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