is done, the second hurdle is making sure your home meets the buyer’s mortgage guidelines, which is where the appraisal comes in. An appraisal is the bank’s way of making sure the home is worth what you’re selling it for. The house has to appraise at or above its sale price. If it appraises for less than what you’re selling it for, that’s a problem that will have to be settled with the buyer. Additional home repairs may be requested from the buyer during this stage to satisfy the loan requirements.
The last hurdle is making sure your home has clear title. This sounds like common sense, but title issues still arise from time to time. If you can’t provide clear title to the buyer, they’re not obligated to buy the house, and at that point no one will give that buyer a loan to buy the house anyway.
Once these tasks are completed, your sale can be finished. If you have any more questions about this topic or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to us. We’d love to help you.