We are continuing to share the most frequently asked home-seller questions that we have heard in the previous twenty years that we have been in real estate because we want you to have a deep understanding of everything that you need to know to sell your home.
Please check out Part One, Part Two, Part Three, and Part Four of this home sellers FAQ series if you haven’t already, to find out how to get the process started and moving without a hitch, and please follow along as we share the most important steps towards closing on your deal.
The Offer Has Been Accepted
Q: Now What Do We Do?
A: It all depends, if there are conditions as part of the Agreement then we work to ensure the buyer(s) are able to fulfill them. This might include granting access to the home for an inspection or bank appraisal. Common conditions include a home inspection, financing and a review of status certificate for condominiums. Regardless of the condition type, It’s important to note that while it’s easy to relax during this time, the home is technically still for sale and in most cases, it is up to the buyer to waive the condition(s) making the deal binding. During this time we still market the home and recommend allowing showings in case the deal falls through.
Q: How does the home inspection work?
A: The home inspection gives buyers a chance to do their due diligence, and make sure the home is in the condition they thought it was when making an offer. Generally speaking, the home inspector is looking for mechanical, electrical, foundation and building code issues that could affect the house.
Q: What happens if something is discovered on the home inspection?
A: It all Depends on the way the home inspection clause is worded in the agreement. Typically, home inspection clauses in the residential real estate are written in a way that gives the buyers the power to either waive the condition (accept the home as is) or not to do anything and the deal expires. In most cases where an issue is discovered, the two sides can negotiate some sort of arrangement to remedy the situation- however, it is up to both sides to agree.
Q: When does the deal go firm?
A: Once we have received the deposit and the signed waivers for any conditions on the sale, such as finance, inspection or status certificate (condos), then the deal goes firm and the home’s status is changed to sold.
Q: Do things ever changed after it goes firm?
A: Yes, nothing is done until it’s done. Sometimes the seller or the buyer wants to change the closing date, and this can be done if both parties agree.
Did we miss a question? Ask it now! We are always happy to help you on your way to Start Living in Ukee, so please feel free to Contact Us