For Sale By Owner Last Minute Detail

Last Minute Details to Finish Your Sale

As the time draws nearer to the closing date, buyers will get cold feet, their spouse will find homes with a lower price, and sometimes mortgage brokers fail to coordinate the cash to arrive by the closing day. In other words you can’t relax yet.

When you signed your sales contract, the buyer agreed to buy your home and cannot pull out of the deal for illogical reasons.  Basically your job will be to monitor any events, which could release the buyer from the contract.  The sales contract is the buyer’s commitment to buy your home.

One deal breaker could come by the way of the lender.  A lender will send an appraiser to decide on the value of your home.  If he assesses the home’s value at less than your asking price or the agreed upon price, the lender will not approve the loan.

This situation can be avoided if you hire your own appraiser to assess the value of your home prior to deciding on the asking price.  Usually if you set your price to match comparable homes sold in your neighborhood, you should be safe when the appraiser does his appraisal of your home.

Some lenders will have a surveyor dictate the boundaries of your property.  Rarely does this create a problem as long as you live within city limits or in a major sub-division.  If you are in a rural area, which has not been surveyed in years.  If a creek or a small river was used as a boundary line, there is a possibility it could have changed courses.  If a portion of the inherited land has been recently divided between heirs.  You might have a problem if you are in any one of those situations.

The sales contract allows the buyer to order inspections, which the buyer is obligated to pay for.  Should one of the inspections point out a problem you are obligated to pay for the repairs.  You will want to be on hand should the inspector have questions, however having your own inspection perform prior to this could help mitigate any questionable items listed on the report.  The main goal is to fix the area of dispute, get the agreement, and to avoid present the buyer with any sort of excuse to be released from the contract.

Get the home prepared for a final inspection by the buyer, which may include making repairs noted by the inspectors.  You need to notify your lender of your intention of paying the mortgage in full early and request a statement of the final balance.  Make sure to locate all the warranties and instruction booklet to the appliances and systems in your home so you can hand them over to the buyer at closing.

Once the closing date has be scheduled, remember to notify the utility company, the telephone company, the water company, trash pick-up and any additional services to your home make them aware of the final billing date.

Get a copy of the settlement statement from the attorney before the closing date, so you will have the opportunity to look it over and to ask any unanswered questions.