Selling Your House
Escrow, Inspections, & Appraisals
After an offer is accepted, the sale is not complete until closing and there is a lot that must be done to get to that day. These are the most common steps:
- The buyer will likely need to secure a mortgage and loan. Different lenders have different requirements to be met, such as a property appraisal or a termite inspection. They will need to secure final approval of their financing.
- The lender will likely also ask that escrows be established for taxes, insurance, or private mortgage insurance. You as the seller will need to pay the buyer for a prorated portion of the property taxes.
- A property inspection is usually completed on the property. Any repairs needed will need to be addressed and resolved prior to closing in accordance with the sales contract.
A good real estate agent will have addressed many of the steps and expenses in the negotiations and sales contract. They will then represent and guide your through the transaction.
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