Selling price and moving date
are the first considerations on an offer from a buyer. Your
listing agent will present a current update on the home market
activity.
How do you compare to the
competition of other homes in price, condition and
availability? Can your agent determine how motivated and
qualified is the buyer? Is the buyer's offer a fair one? Is a
higher price reasonable and justified? Does the closing date
give you time to move?
Consider closing before you
have to move your household. You may ask for a few days to
move out after you have your money from the closing. In this
event, you will become the tenant because the house belongs to
the buyer. Be sure you have the proper lease documents to
protect you during this time. Remember also to advise your
Insurance agent so that your furniture has coverage.
The buyer will hire a real
estate home inspector who is licensed by the state of Texas.
He will poke and prod your home from top to bottom, inside and
out, for several hours.
This may hurt. It will feel
like an invasion of your privacy. He will write a lengthy
report of all the bad things or the possiblility of future
problems he can find. The buyer may use this information to
ask for further concessions from you on price and/or repairs.
If you are not sure of the condition of key components of your
home such as heating and air conditioning units or active
termites, you should have these items checked before putting
the house up for sale. Things such as a cracked furnace heater
may scare off the buyer or cost the seller serveral thousand
dollars in unexpected repairs.
The appraiser is hired by
the buyer's mortgage company to make sure the lender is making
a safe investment. He will measure and look over your home. He
then uses square footage, age and neighborhood date to make a
formal written report of his "opinion of market
value". If his appraisal is lower than the buyer's offer,
the lender may not make a loan for as much as the buyer needs
in order to purchase the house.
Discuss the appraisal
process with your listing agent and ask to check the recent
sales of houses comparable to yours. Make a list of extra
features and recent upgraded to give to the appraiser to help
justify the sales price.
The survey is a drawing of
the plat of the lot with all easements,improvements and
building lines defined. If the property has not been surveyed
for a few years, or improvements have been added, the survey
should be ordered as soon as loan approval has been obtained
in order to have time before closing to address any unexpected
issues.