Reviewing Offers and Getting
Once we start receiving offers, I will diligently work to learn as much as possible about the prospective buyers so that we can negotiate with confidence. We will take into consideration your preferred timeline, your financial situation, type of loan, appraisal contingency and other terms that will help progress a strong transaction.
The option period is an optional set of days that buyer purchases for a nominal fee when they make an offer on a property in order to make sure the property doesn’t have any adversity or major repairs to be done. It normally ranges from 0 to 7 days, but the least amount of days, the more attractive the offer is.
Normally buyers pay for inspection once the contract has been executed. This means an offer has been accepted and delivered. A home inspection is not required by the lender, but recommended to the buyer. Home inspections happen within the first days of the option period. If buyer finds major problems on the subject property and still is within buyer’s option period, expect the buyer to renegotiate the terms on the purchase. Buyer may ask for repairs, for a seller’s concession, or lower the sales price of the property. However, it is up to you to accept or reject the requests. It’s difficult to negotiate repairs that were visible when buyer visited the property or repairs mentioned in the seller’s disclosure. That’s why a good seller’s disclosure will come in handy.
The appraisal is an opinion of the value of your home. The appraisal is required by the lender, if buyer pays in cash, buyer is not required to get an appraisal. In Texas, appraisals are conducted by a licensed home appraiser as mandated by the Texas Real Estate Commission. Appraisal can be ordered as soon as you submit the contract to the lender. However, if you have an option periods in place, the buyer may wait for the home inspection report and negotiations before ordering the appraisal and moving forward with the conditions of the property.
Title insurance protects the buyer against financial loss that could be caused by problems with the property’s title. Title insurance companies defend against lawsuits that challenge the title and pay the insured up to the policy limit if a covered loss happens. Although seller pays for title insurance in most transactions, it is also a negotiable point. There are transactions in which buyer pays for the title policy.
A property survey confirms a property’s boundary lines and legal description. It also determines other restrictions or easements included in the property. Survey can be paid either by buyer or seller and it is to be ordered within a certain period of days after the contract has been accepted. Sometimes an old survey can be sufficient if the property has not had substantial structural modifications. When using a previous survey in a transaction, seller must sign a T-47 Affidavitt to declare that the house has not had substantial structural modifications within the period of time they lived there.
It is wise to schedule ALL utilities to be turned off by closing. Also, remember to turn on ALL utilities in your new place.
The Final Walkthrough is the last visit buyer will schedule to see the property right before closing the deal. This is an opportunity for the buyer to verify the conditions of the property as it should be quite similar than the first time the buyer saw the property. If the buyer requested repairs, this is an opportunity for the buyer to check that all repairs have been satisfied.
At closing, you should bring a valid form of identification, proof of funds, and any other necessary documentation to a closing meeting. You must carefully read the closing disclosure and settlement statement.
The market is constantly shifting. That’s why it is recommended to follow the advice and opinion of a real estate agent to understand what to do under multiple offers. Just be patient and expect your real estate agent to advice you on that matter.
The home-selling process may appear to be lengthy and complicated, but our real estate agents will educate, prepare and help you get the best deal out of your home. Let’s get your home to the closing table. Clever Realtors, Invest Today, Get Clever.
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