Once you receive an offer you like, you can accept it. To do this, you and the Buyers will sign a contract stating the sales price and the closing date on which the new homeowners will move in and you will vacate the property.
You should also work with your real estate agent on any contingencies with the offer. A contingency is something that must happen before the home sale becomes official. If certain requirements are not met with these contingencies, the Buyers can withdraw their offer without suffering any financial penalty.
To prevent the sale from falling through, you should consider the following:
Be Prepared to Make Repairs or Lower Your Price
One of the most important and common contingencies is a home inspection contingency. Most offers will state that the buyers have the right to hire a home inspector to tour the residence before the sale becomes official. An inspector will look for any problems with your home. If inspectors find any, the buyers can request that you fix them, provide them money to hire a contractor or deduct the cost of any repairs from the home’s final sales price.
However, if the inspector finds problems that the home seller refuses to fix, the buyers might have the right to walk away from the sale without losing any money. To keep the sale on track, you should be ready to make some repairs or reduce your asking price.
Get Ready For an Appraisal
Offers may include an appraisal contingency. Before the sale can go through, the mortgage lender working with the Buyers will send an appraiser to your home to determine its current market value. Lenders want to make sure your home is worth at least as much as what the Buyers are paying for it. If the appraisal comes in too low, it could force you to lower the final sale price to keep the sale alive.
Even though an appraisal is dependent on many factors, you can help your home receive a more accurate valuation by making some small preparations. For instance, cleaning up your living spaces, creating a list of home improvements you’ve made and being available to answer questions can help the appraiser recognize your home’s value.