Selling a home in San Antonio involves several important steps to ensure a smooth transaction. Understanding escrow, inspections, and appraisals is essential to getting your home to the closing table. Tami Price and her team will guide you through these stages with expertise, ensuring you feel confident in every decision you make.
Inspections and Appraisals: What You Need to Know
Most buyers will schedule an inspection of your home by a licensed property inspector within the timeframe outlined in the purchase agreement. This inspection is a crucial step in the process, as it helps the buyer identify any potential issues with the property. Some buyers may also request specialized inspections for specific areas, such as the roof, HVAC system, or the foundation, to ensure they have a complete understanding of the home’s condition.
If the purchase agreement is contingent upon financing, a licensed appraiser will also assess your home’s value. This appraisal is required by the lender to verify that the agreed-upon price aligns with the market value. The appraisal ensures the lender’s investment is secure, as they will not approve a loan for more than the appraised value of the home.
Understanding Contingencies
A contingency is a condition that must be met for a real estate contract to become legally binding. Common contingencies include financing approval, the sale of the buyer’s current home, or the results of the property inspection. The buyer has the right to inspect every aspect of the home before the sale is finalized, including:
1. Roof inspections
2. Termite or pest inspections
3. Chimney or fireplace inspections
4. Well and septic inspections
5. Pool or spa inspections
6. Arborist evaluations
7. Mold and lead-based paint inspections
8. HVAC evaluations
After these inspections, one of two things can happen:
1. Milestones are met: Each contingency is successfully resolved, and the contract proceeds as planned, bringing you closer to closing.
2. Renegotiations: The buyer may request a renegotiation of the contract terms, often related to necessary repairs or adjustments based on the inspection findings.
Navigating Renegotiations
Handling renegotiations effectively requires skill and experience. Tami Price and her team excel at ensuring that any renegotiations are conducted fairly and in your best interest. With years of experience in the San Antonio real estate market, Tami Price is equipped to guide you through these conversations, ensuring a positive outcome that protects your investment.
One of the best ways to ensure a smooth closing is to accept buyers who are pre-approved by a lender. A pre-approval or loan commitment letter is a more reliable indication that the buyer’s financing is secure, compared to a simple pre-qualification. Once the offer is accepted, an appraiser from the buyer’s lender will assess the value of your home to confirm that the sales price aligns with the market value.
By choosing Tami Price as your real estate professional in San Antonio, you can trust that each stage of the home-selling process—from inspections and appraisals to negotiating contingencies—will be handled with care, expertise, and a focus on achieving your goals. Ready to get started? Contact Tami Price today!
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