subject: Get The Finishing Touches Done When About To Close On Homes For Sale [print this page] Homeowners putting up homes for sale need to realize that every detail counts when it comes to selling houses. It pays to be extremely prepared for several unexpected events. Even if the transaction is sailing through quite smoothly, it can suddenly turn eventful especially if closing day draws nigh. Maintaining composure and clarity of mind to make important decisions is important. So to help you, here are some of the things you can expect before you can successfully close the deal.
Appraisal Contingency
Before buyers of homes for sale agree to purchase the property, there should be some conditions, the execution and results of which will generally dictate the success of the closing; and one of these is appraisal contingency. Even if youve already appraised your home and got the right price for it, always expect the buyer to stage their own. This is fairly normal practice amongst homebuyers to make sure that the value of the property theyre about to purchase is fair.
Homeowners are advised to prepare their homes for sale before the state-licensed appraiser arrives. Furthermore, since the buyer is the one who pays for the service, sellers are generally not entitled to see the appraisal. However, sellers must make sure that the appraiser is an objective third party who will not express any conflicts of interest. There shouldnt be any other interest apart from his or her duty to get the fair market value of the property.
Inspection Contingency
Aside from the appraisal contingency, you must also expect the buyer to stage his or her own inspection. While its necessary to provide a property disclosure before selling the home, its still important for the buyer to confirm the structural integrity of the house.
Inspections generally cover the structure of the property, mechanical systems, cosmetic features, as well as additional aspects of the property. Home inspection typically differs from pest inspection, which checks for asbestos, mold, radon, termites and other pest infestations.
You can expect to close if everything goes well with the two mentioned. Ready yourself for the closing day by requesting a closing statement from your escrow officer. This is a vital step to help you re-review your credit and debits.
Furthermore, buyers generally request a final walkthrough of homes for sale. This oftentimes takes place a day or two before closing day. By this time the specific requests, repairs, etc., should be finished. As the seller, you should clean and prepare the home and make sure that the condition of the property is exactly what the buyer expects.
