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Now that you have been successfull in procuring a buyer for your Albuquerque or Rio Rancho home, it's time to begin the selling process:
Receiving an Offer
When a buyer decides to buy your home, an offer will be presented. Your Albuquerque real estate agent will advise you as to whether or not the prospective buyer is qualified to purchase your home. The last thing you want to do is take your home off the market for weeks or months only to find out later that the potential purchaser was not qualified. You and your real estate agent will then review the written document, taking care to note what is required of both parties to execute the transaction. The contract should protect the best interests of all parties involved and should be comprehensive in nature.
Negotiate to Sell
Most offers to purchase your home will require some level of negotiation to come to a win-win agreement. As your agent, I represent you and will be responsible for protecting your interests.
Some items typically negotiated are:
- Price
- Closing Date
- Financing Terms
- Repairs
- Closing Costs
- Occupancy
- Furniture
Open Escrow
Open Escrow at a trusted Title Company. During the escrow period the title officer will pull a preliminary title report revealing all liens and easements against the property. Settle and/or negotiate all liens against the property. Settle payoffs related to the Home Owners Association. Settle payoffs related to Deeds of Trust. Execute protocol for owner’s insurance policy.
Inspections
This is where they buyers do all necessary inspections that they choose. Most buyers use a general home inspector to inspect the property. Inspection costs are negotiable. Responsibility of repairs was previously negotiated in the real estate contract. Buyers can accept the home in current condition, ask the seller to make repairs or cancel the contract if that is spelled out in the agreement.
Move
Move all personal property out of the Albuqerque, NM house unless other arrangements have been made with the buyer.
Walkthrough
The final walkthrough is performed by the buyer 2 days before closing.
Closing
"Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. I am present at all of my closing to make sure everything goes according to plan. As the seller, you will need to turn over any necessary documentation regarding the property and, depending on the contract, you may be required to have done something specific in order to close.
After Closing
Congratulations on the successful sale of your home! Hopefully, everything went smoothly and you will be vacating your house in the time frame that you had anticipated. Your real estate agent will help you create a checklist of all the things you will need to do to turn the property over to the new owners. You will need to make sure that all of the local services (i.e. electricity, gas, lawn care, cable, etc.) have been cancelled or, if the new owner is going to retain some of the services, the name for the account should be changed. The property and anything assigned to the buyer according to the contract should be prepared appropriately for the new owners. This will make the transition as smooth and effortless as possible. Your check should be ready for you approximately 2-3 days after closing (when funds are released by the mortgage company).
Copyright © 2007 New-Mexico-Homes.info Jeannette Rigor. All Rights Reserved.
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