SELLING YOUR PROPERTY BY OWNER



SELLING YOUR PROPERTY BY OWNER

What You Need To Know

A Hard Sell

Many real estate listings come from individuals who thought they had sold their homes on their own, but the buyer walked away. Many Sellers who try to sell their own home have learned the hard way that selling a home is not easy. Keeping it sold and getting to the closing table is even more difficult. What are the pitfalls involved in selling your own home?

Face-to-face negotiations can be difficult, even when the buyer really wants the house. Then there is the paperwork. Standard contract forms rarely cover all of the local requirements regarding disclosure laws. Such contracts may provide loopholes which could allow a buyer with cold feet to back out at the last minute.

When you have finally come to an agreement, how can you be sure that your buyers will engage competent professionals to handle their loan and complete the closing? How will you know what the current market value is? Will it appraise at the price you accept in order for the lender to approve the sale? What if structural problems are discovered or property boundary problems are revealed? Do you know the importance of having a knowledgeable and experienced escrow officer?

The experience and expertise of a professional real estate agent is your greatest asset in concluding a successful transaction.

Avoiding Delays During Escrow

Unforeseen problems can arise during escrow, and closing dates are never set in stone! Lenders, appraisers, title attorneys, credit check services, or anyone who is involved in the transaction could potentially delay a closing. You might now take into consideration that a good Real Estate Agent can stay in close touch with you and be on top of the transaction. The Realtor will notify you of deadlines and help you deal with delays.

Well-written sales contracts are the key to avoiding problems during escrow. For example, provisions can be included in the agreement that require the buyer to provide evidence of sufficient funds for down payment and closing costs, or to present proof of the ability to obtain homeowner's insurance. Because of new restrictions on insurance policies, the mortgage lender usually requires insurance before funding the loan.

Defects Must Be Revealed

Disclosure laws make it important to reveal all material defects when you are selling a home. It is important to be absolutely candid with your buyers about the condition of the property. If there is anything wrong with the roof, the plumbing, the wiring or structure, it will probably not remain a "sleeping dog". The problem will probably wake up, snarl, growl and snap at your ankles at the precise moment your buyers feel their first stirring of buyers' remorse.

It is unlikely that defects will go undetected, because most buyers get a home inspection before they are contractually obliged to complete the purchase. Even if the problems do not surface before the closing, your liability does not end after the closing for any defects you may have forgotten to report. Buyers almost never accept misrepresentation graciously, but they can usually deal with a house that is short of perfection if they know what they are getting into from the beginning. With a Realtor at your side, your agent will provide you with a seller's disclosure form. Protect yourself by clearly describing any material defects prior to the sale.

If you are interested in receiving this free disclosure from me without obligation, please contact me at 702-348-8450, DebraPizzolato@ or visit me on the We @ . As a local Real Estate Consultant, I focus my time on providing world-class service to my clients and building lifelong relationships.

Please feel comfortable referring me to your friends, family, associates or anyone you come across that wants to buy, sell, needs real estate help or information on Foreclosure, Short Sale, or 1031 Exchange. You can expect that they will receive the highest level of commitment, confidentiality and service, I am here to help! Debra Pizzolato, Realtor® - 2230 Corporate Circle, # 250, Henderson, NV 89074, 702-939-0000

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