The process of selling a house is not a one-time transaction. This is a step growth. You will have to deal with state laws that match certain buying models which can affect the finality of the sale. But certain steps in the process of selling a home are fairly standard.
Reaching agreement on price and terms with seller and customer is the first way. A typical house spends 58 days on the market in November 2020, 13 days is not enough of the same time of year. then nationally. 1
The seller can accept the offer, reject it outright, or issue a counter offer . This procedure may involve only one counteroffer, or it may develop into many counteroffers back and forth to the customer and seller over a period of time.
At some point, ideally, there is a meeting of minds. The list status then changes from active list to pending sale.
Time for Inspection
It is very important for the customer to get control of the house before closing. Other types of inspections may be recommended as well, depending on the age, condition and location of the property.
The buyer can negotiate further with the seller unless it is within his control that an unforeseen defect is found. This is especially true unless the defect is an incorrect one which can cost a lot of money to repair.
Then, of course, the repairs took time, and the house didn’t count for sale when it was finished. It’s even not recognized for sale when and unless the customer likes the results of the inspection.
Buyer Loans Approved
The customer mortgage file goes to underwriting after all customer supporting documents are received by the lender, and after the assessment is complete. This underwriting process can take some time to be from some more than a day to some more than a week.
The valuation must help the agreed purchase price. Further negotiations may be undertaken or a new assessment may be ordered unless the rater submits a low rating.
Buyers may have to close escrow on existing homes before proceeding to purchase a new home. This is known as a contingent sale and most contingencies must be met or discharged in order to continue the contract.
One way to cover contingencies is by signing a contingent release or performing some of some other action, such as depositing all funds to close escrow. But even more so unless the customer deposits the entire purchase price in cash, the house may not be completely sold, especially if the customer can only be held liable for liquidated losses unless a default occurs.
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