If you're one of the lucky homeowners who are well-positioned to sell your home in today's intense real estate market, you've probably considered selling "For Sale by Owner." Many people have success selling their homes without a realtor, but it can be an intense process. In today's market especially, there is a high probability you will receive multiple offers on your home, depending on its condition, location, and the price range it's listed in.
There is much more to consider when reviewing multiple offers than just the offer price.
With input from our broker, we've put together this list of 25 potential questions you'll need to be able to answer when reviewing offers and working through the transaction to closing.
1. How much is the Earnest Money?
2. When does the earnest money become non-refundable for the buyer?
3. When will the transaction close?
4. Was the contract properly filled out and legally binding?
5. Are the correct signatures on the contract?
6. What is the offer price? What are the net proceeds to the seller?
7. Does the buyer have the right to do a home inspection?
8. What is the buyer's inspection deadline, if any?
9. Is there an appraisal contingency? If so, what is the deadline?
10. Is there a financing contingency? If so, what is the deadline?
11. Does the buyer have to first sell their home in order to qualify to purchase the new home? If so, by what deadline?
12. Who is paying the closing costs? Are they being split?
13. After the transaction closes, when is the seller required to deliver possession of the home?
14. What is the seller disclosure deadline? Do I have enough time to provide all the necessary legal disclosures?
*Not sure what the disclosures are? We can help and get you copies of the documents you must fill out*
15. Who pays the HOA transfer fee?
16. What items are included with the sale? Can I remove my Ring doorbell, Nest thermostat, and backyard trampoline?
17. Are any items of personal property excluded from the sale?
18. What type of title insurance policy am I required to provide the buyer? How much will this cost?
19. Do I have to provide and pay for a home warranty plan?
20. Is there any additional earnest money that the buyer will deliver during the escrow stage of the transaction that could become non-refundable, making the offer stronger?
21. Will the buyer allow me to rent back if needed? How much will rent be?
22. What is the deadline to accept the offer?
23. Does the buyer's agent have enough expertise and experience to get the job done?
24. Where is the earnest money going to be held until closing?
25. If the appraisal comes in low, what happens?
If this list looks daunting - fear not! We would love to answer any questions you may have.
And if you've thought about selling but aren't sure if now's a good time, feel free to give us a call! We can share helpful information and statistics about sales in your neighborhood to help you decide how much you could sell your home for, and what you could net.
Questions about listing your home, whether with an agent or For Sale By Owner? Don't be shy - call us today!