When selling a home in Atlanta, there are many costs and responsibilities that you must consider. One of the most crucial parts of the home-selling process is the closing process.
Come dive in with us as we explore the importance closing process steps so that you can have a better understanding when it is time to sell your home in Atlanta.
Purchase Offer Signing
By signing the purchase offer, you start off the closing process. A purchase offer signing will determine your appraisal and inspection timeline. Within the purchase offer, you will decide on several things, including how much the home will go for, what major appliances will remain within the home, and any other necessary home sale rules.
Escrow Opening
Once the purchase offer has been signed, you will need to open an escrow account by hiring an attorney. Your buyer will deposit his or her money into this escrow account as a gesture of good faith. Until negotiations have come to a close between both parties, the money will remain in the escrow account.
Insurance and Title Search
Your home must be checked for loans, liens, or claims during the title search. The buyer and lender will have to get title insurance to protect them from future problems that may arise with the title down the road.
Problems such as outstanding taxes, hidden property heirs, or boundary line disagreements, could cause problems for your buyer much later on.
These problems come up fairly often, so don’t think you are immune to them. 25% of title searches reveal title problems, so it is important to be prepared.
Inspections
A lender will likely require a home inspection, even if the buyer is not using financing. Inspections are there to search for potential issues within the home, including electrical issues, plumbing issues, or foundation damage.
Renegotiation
You may have to go into a renegotiation process if there are any problems that arise during the inspection process. A buyer might either ask you to lower the sale price of your home or repair the problems before they make the purchase, depending on the problems at hand.
You may consider selling your home to Tru Buyers if you want to completely avoid these issues altogether. We buy properties “as-is,” which means people that sell to us never have to stress out about potentially costly repairs and renovations.
Getting An Appraisal
Lastly, a professional appraiser will inspect your home to give it a fair market value price. This price will most likely be at the market price of above the market price, as only 5% of home appraisers appraise homes at less than the market value, according to Fannie Mae.
Finalizing Your Home Sale
When you’re finally ready to close, you will have to sign the paperwork to finalize. Once the papers have been signed, you must remove your personal belonging, make sure the property is clean, and give your keys to the new owner.
The idea of finalizing your home sale can be stressful, though we hope these steps have lessened your potential anxiety about the process. Of course, you can choose to avoid this process altogether by selling your home to TruBuyers.
Drop us a line to learn more about how we can help you take your next step in life.
