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Events between signing a sales contract and collecting cash at the closing.
As the days dwindle down towards closing:
  • Buyers get cold feet
  • Spouses see homes that cost less
  • Busy Mortgage Brokers fail to arrange for the cash by closing day
This is NOT a time to relax!
By signing your Sales Contract the Buyer has agreed to purchase your home and cannot pull out for arbitrary reasons. Your job during this period is to monitor those events that could release the Buyer from his obligation to buy your home.

Appraisal:
The buyer's lender will send a real estate appraiser to determine the value of your home. If the appraised value is below the agreed sale price, the lender will not provide a mortgage loan.

You can avoid this deal-killing problem by hiring your own appraiser during the price-setting process ($250 - $350 in the Atlanta area), or

if you are careful to keep your price in line with comparable homes sold in the immediate neighborhood.

Surveyor:
Some lenders will send a surveyor to determine the boundaries of your property. This seldom creates a problem in metropolitan areas and major sub-divisions, but pay attention if your property is:
  1. Located in a rural area that has not been surveyed in the last 50 years.
  2. Bounded by a creek or small river that changes its course.
  3. Part of an inherited plot recently subdivided between heirs.

 

Inspectors:
Under the sales contract, the buyer can order several inspections at his own expense.
  1. Termite inspection
  2. Roof inspection
  3. General inspection of appliances, air conditioning & heating, electrical system, plumbing, sprinklers, etc.

Be available for the inspections and ask questions. Having your own inspector can help in disputing a questionable report, but your main aim is to fix problems, get agreement and avoid giving the Buyer an excuse to get out of the contract.

The seller is often obligated to pay up to 3% of the sales price to repair damages found in the above inspections.  Check the terms of the sales contract.

 

Things the Seller needs to do:
  • Make repairs as agreed in the contract so the buyer can make a final inspection before closing.
  • Notify your lender that you will be paying off your mortgage and ask for a statement of the remaining balance.
  • Gather all warranties and instruction books for your home's appliances and systems to give to buyer at closing.
  • Once closing has been scheduled, notify utility, telephone, water, trash and other services to advise them of your final billing date.
  • Get a copy of the settlement statement from the closing attorney prior to the closing date. Review it and question anything you don't understand. Pay special attention to the amount of "Cash due to the Seller." This number should be within a few hundred dollars of the amount you calculated on your net to seller worksheet.

 
Complete For Sale By Owner Kit $59.95

Includes contract package plus photo tour packages below. Also property flyers in two styles, a for sale by owner yard sign with stand and a directional sign. Internet listing will remain active until home is sold.
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Contract Package $14.20

Real estate forms & contracts to legally sell or buy a home. Designed to meet individual state requirements, our contracts have been used to sell homes in every state. Download them in Microsoft Word format for Windows & Mac. Most also available in PDF.
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Photo Tour Package $26.95

Internet web page ad with up to ten pictures of home plus property description and choice of 28 eye-catching headlines. Also includes choice of two flyers for local distribution.
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Don't have time? Can't devote 4 hours per week?

Consider hiring a good real estate agent and paying 6%-7% or about $9,000 to sell a $150,000 property.