When you are selling your Rogers home, there are many people and entities that will be involved in the process. Some of these include title companies, inspectors, appraisers, and real estate agents. This blog post talks about each one’s role in the transaction.
Title and Escrow Companies
Title companies play a significant role in the transaction. They are responsible for ensuring that all legal documents and property records accurately reflect the ownership of your house, as well as any mortgages or loans on it. These title companies will research the history of the property’s title to make sure it is a “clear” or “marketable” title. They will work with a title insurance company to issue the title policy guaranteeing that your buyer obtains clear title. The title company, or an attorney working with them, will prepare the deed and any other documents necessary to transfer the title to the buyer at closing. They will collect the correct amount of funds from the buyer and their lender, and distribute those funds as necessary for the closing – paying any property taxes, mortgages or other liens against the property, and closing costs – and distributing the balance to you, the seller!
One other important service you will need is inspections. These usually take place after the buyer agrees to purchase your home, and before closing. The primary role of an inspector is to identify any items that need repair or attention at the property. Your buyer will use the inspector’s report to make sure the property is safe, functional, and doesn’t need any major repairs. The inspector will check for things like plumbing, electrical, mechanical, and structural issues. If the inspector finds any problems with the property, your buyer will either send an offer to renegotiate some points of the purchase agreement or simply walk away from the deal. For this reason, it can be a good idea to have a pre-inspection completed before listing your home for sale. This will give you a chance to make any necessary repairs beforehand so that your buyer will have no excuse to renegotiate or not complete the purchase!
Unless you are selling your home to a cash buyer who is comfortable making their own assessment of the market value of your home, there will be an appraisal as part of the sale. Appraisers will assess the property to determine what it is worth. The appraiser’s report lists all of the information that they found when inspecting your home for sale. This includes things like square footage and lot size as well as their estimate of value based on sales of other similar properties. The buyer’s lender will then use this appraisal to determine the amount they are willing to loan on the property. If the appraisal is lower than the agreed-upon purchase price, the buyer will most likely either ask you to lower the price to the appraisal (or below) or just cancel the transaction.
Real Estate Agents
Most likely, if you are seriously considering selling your house in Rogers, your first thought is to list it with a real estate agent. Selling with a professional agent is by far the most common way to sell your house. However, some sellers are hesitant to list their property because of the hassle of multiple showings, often with very short notice. Many are uncomfortable with the idea of a parade of strangers coming through their house. Others don’t want to spend the time or money required to get their home properly prepped for listing.
Professional Home Buyers
There is another alternative for selling your home that most people are not even aware of! Professional homebuyers, such as Northwest Arkansas Home Buyer, can make you a fair cash offer. There are no commissions or hidden fees with our process. We will have a simple, easy-to-understand transaction with closing usually in only a few weeks. We make the process easy! Ready to learn more? Send us a message or call Northwest Arkansas Home Buyer at (479) 802-0854 today!