Inspections:
Most buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the effective contract to purchase (typically done within 10 days of offer acceptance.)
Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area. (eg. roof, HVAC, pool, structure)
If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via a third party.
This is done so that the lending institution can confirm that their investment in your property is accurate.
The Closing Agent:
An Escrow Officer employed at a title company will be selected as the closing agent, whose job is to examine and ensure clear title to real estate.
After researching the complete recorded history of your property, they will certify that your title is free and clear of encumbrances (e.g. mortgages, leases, or restrictions, liens) by the date of closing; and all new encumbrances are duly included in the title.
Contingencies:
A contingency is a condition that must be met before a contract becomes legally binding.
For instance, a buyer will usually include a contingency clause stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.
Before completing his or her purchase of your property, the buyer goes over every aspect of the property, as provided for by purchase agreements and any applicable addendums.
These often include:
- Obtaining financing and insurance
- Reviewing all pertinent documents, such as preliminary title reports and disclosure documents
- Inspecting the property
The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead-based paint, HVAC, etc.
Depending on the outcome of these inspections, one of two things may happen:
Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to closing; or
The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of the contract (usually the price).
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests?
This is when Kurt as an agent can make a real difference in the outcome of the transaction.
Having dealt with various property sales in the past, the manner in which this stage of negotiation is handled is crucial.
Loan Approval and Appraisal:
Always accept buyers who have a lender pre-approval, approval letter, or written loan commitment, proof of funds letter, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institution.
Expect an appraiser from the lenders company to review your property and verify that the sales price is appropriate as agreed per contract.
We will discuss the possible scenarios (case by case basis) as soon as appropriate. As always, you’re in good hands.
Please browse and window shop as anonymously as you like, for as long as you like. When we do connect, my goal is to be a welcomed guest on the phone or in your home. I apply no pressure at all and you will never be hounded. Whatever form of communication works best for you, will also work for me. Feel free to text, call, email or request a zoom meeting with me. I do not use auto-text responders and your privacy is 100% protected. It will be my honor to help you.
Email: Kurt(at)kurtmboyd(dotted)com | Text Direct: 480.203.3704