Atlanta Real Estate Tips

How To Sell Your Home

An offer to buy

• Carefully review the offer to purchase submitted by the buyer.  Read all the contingencies requested to see if they are reasonable.  Attorney representation is common in many areas and you may wish to consult an attorney to assist in this review.  The offer tells you the price the buyer is willing to pay and under what conditions.  This offer is the most important document of the sale.  Once you and the buyer sign it, it becomes the contract of the sale.
• Ask your agent if you will be present when the offer is presented.  In some areas this is customary; in others, your agent acts as your representative.

Price

• Discuss the price being offered.
• Your sales professional can estimate your proceeds - the sale price minus fees, taxes and insurance.
• Don't be concerned if the offer is your asking price.  It doesn't mean you underpriced your home, but rather that you priced it right.
• If the price is less than you wanted, look at the contract as a whole.  Perhaps the buyer is assuming some of the closing expenses you expected to pay.  Consider possession and financing terms as well.
• Consider splitting the difference if you and the buyer are within a few thousand dollars of each other.  Remember time on the market is an additional expense.

Your options

• Accept the terms with no changes and sign the offer.
• Make a counteroffer to the buyer by making some changes.  Many counteroffers may take place before the final agreement is signed.
• Reject the offer entirely.
• Sign a binder, if applicable in your state.  The binder is a more detailed contract that sets forth the major terms and is signed by both parties.
• Once you've signed an offer, you may accept a backup offer if the buyer clearly understands the house is under contract.

Earnest money

• An earnest money deposit will be held by a third party to show that the buyer is serious.  If the buyer fails to follow through with the contract once it's accepted, you may be entitled to the earnest money.  At the closing, the money is usually credited to the buyer and applied to the down payment.

Property title

As part of the contract process, you must prove to the buyer that you have a clear title on the house - that you own the property, and there are no legal claims against it.  Through a title search, proof is provided.

• The abstract of title is a condensed history of a title to a property and a certification by the abstractor that the history is complete and accurate.
• The certificate of title is reviewed by an attorney who searches the title and issues an opinion that the title is clear.
• In some parts of the country, the Torrens system is used as a means of registering property.  At closing, the duplicate Torrens certificate of title is turned over to the buyer.

Property deed

• Be prepared to convey the property with a deed - a legal document that transfers the title (or ownership rights) of the property to the new owner.  Most buyers will require a general warranty deed, in which you guarantee that no one will bring a claim against the title.

Conditions

• Review the contract for the special conditions under which the buyer is offering to buy your home.  A common condition is one in which the purchase of your home is contingent on the buyer selling heir or her old home.  The conditions may also be more specific, such as asking you to provide a survey of the property.

Provisions

• Read the fine print in your contract to understand the provisions (or ground rules) of who pays for what in the context of the sale.  For instance, the contract should explain who is responsible if there's damage to the house after the contract is signed.  The responsible party will want to insure the property through the transition.  You or the buyer may add special provisions to the standard ones.

Sale specifics

• Double-check the list of everything you intend to sell that is included in the contract and make sure it is accurate.  This list may include items such as fixtures, window treatments or appliances.

Critical Elements of a Sale
Making it easier on yourself
Starting with you, the seller
Setting the price
Marketing your home
Showing your home
Closing and possession
Terms to know