Loan Approval.
Nobody will take a buyer seriously if they don’t have a pre-approval…unless they are buying “All Cash”
In that case we need a “Proof of Funds” letter.
Home Inspections
Most buyers will have the property inspected by a licensed home inspector within 2-3 days after an offer is accepted. A home inspection report in not supposed to be used to renegotiate the price. However, some buyers try to do so. This is why you need experienced representation to keep the deal on track. If the inspector finds something structurally wrong, then a discussion is needed between all parties. I work in your best interest and my job is to keep the deal together.
Bank Appraisals
If the buyer is obtaining financing from a bank to purchase the home, then the bank sends an appraiser to evaluate the home. My job is to meet the appraiser at the home and give comps to justify the selling price. The home must appraise for the selling price for the bank to lend the money.
Title Insurance.
When a buyer is close to getting their commitment, their attorney will order a title report. The report will examine and insure clear title to the property. After researching the complete recorded history of your property, they will certify that 1) your title is free and clear of encumbrances (mortgages, leases, or restrictions, liens) by the date of closing; and 2) all new encumbrances are duly included in the new title.
Once all is clear, then title insurance can be obtained.
Contingencies.
A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is binding when they receive a commitment from a bank.
