So, you’re selling your home, and before you get a chance to put it on the market, a buyer makes an offer you just can’t refuse.
Read more to learn why having a Real Estate agent sell your home is the way to go.
Commission explained
If you found a buyer on your own, ask the agent how they would handle the sale to a buyer that was found by you, the seller.
However, rates vary depending on the state you live in and the brokerage the agent works at. Talk with several agents about your home-selling needs.
The offer
Keep in mind that verbal offers are not legally binding in Real Estate transactions. This is where a Real Estate agent becomes beneficial.
Agents supply a variety of forms such as Residential Purchase Agreements to get offers in writing. These forms vary state by state and will eventually become a binding sales contract.
Real Estate agents will also handle a buyer’s earnest money. They deposit it into an escrow account held by a third party such as a closing company, an attorney, or a title agent.
Remember, escrow protects sellers. You get to keep this money if a buyer bails without cause on a transaction that’s in process.
Terms and contingencies
Although it seems like the hard part is over once you’ve found a buyer, there are many obstacles that can occur during the contract period.
Most of the time these obstacles will require an agent’s skill to keep the deal together.
For example, an agent will ask if you and your buyer agree on not just the price but the terms of sale as well.
The terms within a purchase agreement are simple. It includes basic information such as the names of parties involved, the legal description of the property, and the agreed-upon price.
They also list crucial details. Leaving any terms of sale out of the purchase agreement can come back to haunt the buyer, the seller, or both.
An agent will also ensure standard contingencies are added to your contract. These are financing, home inspection, repairs, and an appraisal contingency.
Closing time
Multiple legal documents are required to close on your home, including a clean title. This step is usually completed by an attorney that collects a fee at the closing.
A Real Estate agent will ensure that you make it to the actual closing table. They will set a date, coordinate schedules, and ensure all paperwork is ready and signed.
Hiring an agent to write the offer on your home and guide it to the closing table is a smart move.
There are many bumps during a transaction and having a professional involved can make the process go smoothly.
