Selling your home isn’t a simple transaction—rather, it involves a series of procedural formalities that can be incredibly tedious and overwhelming if you don’t know how to handle them. Once you’ve successfully found a buyer, what is your next move?
Prepare a counteroffer. It’s estimated that most properties stay on the market for an average of 65 days. That’s not a very long time, all things considered. And if you’re lucky, you will find an interested buyer who presents an offer that is reasonable right off the bat. What’s slightly more likely? You get a less-than-ideal offer from a buyer who is willing to negotiate. Expect to present at least one counteroffer. Buyers will haggle just like your grandfather at a flea market, and it might take longer than you’d prefer. You’ll get there in the end—and if not, you can always reject the offer and wait for a better one.
Allow the buyer to arrange an inspection. Before a buyer closes on a deal, it’s critical that they arrange a thorough home inspection, especially if the home is fairly old or not in tip-top shape. If an inspection turns up some unexpected issue, such an outdated appliance or a defect, you might have to put a halt on the deal until the dilemma is resolved. If you are not willing to request repairs, your buyer might decide it’s in their best interest to move on.
The buyer‘s loan must be approved. After all is said and done, your buyer’s mortgage file will go to underwriting, along with their supporting documents. This process can take anywhere from a few days to several weeks. Expect an average of about two months to pass between the buyer’s initial application for a mortgage and the closing date. The appraisal must support the purchase price agreed upon between you two. Once the loan is approved, and the deed has changed hands, your home is officially considered sold.