So, you've received an offer on your home. What now? Your REALTOR can help you evaluate any offers you have. One concern is the buyer's ability to financially fulfill the contract terms. Your RELATOR can check for the pre-approval letter that should accompany an offer. Also consider the following points:
- How does it compare to asking price?
- Will your home appraise for the contract price?
- How large is the earnest money deposit?
- Have the buyers asked for assistance with closing costs or for you to make repairs or provide home improvement credit?
- Is the requested settlement date appropriate?
If you're not satisfied, you can reject the offer or draft a counteroffer than lists different terms. Be prepared to compromise to some extent. Keep in mind that buyers will likely conduct home inspections, and be prepared to addess any resulting concerns. Before you close, you'll also want to get your home appraised, if you have not done so already. The buyer and seller must agree on a settlement day. Sellers can enter into a "rent-back"agreement with the buyer if they wish to continue to live in the home after the settlement date by paying rent to the buyer. Finally, title to the home is transferred at closing. Payment is closely examined and distributed by the closing agent and the buyer provides funds to buy the home. For more information on what the seller must pay upon closing, click here.
Now you can go home, open a bottle of champaign, and cheers to the next page in your life. Oh, and you should probably get packing!!
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