Whether ??? ?r? selling ???r house w?th ?n agent ?r ?f?r sale b? owner? ??? need t? b? prepared f?r wh?t t? d? next wh?n ??? g?t ?n offer ?n ???r house. Th?r? ?r? 7 terms t? b? agreed upon between ??? ?nd ???r buyer. It?s n?t ???t ?b??t th? price!
If ??? ?r? ?r? using ?n agent, th?? w?ll guide ??? through th? process. If ????re selling ???r house FSBO (f?r sale b? owner) ?nd ??? g?t ?n offer, ??? need t? fully understand th? process, especially ?f ???r buyer ?? working without ?n agent. Y?? m??t take th? lead!
Th? first term th?t everyone focuses ?n ?? price. Y?? ??n accept, reject, ?r m?k? a counter offer t? ?n offer th?t h?? b??n m?d?. Y?? ?h??ld always m?k? a counter offer. It?s expected. If ??? ???d ?yes? r?ght away, th? buyer w??ld feel th?? offered ??? t?? much!
Agents m?k? offers ?nd negotiate via faxed contracts. If ??? ?r? selling ???r ?wn house, feel free t? ??? fax ?r email t? m?k? counter offers.
It?s always g??d t? h??? a written record r?th?r th?n relying ?n memory ?f ?wh? ???d wh?t?, anyway.
Before getting a sales contract signed, ??? ?nd ???r buyer w?ll need t? agree ?n th? following terms:
Sales Price
Remember t? take ?nt? account real estate commissions. S?n?? ??? ?r? selling ?f?r sale b? owner?, ?f ???r buyer ?? working w?th ?n agent ??? w?ll need t? pay th??r commission wh??h w?ll usually b? 3%. If ???r buyer ?? n?t working w?th ?n agent, th?r? w?ll b? NO commission t? b? paid! Under rare circumstances, ?f ???r buyer wanted ???r house b?d enough, th?? m?ght even pay th??r agent th? commission. Th?? usually ?nl? happens ?n a ?hot? market.
Earnest Money Deposit
At th? sales contract signing, a buyer needs t? give ??? ?n earnest money deposit, m?d? out t? th? agreed upon title company.
Typically, ??? want t? collect ?t l???t 1% ?f th? sale price.
Down Payment
Th?? ?? th? amount ?f money th? buyer needs t? come up w?th ?t closing fr?m a source besides th??r loan. Th? minimum amount needed ?? determined b? th? loan program th? buyer w?ll b? using.
Closing Costs
D???d? h?w th? closing costs w?ll b? divided. S?m? buyers w?ll ??k f?r closing cost ?????t?n??. In many ??rt? ?f th? country, th? division ?f closing costs ?? customary. H?w???r, th?? ?? a point th?t ??n b? negotiated.
In m? state, f?r example, th?? ?r? usually divided 50/50; h?w???r, a seller ??n offer t? pay 100% ?f th?t w??ld m?k? th? d?ff?r?n?? between th? deal going through ?r n?t. Talk t? ???r mortgage broker ?b??t h?w th?? w??ld work w?th th? particular loan program ???r buyer ?? using.
Contingencies
Contingencies l?t buyers cancel a contract without penalty. It ?? ?n ???r best interest f?r th?r? t? b? ?? few contingencies ?? possible. S?m? typical ones include loan, inspections, appraisal, ?nd contract contingent ?n buyers selling th??r ?wn home.
Oth?r Property
Generally, everything attached t? th? house stays w?th ?t. If ??? really want t? take ???r fridge w?th ???, ??t ?t ?n th? contract.
Date ?f Possession
D???d? ?n a date th?t ??? ?nd th? buyer want t? close.
Wh?n ??? come t? ?n agreement ?n th? price ?nd ?ll th? terms, a sales contract ??n b? signed b? both ??? ?nd th? buyer. An? required disclosures w?ll need t? b? signed, t??. Th??? differ b? each state, b?t ??m? examples ?r? lead paint, notice ?f defect, ?nd mold. Y?? ??n g?t th??? online, fr?m ???r agent, ?r fr?m ???r real estate attorney. Th? buyer ?l?? needs t? provide ?n earnest money deposit.
Wh?n ?ll documents h??? b??n signed ?nd th? deposit h?? b??n presented, ???r house ?? now officially ?under contract?!
Deane Alban ?? co-owner ?f Pretty Nice Properties a full service real estate investment company. Sh? ?? th? author ?f ?Th? Truth Ab??t FSBO ? Complete Selling System?. Sh? h?? a blog ?t http://truthaboutfsbo.com/blog wh?r? ?h? ?n?w?r? homeowners m??t pressing q???t??n? ?b??t selling th??r house f?r sale b? owner. H?r advice ?? relevant f?r anyone trying t? sell a house ?n today?s market ? homeowners selling FSBO ?r w?th ?n agent, ?? well ?? fellow real estate investors.
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