Wednesday, October 21, 2015

Terez's Tips for Selling Your Home - Part 14

Loan Approval
Before you start making arrangements to move, make sure the buyer provides you with a letter from the mortgage company indicating that the buyer is pre-approved for the amount of loan needed to make the purchase.  This letter should not be confused with a final approval of the mortgage.  The loan is not normally approved until a few days prior to the closing date.



Home Inspection
Be prepared for a potential buyer to seek a professional home inspection.  Such inspections will identify possible defects in the property.  As a seller you can fix any defects discovered, adjust the price or both.  You can also preempt the process by getting the home inspected yourself.  You can then adjust the price accordingly, fix the defects or both.




Final Walk-Through
Approximately 3 to 5 days prior to the scheduled closing the buyer “should” conduct a final walk through and acceptance of the property.  Get the acceptance in writing so there is no confusion or later claims that the property was not as it was when the Agreement was accepted.




 
Exclusions
Identify anything of value in or on the property that you intend to take with you upon sale.  These items should be specifically addressed and agreed to on the Agreement to Purchase.  It is far better to remove the items BEFORE the first buyer sees the property.  Once the item is seen, it may be desired and then becomes part of the negotiation.






Pro-ration of taxes, assessments, etc.
Any taxes or assessments that apply to the property are usually prorated as of the date of sale.  This simply means that the seller pays taxes up and until the date of closing.  The buyer pays for any taxes thereafter.




Home Warranty
Most buyers of anything of value expect a warranty on the item being purchased and homes are no different.  You should seriously consider purchasing a home warranty on the mechanical items contained in the home.  When something fails, you want the buyer to call someone else at midnight, not you.  Your real estate agent can give you the names and contact numbers of several home warranty companies.


Terez B. Harris
Keller Williams Realty New Orleans
504 975 1033
TerezHarris@KW.com
TerezSellsNolaHomes.com
8601 Leake Ave., New Orleans, La 70118

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Terez B. Harris  Terez Harris NOLA Realtor Group  504-297-2619  www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.

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