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Some Important Points to Remember
1. When you do get an accepted offer,
make sure that the person is Pre-qualified or
Pre-Approved. Know that there is a difference between
Pre-Approval & Pre-Qualified.
Read the article I have on
my website taken from Newsday to learn what the difference is.
2. NEVER and I mean NEVER accept a "good faith
deposit" from your potential buyer. The only times money
should be exchanged is a deposit at contract signing with the
remainder of the down payment at closing. The reasons are
too long to list here, but if you'd like to know why just give
me a call and I'll be happy to explain.
3. Once you accept an offer make sure that
they have their inspection done within 24 - 48 hours after the
offer is accepted. If they are serious buyers they will
move quickly. MOST IMPORTANTLY - continue to show your
home and advertise your home until your buyer has signed a fully
executed contract. There are reasons why Real Estate
Agents like things to move in a timely manner. Once again.. too
much to elaborate here but I will be happy to share that with
you - just give me a call.
4. Never give information to a prospective
buyer that may hurt you during the negotiating process - like
revealing reasons your moving or expressing urgency.
People shopping For Sale By Owners are usually looking for a
"bargain" and will use any edge they can to get the best deal
for themselves.
5. Understand the reason and the purpose of
the inspection process (some information on the inspection is
provided in my Buyers Services page). Always be present
when the inspector walks around the home - he works for the
buyer in the buyers best interest.
6. Gather all information from the buyer -
like his home address and the name, business address, telephone
and fax number of their attorney. Pass that information on
to your attorney immediately. Have him working on the
contract even while the inspection process is taking place.
Once again.. time is of the essence.
7. Once in contract the home will be appraised
by the buyers bank. It helps to have comps to hand to the
appraiser when he comes. He usually has his own, but the
bank appraiser is not as knowledgeable in the area as a real
estate agent would or you as a community member would be.
If you need some comps don't hesitate to call me, I will
certainly help provide them for you.
8. Remember that potential buyers are aware
that it is your home and may not be willing to give you their
honest opinion or feedback as to what they think of the home
etc. They may appear "very interested" and will never
call, return calls or make an offer.
9. Make yourself aware of Property Disclosure
Laws and Lead Paint Laws which are important to have in order
when selling your home.
10. Make sure to make potential buyers aware
of any items that you will not be leaving with the home before
they make an offer.
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