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5 Questions EVERY Homeowner Should Have Answered Before Selling!
It’s easy to feel overwhelmed by the selling process. You may be asking yourself questions like, “Where will I go when my home does sell?” or “ What should I be asking my Buyer or Agent?”
Here are answers to 5 common questions when selling your home:
How do I know I’m getting a fair offer?
Price is what most people default to when thinking about selling, but truth-be-told there are many factors to consider when determining whether an offer is fair and reasonable. In addition to the price, look closely at the timing of closing and if it fits your needs. Also, making sure of the Buyer’s qualifications and ability to actually complete the purchase is a major factor as well. Because at the end of the day, the offer is only a good one if it actually closes escrow!
For assistance with pricing (both before your sale and at the time of offer) you can check out our free report: 5 Ways to Accurately Determine Your Home’s Value »
1.
How long will it all take?
There is a great deal of variability when it comes to the amount of time it can take to sell. The success of your marketing will be determined by factors such as your pricing, the quality of photographs, where you advertise and how the home ultimately shows in person to prospective Buyers.
Once you have generated an offer on the property, you will enter the escrow period of your sale. This is where the buyer’s loan will be processed (if it is a financed purchase and not cash.) The financing process typically accounts for the longest part of escrow, but it also is the time when appraisals and inspections will be completed and preliminary title searches will be conducted by the title and escrow company. Final closing times vary widely and are dependent on a number of factors. An escrow period can be as little as few days, or as long as a year or more in some circumstances… However, most escrows are closed within a 30-60 day period.
2.
When will I receive my money?
Sellers typically receive their closing funds within a day or two of closing. They will be issued by the title and escrow company used for the transaction. Depending on your preference, you can instruct them to issue a paper check, or wire the funds directly into an account of your choosing.
3.
How much does it cost to sell?
This is another question that has a multitude of potential answers because your costs will be determined by how you choose to approach the process. One mistake that many sellers make is failing to recognize whether something should be considered a cost, or an investment. Decisions such as using the services of a Realtor, having the home staged and enlisting a professional photographer or cleaning company can easily be looked at solely as an expense. But it is helpful to look at the return on investment (by potentially creating an opportunity for a higher sales price) of these decisions, rather than just the outright cost.
4.
How do I know that the offer and/or buyer is legitimate?
Buyers come in many different forms. They can be everything from an inexperienced first-time buyer, to a seasoned investor paying all cash. Depending on the terms and the structure of the deal, there are a few ways that you can determine the legitimacy of the buyer and their offer. If it is indeed an all-cash purchase, the first thing to request would be some sort of evidence that they have the funds necessary to close.
Beware of the person that structures the deal as a cash purchase, but is hesitant to provide you with proof that they actually have the money. If the buyer is using financing to purchase your property, ask for a pre-approval from their lender. Also, make sure that the lender is someone reputable (and preferably local if possible.) If the buyer gives you the permission to do so, call that lender and verify that the person is qualified. Ask if there are any potential hang ups that could complicate or even negate the buyer’s ability to secure financing
5.
And one last very important thing…
No matter whether the deal is cash or some form of financed purchase—take the time to talk with the potential buyer about their plans. Do not be afraid to ask them pointed questions. Their willingness to share information with you can be a great indicator of their overall ethics.
In other words, trust your gut!
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