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3 things to remember when selling your home

On Behalf of | Jan 3, 2023 | Real Estate Law

The decision to sell your home is a major one that needs to be taken seriously. As the seller, you have certain responsibilities when you’re preparing for the home sale process. For example, you’ll have to ensure that you highlight defects in the home that you’re aware of. Things like hiding the fact that the house has lead pipes can land you in trouble.

As you’re preparing to sell your home, remember these three important points. They can help you protect your interests and take some of the stress out of the home-selling process.

1: Necessary repairs

You may have to do some repairs on the home. You may do some of these before you ever list the home, but others may show up during the inspection. Some repairs might be mandatory because of the loan type a buyer is using.

2: Appraisal gaps

The home buyer’s financing company will likely conduct an appraisal. If the appraisal value is less than the offer on the home, there are three options. First, you can lower the price. Second, the buyer can pay the difference. Third, the purchase will be canceled.

3: Financing troubles

Some buyers may have financing all lined up and then can’t close on the home. Right before the closing date, the home buyer goes through the underwriting process, which can halt the purchase. Things like getting new debt since the preapproval and new missed payments showing up on their credit report can lead to the buyer failing to obtain financing.

Ultimately, you have to protect yourself from the moment you opt to sell your home. Making sure you’re accurately representing the home and that you’ve taken the necessary steps to make the house ready for the market is imperative. Working with professionals who can help you with each aspect of selling the home is important, so you know you’re doing what’s best for you.