Geraldine (Gerry) Angel
Associate Real Estate Broker
Keller Williams NY Realty
120 Bloomingdale Road Suite 101
White Plains, New York 10605
(914) 437-6185

Sellers Roadmap

Decide to Sell Select and Agent and Price Prepare to Sell Accepting an Offer Escrow Inspections and Appraisal Close to Escrow

Inspection and Appraisals
Most buyers will have the property inspected by a licensed property inspector within the timeframe that was agreed upon in the  effective contract to purchase. Some buyers will have several different  inspectors inspect the property, if they wish to obtain professional opinions  from inspectors who specialize in a specific area (eg. roof, HVAC,  structure).  If the agreement is  conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third  party.  This is done so that the lending  institution can confirm their investment in your property is accurate.  A buyer of a commercial property may also  have a complete environmental audit performed and/or soil test, if required by  the lending institution.
The Closing Agent.  
Either a title company or an attorney will be  selected as the closing agent, whose job is to examine and insure clear title  to real estate.  After researching the  complete recorded history of your property, they will certify that 1) your  title is free and clear of encumbrances (eg. mortgages, leases, or  restrictions, liens) by the date of closing; and 2) all new encumbrances are  duly included in the title.

A contingency is a condition that must be met  before a contract becomes legally binding.  For instance, a buyer will usually include a  contingency stating that their contract is binding only when there is a  satisfactory home inspection report from a qualified inspector.

Before completing his or her purchase of your property, the buyer goes over  every aspect of the property, as provided for by purchase agreements and any  applicable addendums.  These include:
  • Obtaining financing and       insurance;
  • Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
  • Inspecting  the property. The buyer has the right to determine the condition of your       property by subjecting it to a wide range of inspections, such as roof,       termite/pest, chimney/fireplace, property boundary survey, well, septic,       pool/spa, arborist,  mold, lead based paint, HVAC, etc.
Depending  on the outcome of these inspections, one of two things may happen:
  1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the closing; or
  2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract (usually the price).
How do you respond objectively and fairly to the buyer when  a renegotiation is demanded, while acting in your best interests?  This is  when a professional listing agent can make a real difference in the outcome of  the transaction.  Having dealt with  various property sales in the past, we guarantee our  expertise and total commitment to every customer, no matter what their  situation is.

Loan Approval and Appraisal. 
We suggest that you accept buyers who have a  lender's pre-approval, approval letter, or written loan commitment, which is a  better guarantee of loan approval than a pre-qualification or no documentation  from a lending institute.  Expect an  appraiser from the lender's company to review your property and verify that the  sales price is appropriate.

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