1. Pre-approval- The first thng you should do is make sure your buyer is pre-approved so you do not waste any time with someone who can not afford your home. Have the potential buyer get an unconventional lender pre-approval letter from a financial institution. This letter says the potential buyer has been pre-approved to purchase a home for a certain value.
2. Purchase Agreement- Give the potential buyer your purchase agreement. This must be completed and signed by the buyer and the buyer's spouse, if married. Encourage the buyer to use your purchase agreement if they have their own because your purchase agreement will be in your best interest. Make sure it is in your best interest.
3. Earnest Money Deposit-Schedule an appointment to meet with your potential buyers to review their offer when they have completed it. Ask for 24-48 hours to review the offer. Have them bring an earnest money deposit in certified check form for anywhere from 2% -5% of the purchase price of your home. This money is yours if the buyers back out of the sale as specified in the purchase agreement. Make sure the amount you require will deter buyers from breaking their contract and that you will be adequately compensated if they do. The check can be made out to you or it can be made out to the title company you have chosen to work with. If you choose to have the title company hold it for you they will hold the money in a special account until the deal is closed.
4. Counter Offer- After you have reviewed the offer, if there are terms or conditions that you do not agree with, line it out and write your changes in. You should initial the changes with your spouse and return to the purchaser. The potential buyer should initial changes that make or initial next to your changes if they agree and resign the purchase agreement with the new date.
5. Accept the Offer- You accept the offer by signing the purchase agreement with your spouse.
6. Copies are to be distributed at following:
To the buyer: one copy of signed purchase agreement, sellers disclosure statement, lead based paint disclosure.
To title company: one copy of all of the above plus the earnest money deposit made out to title company or copy of check made out to you.
For yourself: all of the above forms and your earnest money deposit check or copy of check made out to title company.
The title company will take over from here. Congratulations!
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Source by John Graziani