Ultimately you want to maximize the proceeds in your pocket and close. The highest offer may not be the best, here are some things to consider in the process:
- Assess Offer & Accept.Does the offer match your expectations? How long has your home been on the market? What are all the little things they are asking for that can affect closing? Your agent should talk with the buyer’s agent to qualify the buyer and their ability to carry out the transaction. Once you are convinced it is the right buyer at the right price you sign a binding sale agreement.
- It is possible that your home will have some repairs you didn’t know about. Be prepared to fix some items. Do note that if the repairs are non-cosmetic in nature it is likely that most inspectors will find them, and you will need to fix them anyway. Homes that go back on the market for repair issues tend to get a stigma that something is wrong with the home.
- Typically, a title company will hold closing and the money is in an escrow account. Since you will be paying for the title insurance you will pick the title insurance company when you sign an Exclusive Agency Agreement to list your home. You sign and exchange paperwork, hand the keys and off you go.
The closing process takes 30-60 days depending on your lender, inspection issues, etc. Just take it one step at a time.