What Path a Buyer Takes to Purchase Your House

By
Real Estate Sales Representative with DIR-USA.com

We Buy Houses - Riverside OH: Since you are selling a home, not buying one, you should know more about the sale process and what must be done for that to take place. It certainly doesn’t hurt, though, for you to know what steps your buyer will have to take before your sale is complete. Sometimes knowing what the buyer is doing will help you to understand the timelines and perhaps even offer help to speed the process along.

 What Path a Buyer Takes to Purchase Your HouseFirst, the buyer will determine what price house they can afford and a visit to a lender may be in order. This works to the seller’s advantage, absolutely. That’s because when you sell the house to someone you will rest assured knowing that they can qualify for a loan of the size it will take to buy your house. Many deals fall through in the last days when the buyer can’t get a loan. The buyer will be given a letter by the lender, stating that they do indeed qualify for a loan up to so many dollars in value. This is called a pre-qualification letter.

Next, the buyers can start looking for a home. They may look online, in the papers, or in the sale papers. They might also drive around their target neighborhoods looking for signs that someone is selling by owner. That’s why you need a sign in your front yard regardless of your other advertising activity. If they see your house somewhere and want to take a closer look they will ask. You’ll show them around and hopefully, they will decide to take it.

The next communication will be an offer from the buyers. It will typically be for less than what you have it listed at. Not to worry, as this is normal. If you want $200k they might offer $180k and you can then counter offer with $190k. It goes back and forth with price and repairs they want done, etc. until you have negotiated an agreement satisfactory to both parties.

The contract will be written up and they will go back to the lender to get the loan. At this point they will be neck deep in paperwork and proof so be patient here. If you don’t hear anything for a little while, assume they are wrapped up in moving plans, loan negotiations, and more. They’ll need to get an appraisal of your property for the lender, and may want a pest inspection and a home inspection. When all of this is completed, you can expect to close and the deal will be final.

   What Path a Buyer Takes to Purchase Your HouseGreg Greenwald LLC is a company that specializes in buying and selling houses throughout the Dayton, Ohio area including Troy, Piqua, Tipp City, West Milton, Vandalia, Huber Heights, Englewood, Brookville, Clayton, Riverside, Oakwood, Kettering, Belmont, Centerville, Miamisburg, Fairborn, Greenville, Beavercreek, Bellbrook and more.
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Comments (4)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It all matters so much, you're right! :)

 

Love and light,

Laura

Oct 20, 2011 04:44 PM
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thanks for the good info, I appreciate it.

Oct 20, 2011 04:50 PM
Charles Walk

Great info... thanks

Oct 20, 2011 06:38 PM
Greg Hancock
Prudential One Realtors - Dayton, OH

Great information, great post.

As an active realtor, and also a co-owner/partner in a brokerage, I can confirm that having a strong relationship with the right lenders is key to success. Some homes are limited in the types of loans that can apply. Yet some clients can go conventional and need FHA, VA loans and other types of financing products.

Many of the homes buyers look for in this market are rehabs, fixer uppers, and foreclosures. Loan products that provide repair escows are highly desireable.

Thanks again for the Great Post!

Nov 03, 2011 10:09 AM