© 2008-
SavingsNut.com™ – The Best Site On The Internet For Money Saving Tips & Frugal Living Ideas
Also Visit
“A Detailed Guide of Money Saving Advice & Budgeting Know-
“The best resource on the Internet to teach both young and old how to reduce everyday household expenses. Simply the best.” TSN
SELLING A HOME -
Negotiating The Sale (continued)
d. When negotiating, try your best to concentrate on large dollar decisions, and resist the urge to “squabble” over issues with small dollar values. Get your best deal up front through negotiating a higher sales price. And when it gets down to that last $1,000 of negotiations, just make the deal if you want to sell the home. In other words, you are most likely to get your best overall deal by concentrating on getting the best sales price that is possible, and then not quibbling too much about all the little odds and ends that will need to be decided before a final deal is reached.
e. While realtors are often helpful with negotiations, sometimes their efforts can be counterproductive. Keep in mind, the realtor wants to make a deal. But you want to make a deal under the most favorable terms to you as possible. There is a difference. However, sometimes realtors can actually get in the way of a deal. The constant back and forth of negotiations through third party realtors can often result in miscommunications, and distrust between the buyer and seller. If this seems to be happening, try writing a personal note to the buyer, explaining your desire to sell the property to them, and your thoughts on how to make a deal work. It may just soften the hard edges that have developed during negotiations, and lead to a deal. But do not be afraid to walk away from a proposed deal if you are not satisfied.
5. Most offers of purchase are relatively standard and the terms easily understood. It is just a matter of negotiating terms that are acceptable to you. If you are using a realtor, they can most often answer any questions you have about an offer of purchase in a satisfactory manner. However, if you are not using a realtor, or feel you are not sure what you are “getting into,” consider consulting with a real estate attorney.
6. During the period between signing the purchase contract and actually closing
on the sale, your realtor should be available to assist you with any arrangements
or questions regarding the pending sale. This is part of their service that the
real estate commission covers. Do not hesitate to seek their help and guidance to
answer pre-
Closing the sale of your home is really not a difficult process at all, but you do need to pay attention. Remember the following:
1. Prior to the actual closing, the buyer will arrange for a professional to conduct a home inspection (as well as a termite inspection), to determine if there are any deficiencies or defects that need to be repaired in accordance with the contract to purchase. Make sure you are at your home when this inspection is being done. Often, the inspector will have questions about certain items that you will be able to answer. This can avoid misunderstandings in the inspection report. If defects are found that need to be corrected, you will need to arrange for repairs to be made prior to closing.
2. Also, prior to actual closing, the buyer may want access to your home to do various measurements, find out how things work, etc. in preparation for moving into the home. This is a normal request, as long as the number and timing of visits does not get unreasonable. Make sure you are at home when the buyer visits and your home is clean.
3. On the day of closing (but before closing), or perhaps the prior day, the buyer will want to take a walk through of the home to make everything is in order. This will include making sure items that were purchased are still there, the house is in acceptable condition, and all repairs required are satisfactorily made. Make sure you have cleaned the house appropriately (generally the standard is “broom clean”) At this visit, make sure you give copies of all appliance literature you have, all maintenance contracts still in force, a list of all companies that have recently worked on the home or its systems, plans for the house if available, etc. You will give all keys to the house at the actual closing.
4. In many states, one attorney will handle the closing, representing both the buyer and seller. Sometimes you may choose to employ your own attorney, separate from the buyer’s attorney, although this is not usually necessary. In other states, a real estate attorney is not necessary to close the transaction. The closing or title company handles the whole transaction. It is your decision whether or not you feel you need an attorney.
5. In order to help ensure there are no misunderstandings at closing that would delay the closing, you should receive a draft of the final closing statement prior to the actual closing. It is very important that you review this statement and ensure it is accurate. You will be surprised at how often the closing statement has errors, many of which will cost you money if not corrected. Make sure you understand everything.
a. If you are paying off a mortgage, this will be reflected on the closing statement, as will any interest still due on the mortgage. Keep in mind that, on most mortgages, interest is paid in arrears. This means that, although you made your mortgage payment on the first day of the month of closing, you will still owe interest for the number of days in the month prior to your closing date.
b. In addition to any mortgage deductions, any fees you owe realtors, as well as a few other usually small charges, and perhaps some real estate transaction taxes, will be deducted. You may also be receiving some money back for your pro rata share of items like taxes and association fees that were paid ahead of time. If you think something is wrong, contact the closing company or attorney, and tell them you believe there is a problem that needs to be addressed.
6. At the actual closing you will need to do very little, other than sign a couple of documents, and receive the funds due from the sale. Take your time and read the documents and ask questions if you do not understand anything. Just make sure you know what you are signing. If your mortgage is being paid through the closing, make sure you receive proper documentation to establish this fact. A notice of cancellation of the mortgage at the city/county clerk’s office should be received sometime after closing. Turn over the keys and say goodbye.
Previous Page
