In case you have experience selling your home previously, then you already might know how exhausting the process can be. However, if you’re a first-time home seller, then the process could be more daunting since you have no prior experience. Based on your home and several additional factors, you may have received offers – out of which some were acceptable while others were unacceptable.
But, when you finally meet that dream buyer who is ready to make the perfect offer, you’d like to close the deal as quickly as you can. Hence, you have to ensure that everything goes according to plan and you can seamlessly hand over the property to the new owner.
Tips & Tricks For Closing A Home Sale
1. Always Be Prepared For An Appraisal
According to a competent service provider for home inspections in Brampton, homebuyers have their checklists that they’d want to go through, out of which includes the appraisal process. In this process, an appraiser would visit the property and take a look at it.
The appraisal process is similar to the home inspection, except there are some significant differences. Firstly, the appraiser will be determining the value of the property. Most buyers see this step as an important one in the entire home purchase procedure because it helps the buyers to know whether the investment is worth it. Homebuyers want to know whether they’re buying the correct property (in terms of value) as advertised.
The appraiser will carry out his or her process in a variety of ways. For one, the appraiser will first compare your property with similar ones in the same area or neighborhood, and learn whether the price that the buyer is paying matches the same. If everything looks good, the appraiser will then recommend the purchase.
Alternatively, if the value sought by the appraiser tends to be lower than what the buyer is paying, then problems might arise. This is because most home loan providers don’t loan more than the appraisal amount. Hence, the buyer can choose to either pay the difference in price via cash or the buyer can negotiate with the seller (which is you) for a lower price. The latter option has its benefits & drawbacks. The benefit is that – you as a seller can refrain from negotiating and instead find a new buyer who can fulfil your asking price. However, the drawback is that – you can again run into appraisal problems with the new buyer. So, you have to consider all options before you make the final decision.
2. Always Be Prepared For A Home Inspection
The majority of home buyers out there will opt for a home inspection process done before finalizing their purchase transaction. For them, home inspections are a necessity because such inspection procedures help in revealing unknown or underlying problems inside a home. Some examples include fire hazards, faulty plumbing, structural damage, faulty appliances, and inadequate roofing.
If any problem is found during the inspection process, the home buyers will likely use the home inspection report as a bargaining power to lower your asking price. On the other hand, you can also offer to repair the problems.
3. Always Provide A Seller’s Disclosure
As a seller, once you accept the offer from the buyer, you need to provide the seller’s disclosure. The seller’s disclosure lists all the issues that are present within the property as well as in its surrounding area. Certain places around the world have laws that dictate how much information the seller has to disclose. But, in general, the seller has to provide a run-down on the following:
Age of the property
Utility costs
Known problems
Structural problems
Environmental problems impacting the property
And that’s pretty much it. For any additional information, let us know.
