Selling a Home – What You Need to Know
Selling a Home is a complicated process with many steps. You’ll need to prepare your living spaces, choose the right asking price and negotiate with buyers to close on a deal. You’ll also need to pay for seller closing costs, such as agent commissions, title insurance and property taxes.
During the listing process, your real estate agent will conduct a comparative market analysis (CMA) to determine the fair market value of your home and set an attractive selling price. They’ll consider the prices of comparable properties in your neighborhood and the recent sale of homes nearby, along with your local housing market trends.
Selling a Home: A Complete Guide for Homeowners
Once you’ve found a buyer, they’ll submit an offer to purchase your home. This usually includes the price they’re willing to pay, as well as a deposit, known as earnest money, or proof of funds for cash purchases. Buyers’ offers may also include contingencies, such as a home inspection or loan approval contingency.
During this time, it’s important to be professional and flexible during negotiations. Be prepared for counteroffers, and remember that it’s not always possible to meet every request from a buyer. If you’re considering accepting an offer, consult with your attorney or a real estate agent about the terms of the contract. They can help you decide if it’s in your best interests to move forward with the transaction or walk away. Once all of the contingencies have been met and the paperwork signed, you can close on your property.
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