Selling your house
This is the third phase of the guide to selling houses in Orlando, “Selling the house”. If you have not yet read the first two phases “Ready to sell your house” and “Putting your house up for sale“, we suggest you do so before reading this phase.
We start in this phase that you are already working with a real estate agent, who has advised you to make the necessary adjustments and that your house is ready to put it on the market, and that they have established the sale price. In addition, we assume that you have listed with several title companies and have knowledge of what your net income would be approximately.
There are two different scenarios for displaying the property, the first is when the house is uninhabited and the second is when the seller still inhabits the property. It is proven that when the house is unoccupied it is easier to sell, since the person who is going to buy a house will be able to see every corner of the property in detail and also does not have any pressure to want to see it quickly because it does not make people uncomfortable. inhabit it.
In either scenario it is recommended that your real estate agent be in charge of showing the property to potential clients. Sometimes those who go to see the house will make negative comments about the house, and if you are not prepared to listen to them, you can respond incorrectly and damage the negotiation. Your agent is trained to sell houses, highlighting the strengths of your property and prepared for any possible questions that may be asked.
Once your agent begins to execute his marketing strategies to attract potential clients to the property, you will begin to receive offers. It is important that you analyze all the offers in detail and that you do not focus only on the amount that they are offering. The offer of the highest amount will not always be the best. You must analyze the amount of the offer, but also the contingencies, tentative closing date, good faith deposit, if it is with a loan or cash, among other variables.
Once you have analyzed all the offers, you must accept in writing the one that you consider most appropriate. Once you accept the offer, the buyer will deposit the deposit in good faith in the escrow account and will proceed to the next phase of the purchase-sale process.
Inspection and appraisal
Now that you have accepted the offer, your house has become a product that is being sold and therefore needs an inspection and an appraisal. The inspection is carried out by the buyer to know the state of the property and its main components. The inspector identifies existing problems in the house or that may arise in the future, and based on this the buyer decides whether to continue in the purchase process, renegotiate or withdraw from the contract. You must be prepared for this moment, know your home well and know to what extent you can negotiate to obtain the desired net income.
The appraisal is required of the buyer by your lender. Appraisal, unlike inspection, focuses primarily on the value of the property. This provides valuable information for both parties, buyer and seller, but the main purpose of the appraisal is to protect the lender. Before approving the loan, the lenders evaluate the property to be sure that it is not overvalued. In case the buyer has made an offer higher than the value of the appraisal, the buyer knows that his lender will only lend him the value of the evaluation, therefore he has two options, bring the surplus to the table or renegotiate with the seller .
You must be prepared to renegotiate in the event that your home is valued at a lower value than the offer. You will have several options, the first is to request a new appraisal in case you consider that an error was made and that the value of the house is higher. You can renegotiate with the buyer, ask him to put the surplus in cash, request that he assume the closing costs or if you wish, you can lower the price and accept his new offer. Finally, in case you do not agree with any of the options offered by the buyer, you can withdraw from the contract and place the property for sale again.
This is the last step in the process of buying and selling your property. On average, closing a house can take 4-6 weeks, although sometimes it can take less or more time.
Days prior to closing you will receive from the title company the exact information about your closing costs, which will be very similar to the ones you received on “Net Sheet” that they sent you. It is important that you review this document in detail and if you notice any significant changes you should immediately ask the title company.
We have finished the last phase of the guide to selling houses in Orlando “Selling the house“. We invite you to read the following article so that you know the “Risks when selling without a Realtor”.
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