the Buyer has agreed to purchase your home and cannot pull out for arbitrary reasons. Your job during this period is to monitor those events that could release the Buyer from his obligation to buy your home.
Appraisal:
The buyer's lender will send a real estate appraiser to determine the value of your home. If the appraised value is below the agreed sale price, the lender will not provide a mortgage loan.
You can avoid this deal-killing problem by hiring your own appraiser during the price-setting process ($250 - $350 in the Atlanta area), or
if you are careful to keep your price in line with comparable homes sold in the immediate neighborhood.
Surveyor:
Some lenders will send a surveyor to determine the boundaries of your property. This seldom creates a problem in metropolitan areas and major sub-divisions, but pay attention if your property is:
- Located in a rural area that has not been surveyed in the last 50 years.
- Bounded by a creek or small river that changes its course.
- Part of an inherited plot recently subdivided between heirs.
Inspectors:
Under
the sales contract, the buyer can order several inspections at his own expense.
- Termite inspection
- Roof inspection
- General inspection of appliances, air conditioning & heating, electrical system, plumbing, sprinklers, etc.
Be available for the inspections and ask questions. Having your own inspector can help in disputing a questionable report, but your main aim is to fix problems, get agreement and avoid giving the Buyer an excuse to get out of the contract.
The seller is often obligated to pay up to 3% of the sales price to repair damages found in the above inspections. Check the terms of the sales contract.
