Selling your home can be a complicated process if it’s your first time. Understanding the steps makes things easier. Once you’ve reached the selling stage you may be wondering what you should expect after a buyer makes an offer..
What Happens After a Buyer Makes an Offer: Final Loan Approval
In order to purchase your home, your buyer needs to apply for and then get approval for a mortgage loan. When they made any offer, it’s likely that they already had conditional approval. This means they have a few requirements they need to meet before the loan is fully approved.
These requirements may include providing additional bank statements or proof of insurance. Once these conditions are met and the offer has been made on your home, they need to get their loan fully approved.
If a mortgage loan is involved in the sale, then an inspection of the property is required. During an inspection, your home will be carefully looked over to make sure everything is in working order and there are no issues. An inspector will look for structural damage, electrical/plumbing issues, water damage, mold, mildew, pests, and any other issues.
If an inspection uncovers serious issues, a buyer may request you make extensive repairs. This removes the risk from them and it allows them to get approved for a mortgage loan. If the issues are too extensive, they could be denied a mortgage.
What Happens After a Buyer Makes an Offer: Closing
The final step in a home sale is actually closing on the sale. During closing, you and the buyer will sign all the necessary documents to make the sale official. To prepare for closing, you need to bring an official government ID in order to identify yourself and you also need to bring the keys to the house. During closing, the title of the home will be transferred to the buyer. At this time, both you and the buyer will pay the closing costs. For you, this includes any fees associated with the sale as well as taxes. Your biggest expense will be paying the commissions of both real estate agents. A typical commission is about 6% of the sale price and this is split between both agents.
Once an offer is made on the home, the process is fairly straightforward. There are a few more steps to take care of before the property is officially transferred. Make sure you do your research and know how to prepare for each step.
Did you enjoy reading this article? Here’s more to read: How to Cut the Time it Takes to Sell Your Home
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.