I Found a Buyer, Now What?

By
Title Insurance with Title Junction, LLC

As a seller your main goal is to obviously sell. So once that goal is finally achieved and you’ve accepted your buyer’s offer then you may think that your job is done. Wrong! Actually there are still a few things left.

For example, the seller must collect what is referred to as earnest money. Earnest money is really just a way of showing that the buyer has serious intentions while they place 1%-2% of their offer amount down. As the deal proceeds, then that earnest money becomes a piece of the buyer’s down payment. If the deal falls through for a legitimate reason, then the buyer gets the money back. If the buyers back out because of cold feet or their own reasons, then the seller may keep the check in order to cover the inconveniences.

After this earnest money is collected then you must provide the buyer with a disclosure that includes details about the property. But how do you know what you legally must disclose versus what you can keep to yourself? This actually can vary from state to state. Feel free to check out Nolo.com to view your state’s requirements. Although items such as structural issues, environmental factors and flooding hazards most likely will be required. It is encouraged to be as honest as possible as the buyer will eventually discover any problems with the property.

Afterwards, an appraiser will come to the property in order to estimate a value for the home. If the estimation is equal to or higher than the asking price then you are able to move on in the closing process. However, if the appraiser decides that his/her estimation is lower, then the buyers will have to either pay the difference out of pocket or negotiate a lower price.

The back and forth between both buyer and seller can be demanding at times but with clear communication and knowledge about the process can aide in alleviating the stress!

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or http://www.title-junction.com.

Posted by

Jennifer Ferri

Owner and Operator

Title Junction LLC

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