| Once the buyer signs the sales contract, you | | | | have your own inspection completed. It could |
| might feel the urge to relax. Don't sit back | | | | prove helpful if you need to dispute a |
| and kick your feet up just yet. Your work is | | | | report, but is not necessary. Your primary |
| not complete just yet. The buyer can still | | | | concern should be to fix problems and keep |
| back out of the deal if certain things go | | | | the buyer from backing out of the for sale by |
| wrong in these last steps of the for sale by | | | | owner contract. |
| owner process. Buyers tend to get cold feet | | | | |
| at this point. They see other for sale by | | | | You should notify your lender that you will |
| owner homes they like for a lower price. You | | | | be paying off the balance of your mortgage |
| have to take steps to make sure the buyer | | | | and ask for a statement of your balance. |
| doesnt back out of the deal. | | | | Collect appliance instruction books and |
| | | | warranty information to give to the buyer. |
| After the for sale by owner sales contract | | | | Finally, when you know the closing date, you |
| has been signed, the buyers lender will have | | | | should notify service providers like |
| an appraisal done to ensure that the borrower | | | | electricity, water, cable, and trash of your |
| isnt asking for more money than your home is | | | | final billing date. |
| actually worth. The lender will not provide | | | | |
| a loan if the home is appraised for less than | | | | The for sale by owner closing date will be |
| the sale price. You can avoid this by having | | | | about 30 to 45 days from the date the sales |
| your own appraisal done when you are setting | | | | contract is signed. Depending on your state, |
| your price in the for sale by owner process. | | | | your real estate attorney might handle the |
| Alternatively, you can make sure that your | | | | closing. Alternatively, the lenders attorney |
| price is comparable to that of similar homes | | | | might handle it and your attorney will act as |
| sold in your neighborhood. | | | | your representative. |
| | | | |
| The lender might have your for sale by owner | | | | At the for sale by owner closing, the |
| land surveyed to establish the property | | | | settlement statement is reviewed. This |
| boundaries. In most cases, this doesnt | | | | statement details the money received. This |
| present a problem. If your for sale by owner | | | | includes: the lenders check for the mortgage |
| property has not been surveyed in the last 50 | | | | amount, buyers down payment, and the buyers |
| years, has recently been subdivided between | | | | earnest money deposit. The settlement |
| other people, or has a boundary that changes | | | | statement also includes money that must be |
| like a creek, then you should pay attention | | | | paid out: balance on the sellers current |
| during this part of the process. | | | | mortgage, real estate agent fees (if |
| | | | applicable), and closing costs. Finally, the |
| The buyer might have his own inspections done | | | | statement will detail the amount you get to |
| as allowed by the sales contract. These | | | | keep. |
| inspections are done at the buyers expense | | | | |
| and include termite, roof, and general | | | | The title to the house is then transferred to |
| inspection. Be available during the | | | | the buyer and the process is complete. Your |
| inspection. Ask questions about anything you | | | | hard work has paid off. |
| do not understand. If you so choose, you can | | | | |