Showing Process
You are ready! You’ve cleaned, scrubbed, polished, shined, repaired and staged. You are now ready to “bring on the buyers.” However, there are a few final things you can do to maximize the showing process.
The Home Selling Process
The process of buying or selling a property is a complex transaction involving numerous parties and commonly, conflicting interests. To reduce the possibility of misunderstanding or miscommunication between these parties, all negotiations regarding the purchase or sale of real estate should ultimately be reduced to a written agreement. This agreement, when signed by all parties should represent the entirety of the agreement between buyer, seller and any other party materially involved in the transaction. The section below describes important areas of the written agreement which ultimately forms a contract between the two parties. It is very important that you read and UNDERSTAND the entire agreement prior to signing it. Your professional real estate agent or attorney can be invaluable in helping you to understand the important details contained in this document.
Contract Process
An appraisal is an unbiased, professional opinion of a home’s value. Appraisals are almost always used in purchase and sale transactions and commonly used in refinance transactions. In a purchase and sale transaction, an appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location and features. In a refinance, it assures the lender that it isn’t handing the borrower more money than the home is worth.
Appraisal
According to the Purchase and Sale Agreement, the buyer has the opportunity to have your home inspected by a professional before closing. The contract specifies when the inspection will take place after the offer is accepted and that in certain cases, the closing is contingent upon a satisfactory inspection. The buyer pays for the inspection, and it is advised that the seller not be present during the inspection. NOTE: As the seller, you do have the option to market your home “as is,” but the buyer may still have the property inspected.
Inspection Process
The closing process is the final step in buying or selling real estate. Different states have varying ways of handling the closing process. In Georgia, real estate closings occur with the assistance of a real estate attorney who specializes in real estate transactions. Customarily the closing attorney has the responsibility of examining the title to the property, preparing the of closing loan documents, conducting the closing, recording the closing documents, issuing title insurance and dispersing the lender’s and/or purchaser’s funds. In a real estate transaction where a lender is providing financing, the closing attorney represents only the lender. While the actual closing can be conducted in any number of ways, it is the closing attorney who coordinates all parties to assure compliance with contractual obligations generated by the Purchase and Sale Agreement, the lender’s requirements and compliance with state and federal regulations.
Closing Process
