What Are the Final Steps in Selling My Home Myself?
If you have already prepared your house to sell and have successfully advertised and marketed your property, you will likely receive phone calls and email messages from prospective buyers. Once you have received an official offer from a potential buyer, there are several final steps that can help you finalize your home sale without the assistance of a Realtor.
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Negotiate a Sale Price
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You must negotiate a sales price with a buyer directly without a Realtor submitting offers and counter-offers on your behalf. This can be a positive experience because the buyer knows that a Realtor is not boosting the price of the property in order to increase commission. It is advisable to be open and honest with the buyer about your price expectations. In a difficult real estate market, it is especially important to negotiate a sales price that is acceptable to you and affordable for the buyer.
Obtain Loan Approval, Inspection and Sales Contract
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Once an acceptable price has been determined, you can request a loan approval letter from the buyer. You can decide whether you want to continue showing the property to other potential buyers while you wait for the letter. If earnest money is exchanged between you and the buyer, you cannot show the property to others until the money is returned. The potential buyer can request an inspection of your property, but she is responsible for inspection costs. If the inspection reveals any problems with your property, you and the buyer can negotiate repair costs. As the seller, it is your responsibility to pay for a termite inspection and a septic examination if they are required by law or by the mortgage lender. It is advisable to create or download a sales contract that stipulates the price, payment method and any contingencies related to the sale of your property. Both you and the buyer must sign the sales contract.
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Secure a Title Company and Closing Date
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Establish a closing date with the buyer and secure the services of a local title company. Most title companies have lawyers and real estate brokers who organize all of the legal paperwork necessary to complete the transaction. The title company also assures the buyer that public records and title reports are in order. The title company usually prepares final loan documents, escrow account details and title recordings before closing, so all documents are ready for your signature and the buyer's signature.
Coordinate Delivery of Keys and Utility Change-Over
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Before or during closing, you can coordinate final details with the buyer. Closing is an acceptable time to give house keys to the new owner. If the buyer gives you time after the closing date to pack and move out, you can exchange keys on your final day in the house. You can negotiate with the new owner exact dates when the utilities are changed over from your name to hers. You will both need to contact your local utility companies to make these changes.
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References
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