Flat fee MLS - List Idaho - After the Offer

Seller's Guide

The Decision to Sell

Get Your Home Ready

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Determine a
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After the Offer

Closing

After the Offer

Once you accept a buyer's offer to purchase your home, there are still a number of things that have to happen prior to closing. The standard Real Estate Purchase and Sale Agreement (RE-21) used in our area, provides the buyer a specific amounts of time to obtain financing, review disclosure documents, obtain the preliminary title commitment, and inspect the property before completing the purchase. Once each of these steps has been completed, the contingency will be removed. If a problem is identified, the buyer may chose to find another home or renegotiate the terms of the agreement. We can help keep the process on track and provide guidance if a problem occurs.

Inspection – Most buyers want to learn as much as they can about the home before they buy it. The buyer has the right to conduct inspections, investigations, tests, surveys and other studies at their own expense. A home inspection normally provides an objective visual examination of the physical structure and systems of a house, from the roof to the foundation. The standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components. The inspection may identify the need for minor maintenance or major repairs. Once the inspection is complete the buyer and seller will resolve problems in accordance with the contract.

Buyer Financing – The amount of time it takes for buyers to obtain financing is dependent on the financial institution making the loan. The process may go faster when the lender has already pre-approved the loan since they have already looked at the credit report and rating of the applicant. Pre-approvals don't always guarantee financing, but the odds are much greater that a buyer's loan will go through if they have been pre-approved prior to making an offer.

Appraisal – Most lenders require an appraisal as a condition of the loan. In our area, the seller normally pays for the appraisal, but as always, everything is negotiable. If an appraisal is required by the lender and the property appraises for less than the agreed purchase price, the buyers may request that the earnest money be returned. If this occurs, we can discuss your options.

Disclosure Documents - Idaho Code requires Sellers to make a list of anything that should be disclosed and provide the information to the buyers. We will post your disclosure document with your listing so that it will be available to potential buyers.

Preliminary Title Commitment – The buyer normally designate the Title Company to be used when they submit their offer. Title Companies handle escrow, perform title searches, and provide title insurance services to buyers, sellers, and lenders. A title search involves searching public records to ascertain if the seller has the legal right to sell the property. The Title Company will review the history of ownership which is also referred to as the chain of title. They will determine who purchased the property, who sold it, and when. Next, they will perform a tax search to verify the present status of taxes. They also conduct a judgment search to determine whether there are any general liens against the property. Once the process is completed they will furnish a preliminary commitment to issue title insurance showing the condition of the title. Title insurance guarantees the title as reported. Should hidden defects surface at any time challenging an owner's rights, the title company will defend the title, in court, if necessary, and cover the owner's losses up to the full value of the policy. The Title Company can be crucial to the process of buying a home, so select a company that's known for service.