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Moving Through The Process
After you receive an offer on your home, the negotiation and contract process will begin. There are many things to consider in order to keep the deal together!
First, you must verify that the buyer is able to purchase the property by requesting proof of funds or a pre-approval letter. There’s no sense in taking your property off the market if your buyer isn’t actually qualified to purchase it, and by doing so, you could potentially miss a fully approved or verified cash buyer.
If the buyer is using financing to purchase the property, then the bank will order an appraisal to verify the loan amount is lendable on the property. On the other hand, cash buyers can decline to have an appraisal.
After finances are checked, an inspection is next. This is a crucial aspect of the contract. The buyer must perform their inspection and negotiations for any repairs during a given timeframe. You should also pay attention to whether the buyer is requesting assistance with prepaid charges or closing costs, which can sometimes be located in an obscure part of the contract.
Make sure all of the dates on the contract are met. If the buyer and seller don’t meet these dates, the contract will be non-enforceable and there may be legal ramifications, a loss of escrow money, and the sale process will have to start over again.
Call, text, or email us today so we can make sure you are properly represented!