SELLING YOUR HOME

WHAT IS A SHOWING?

A showing takes place either at an open house (a scheduled session when anyone can come by without an appointment) or during an appointment scheduled with you or your listing agent.

WHAT IS AN OFFER?

An offer to buy your home is a purchase agreement signed by the potential buyer that includes:

  • The amount of the offer.

  • An explanation of how the buyers will pay, such as cash or a pre-approval for financing.

  • The terms – such as a request for closing cost help or contingencies such as the sale of the buyers’ house, a final mortgage approval, a satisfactory home inspection, and an appraisal.

  • A target date for closing.

  • An earnest money deposit.

  • A time limit for the offer.

WHAT IS A HOME INSPECTION?

A home inspection is a thorough review of your home’s structure and systems by a professional home inspector. Buyers can use the inspection report to decide to rescind their offer if a major issue is uncovered or to request repairs if the contract is contingent on a satisfactory report. In some cases, a home inspection is solely for the buyers’ information and can’t be used to negotiate.

WHAT IS AN APPRAISAL?

An appraisal is an objective valuation of your property that serves as a safeguard for the buyer and the buyer’s lender. While the buyer pays for an appraisal, the appraiser actually works for the lender. While an appraiser may look at some of the same things as a home inspector, the result is an appraised value of your property rather than a condition report.

WHAT SHOULD I DO BEFORE CLOSING?

Before the closing day, you’ll need to:

  • Take care of repairs required by the contract.

  • Keep all receipts, invoices, and before-and-after photos of repairs.

  • Gather all appliance manuals and warranties for your buyers.

  • Hire a mover.

  • Cancel all utilities for the day after you move.

  • Change your address.

  • Review all settlement documents, especially the settlement statement.

  • Check the property survey to be sure it’s correct.

  • Clean the house.

  • Prepare for the buyers’ final walkthrough.