Appraisals, Contingencies and the Closing Process (sellers)

When selling your home, the appraisal, contingencies, and closing process are essential steps that will help ensure a smooth and successful transaction. Here‘s what you need to know.

The Appraisal Process

As part of the home buying process, the buyer‘s lender will typically require an appraisal. This is an objective evaluation of your home‘s value by a professional appraiser. The appraiser will consider factors such as the home‘s location, size, condition, and comparable sales in the area. If the appraisal comes in lower than the sale price, the buyer may need to renegotiate or come up with a larger down payment.

Contingencies

A contingency is a condition that must be met in order for the sale to move forward. For example, a common contingency is that the buyer‘s financing must be approved. Other contingencies may include a home inspection, appraisal, or repairs. As the seller, it’s important to be aware of any contingencies and work with the buyer to meet them.

The Closing Process

The closing process is the final step in the sale of your home. This is when all parties involved in the transaction sign the necessary documents, and the buyer provides funds for the purchase. The closing process typically takes several hours and involves a lot of paperwork. As your real estate agent, I’ll work with you to ensure that the closing process goes smoothly and that you‘re fully informed throughout.