In the previous article, we’ve discussed that when selling your home as a FSBO, there are many things to consider. Listed are home value, marketing, contract, security deposit, and property taxes. In today’s article, other important things about it will be established, such as title, inspections, and buyer qualifications.
Buyer Qualifications: You will need to be sure that the buyer you are dealing with is capable of buying the house at its asking price. To determine this, you can request a pre-approval letter from the buyer from the lender or mortgage company where the home loan is obtained. You also need to know what type of loan the buyer has applied for.
House inspections: During a specified period, buyers can request a professional home inspection. This is to ensure that the house you are selling is in good condition. You must determine the repairs, fixes, and other improvements that need to be made. Based on the findings, the buyer can request which of the fixes and enhancements they want to implement. And as a seller, you have to agree to it. At this point, you should also know that the buyer has the right to negotiate, cancel the contract, and request your security deposit if your requests are not granted.
Title: In addition to the contract, the title is another important document to prepare when selling your home as a FSBO. It will reflect the transfer of ownership from you to the buyer, who will agree to your selling price. To make things easier for you, hiring a title company saves you the tedious task of document preparation. In addition, the professionals of the company have all the experience and expertise necessary to carry out a real and legal title for your home.
A successful FSBO depends on the owner-seller’s ability and knowledge of the important things and processes involved. Having laid out three most important things plus the other five in the above article, it is somewhat reckoned that you will be successful in your own FSBO endeavor.
If, on the other hand, you want to get rid of the associated tasks and want to sell your house faster, you can always seek the help of a local real estate agent. Your experience and professional connections will be vital in finding the right buyer for the home you are selling.