Once An Offer Is Received
Once an offer is received, your agent will make an appointment with you to
discuss the terms and conditions of the offer and counsel you on how to proceed. You have three options in responding to an offer: accept, counter or reject the offer. The counter offer process can go between the buyer and seller several times until an agreement is reached or until negotiations are discontinued by one of the parties. With a reasonable buyer, you should be able to reach an agreement with terms and conditions favorable to both parties.
Remember that price is not the only consideration of an offer. Many factors come into play depending upon your unique situation. If you receive a very low offer do not become angry. If you need to move quickly for any reason you might want to think about taking less if the closing date is more accommodating to your time frame. Remember also that your most qualified buyer may be the toughest to deal with during negotiations. Listen to your agent�s advice and draw from their experience and the experience of their broker. You wouldn�t want to accept an offer from a buyer who is not able to obtain financing even if it�s above asking price.
Once an agreement is reached and the contract and all addendums have been signed or initialed by both you and the buyers, the terms of the contract are legally binding.
From Contract to Closing
At the point an offer becomes an actual contract, the earnest money will
be deposited from the buyer. Your agent will follow-up to ensure that any
contingencies are removed within their stated time periods, and coordinate the appraisal, survey and other inspections required by the lender or requested by the buyer. The lender will require an appraisal in the course of their approval process to ensure the property�s value justifies the purchase price and loan amount. If your buyer chooses to have a home inspection, depending upon the terms of your contract, you mayor may not be responsible for making repairs. If you chose or are required to rectify any problems, the repairs will then be subject to re-inspection. The appraisal and inspections can raise issues that may require re-negotiation of the contract.
Typically the buyers will do a walk through to inspect the property just prior
to closing. Unless other agreements are in place you should have the property vacant and clean to the point in which you would like to find it if you were the buyer.
Closing
The closing attorney is typically selected by the buyer and is responsible for
ensuring that the buyer is given clear title at closing and for the receipt and
disbursements related to the transaction. The same attorney usually executes the deed and lien waiver for the seller. The lien waiver is simply a document, which states that you have not had any work performed on the property which has not been paid for outside of closing or included on the HUD-I.
The HUD-I is a summary of all monies and disbursements in the transaction.
This includes the loan amount, down payment, earnest money, agent fees,
lender, escrow and title insurance fees, homeowner insurance fees, attorney and recording fees as well as seller payoffs and revenue stamps and the pro-ration of property taxes. The property inspection and repair fees can also be included on the HUD-I.
Disbursement Of Funds
In North Carolina the closing attorney cannot disburse funds until the title has
been updated and documents relating to the closing have been recorded at the Register of Deeds office. You should discuss this timetable as well as the time of buyer possession with your agent. You should be aware and make your agent, aware of any possible delays, especially if you intend to use these funds to immediately close on your new home as it will take some coordination between the closing attorneys, you, your buyer and those whose property you are purchasing.
