Selling Houses – What Happens Between Listing And Closing

A real estate sell my house fast Philadelphia occurs when closing documents are signed, money exchanges hands and the buyer gets the key to their new house. But there are many steps between that initial contact with a Realtor and the final, legal exchange of money for property. These include viewing properties, getting pre-approval for a mortgage loan, and, in some cases, even negotiating with a seller.

For sellers, the most important step is setting a fair price. This is usually determined by comparing the property to others like it in the neighborhood. An honest evaluation of the property’s condition, amenities and location should also be taken into account. However, a seller should be realistic and understand that a home is only worth what a buyer is willing to pay for it.

When pricing a home, it’s helpful to know what repairs are likely to be necessary and the cost of those fixes. A pre-listing inspection can be an excellent tool to help determine these items and provide buyers with a detailed report that helps them feel confident about making an offer. Performing some upgrades before listing can also be beneficial, but it’s essential to weigh the costs and returns carefully. Not all improvements will pay off, so be sure to ask an agent to help you determine which are the most cost-effective.

Once a buyer has an accepted offer, they’ll typically submit earnest money to show that they are serious about purchasing the property and can make the purchase on time. After this, the next steps are generally to perform an inspection and notify the lender of the contract. The lender will then start the paperwork needed to secure a loan. Finally, the buyer will schedule a walkthrough of the property with their agent a few days before closing.

Oftentimes, home buyers are willing to buy as-is homes in order to save on repair expenses or for other reasons. As long as the seller discloses any major defects and set a reasonable price, this type of sale can be a good option for sellers.

There are several ways to sell a home, including selling to investors or iBuyers, and through traditional real estate agents. Quick home sales depend on precise pricing, professional cleaning, marketing and a well-thought-out negotiation strategy.

Government agencies often sell real estate and federal lands, either through auction or offer. These properties are acquired through foreclosure, forfeiture or failed banks and are listed on sites such as Fannie Mae’s HomePath and the U.S. Department of Agriculture’s HUDHomes. They can be a great opportunity for those looking to get into the property market without the usual delays. However, these properties may need more work than other homes to make them livable, so buyers should be prepared for a more involved and costly process. They also must be willing to accept the risk of not being able to get a conventional mortgage. These risks can include liens and unpaid taxes.

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