In the previous article, we have tackled that when selling your house as FSBO, there are many things which you should consider. Included in the list are home value, marketing, contract, security deposit, and property taxes. In today’s article, other important things about it will be laid down such as title, inspections, and buyer qualifications.
Buyer Qualifications: You will have to be assured that the buyer you’re dealing with is capable of buying the house with your asking price. To determine this, you can ask for a pre-approval letter from the buyer coming from the lending or mortgage company from where the housing loan is obtained. You also have to know what type of loan the buyer has applied for.
House Inspections: For a specified period, buyers can request for a professional home inspection. This is to ensure that the house you are selling is in good condition. It ought to determine repairs, fixes, and other improvements that need to be done. Based on the findings, the buyer can then request which of the fixes and improvements he or she wants to implement. And as the seller, you have to agree with it. At this point, you also have to know that the buyer has the right to negotiate, cancel the contract, and ask to have his security deposit if his requests are not granted.
Title: Aside form the contract, the title is another important document that you need to prepare when selling your house as FSBO. It will reflect transfer of ownership from you to the buyer who will agree with you’re selling price. To make things easier for you, contracting a title company spares you from the time-consuming task of preparing the document. Besides, professionals from the company have all the expertise and background needed to make a real and legal title for your house.
A successful FSBO rely on the capacity and knowledge of the home owner-seller of the important things and processes involved. Having laid out three more important things plus the five other in the previous article, it is somehow estimated that you will be successful in your own FSBO endeavor.
If on the other hand, you want to be stripped of the associated tasks and want to sell your home faster, you can always seek help from a local real estate agent. His expertise and professional connections will be vital in finding the right buyer for the house you are selling.
Added: by Utopia Realty