Inspections & Appraisals
Most buyers will have the property examined by a licensed property inspector.
The Buyer's Property Inspection
Most buyers will have the property examined by a licensed property inspector to ensure everything in the contract is accurate. Inspection time frames will be laid out in the Purchase Agreement. Some buyers will choose to have seperate inspectors look at different areas of the property (ie. roof, plumbing, or HVAC inspectors). Please refer to the Sellers Property Disclosure Statement to get an idea of what is required to be disclosed.
If the buyer is receiving a loan, a licensed appraiser will most likely examine your property as well. Since the agreement is contingent upon financing, the lending institute will require confirmation that their investment in your home is accurate. Therefore, they will require a third party appraiser to determine the value of your property.
The Closing Agent
Either a title company or an attorney will be chosen as the closing agent, or escrow, whose job is to examine and insure clear title to real estate. After reviewing the recorded history of your property, they will certify that your title is clear of encumbrances (ie. leases, mortgages, or restrictions) by the date of closing to allow the transfer of title to the buyer.
When you are ready to get started, call us at 480.800.4797 or complete this short form and one of our agents will be in touch.
What else you should know...
Contingencies
A contingency is a condition that must be met before a contract becomes legally binding. For instance, buyers will typically include contingencies upon home inspections or securing their financing.
Before completing his or her purchase of your property, the buyer will complete the necessary steps. These include:
- Securing financing and insurance;
- Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
- Inspecting the property. The buyer has the right to pursue details on the condition of your property through a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead based paint, HVAC, etc.
How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests?
This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we guarantee our expertise and total commitment to every customer, no matter what their situation is.
Loan Approval and Appraisal
We suggest that you accept buyers who have a lender’s pre-approval, approval letter, or written loan commitment, which is a better guarantee of loan approval than a pre-qualification or no documentation from a lending institute. Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
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Tips For Selling Your Home
Give Your House a Deep Clean
First impressions are everything. Before you decide to list your home, give it a deep clean. Clean toilets, wipe down surfaces, mop floors, clean rugs and scrub bathrooms - even consider calling in the professionals to ensure that your home is in the best condition it can possibly be.
Declutter The Home
When a home is clutter-free, buyers are able to focus on the actual home instead of on the piles of mail, laundry, and general mess in your home. Potential buyers want to envision their items on your counter versus resisting the urge to clean up your mess. Decluttering & organizing will go a long way in appealing to potential buyers.
Call a Handyman
When selling a house, you should make sure everything that needs to be fixed has been taken care of before listing a home. Potential buyers will come into your home knowing you took care of it, giving them more peace of mind.
Paint the Walls
Not only is painting a great way to clean up the walls but making the overall color scheme neutral will increase the appeal to potential buyers, making it easier for them to envision their belongings in the house - get rid of any bright, outdated paint colors and go with a neutral palette throughout the house.
Increase Your Curb Appeal
The outside aesthetic of your home is just important as the inside. Give buyers a good feeling before they even open the front door. Landscaping, mulching, flowers, pressure washing the driveway and exterior of the home are all simple ways to increase the value of your home.
Stage Your Home
Staged homes tend to fill quickly because they feel homier - if you have neutral furniture that you can leave in the home, do it, otherwise consider a professional staging company.
Depersonalize Your Home
You want to leave a few nice, framed photos around the house to make the home appear inviting and lived in, but in general, removing your very personal items, such as family photos will let the potential buyers see their photos in those places, versus yours.
Consider Renting your Home
If you’re considering renting out your home, there are several important factors to weigh before making a decision. Here’s a guide to help you through the process:
1. Financial Considerations
- Rental Income vs. Mortgage Payments: Ensure that the rent you plan to charge covers your mortgage payments, property taxes, insurance, and maintenance costs. Factor in the possibility of vacancies and the time it might take to find a tenant.
- Cash Flow: After covering your costs, will the rental provide positive cash flow? Positive cash flow can provide additional income or help pay down the mortgage.
- Tax Implications: Rental income is taxable, but you can also deduct expenses like mortgage interest, property taxes, repairs, maintenance, and depreciation. Consult a tax advisor to understand the full tax implications.
- Insurance: Standard homeowner’s insurance doesn’t cover rental activities. You’ll need to obtain landlord insurance, which provides property and liability coverage tailored to rental properties.
2. Legal and Regulatory Factors
- Local Laws: Research local landlord-tenant laws, including regulations on security deposits, lease agreements, eviction processes, and tenant rights.
- Zoning and HOA Rules: Verify that your property is legally allowed to be rented out. Some homeowners’ associations (HOAs) have restrictions on rentals.
- Lease Agreement: Draft a clear and legally sound lease agreement outlining rent terms, duration, security deposits, maintenance responsibilities, and other relevant terms. It’s wise to have a lawyer review it.
3. Property Management
- Self-Management vs. Property Manager: Decide whether you want to manage the property yourself or hire a property management company. Managing it yourself saves money but requires time and effort. A property manager can handle tenant screening, rent collection, maintenance, and legal issues but charges a fee.
- Tenant Screening: Implement a thorough tenant screening process, including credit checks, employment verification, and references. Good tenants reduce the risk of late payments, property damage, and evictions.
- Maintenance and Repairs: You’re responsible for maintaining the property in habitable condition. This includes timely repairs, regular maintenance, and ensuring that major systems (plumbing, electrical, etc.) are functioning properly.
4. Preparing Your Home for Rent
- Repairs and Upgrades: Before listing your property, make necessary repairs and consider upgrades that will make the property more appealing to renters. Focus on kitchens, bathrooms, flooring, and curb appeal.
- Deep Cleaning: Ensure the home is thoroughly cleaned, including carpets, windows, and appliances.
- Photography: Professional and high-quality photos can make a big difference in attracting tenants.
5. Setting the Right Rent Price
- Market Research: Analyze the local rental market to set a competitive rent price. Look at similar properties in your area to determine the going rate.
6. Marketing Your Rental
- Listing Your Property: Use popular online platforms like Zillow, Craigslist, or local real estate websites to list your rental. Include detailed descriptions, high-quality photos, and clear contact information.
7. Managing the Rental
- Rent Collection: Set up a system for rent collection, whether it’s through direct deposit, online payment platforms, or another method. Ensure the payment terms are clear and enforceable.
- Communication: Maintain open communication with your tenants. Address issues promptly to avoid misunderstandings and keep the rental relationship positive.
8. Long-Term Considerations
- Investment Strategy: Consider whether renting your home aligns with your long-term financial and investment goals. Renting might be a temporary solution until you can sell the property or a long-term investment strategy.
- Exit Strategy: Have a plan for when you might want to sell the property, end the rental arrangement, or move back in yourself. This might involve giving tenants notice or timing the sale of the property.
Renting out your home can be a lucrative option, but it requires careful planning, ongoing management, and an understanding of the risks and responsibilities involved.
Curious What Your Home Is Worth
In The Current Housing Market?
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