Learn more about the steps you must take after an offer has been made on your home.
Steps on how to sell a home after an offer has been made can vary based on the details of the agreement. Once you have secured a buyer, reviewed the offer, and accepted it, you may be required to pay Realtor fees, prepare legal documents, and make any necessary repairs to your home.
The time, costs, and stress associated with closing on a house depend on the specific factors of the sale. By understanding your options before and after you have accepted an offer, you can complete the process in confidence.
Is the Offer Conditional?
It is important to review the details of the offer and make sure you are comfortable with the conditions outlined in the contract. The conditions do not always favour the seller. For example, the offer may be conditional on the sale of the buyer’s own home. This situation is often referred to as a chain. If you are part of a chain, the sale of your house is contingent on the successful sale of another property, which could prolong the entire process. After you have reviewed the details of your offer and are satisfied with the conditions, you can sign the document and finalize the sale.
One way to avoid a chain is to sell your home to an entity that does not require these conditions, such as Properly. Properly purchases homes at competitive prices and does not need to sell a home in order to buy yours.
1. Complete Any Necessary Repairs
Depending on the details of your offer, you may be required to make structural or cosmetic repairs to the property. If the seller has placed a clause within the accepted offer outlining specific renovations, you must meet those requests in full. The contract may also stipulate a completion date for the work. Repair costs and construction timelines can change, which may impact the terms of the offer. For example, if you don’t complete the repairs on time, the offer may be retracted, leaving you to find another buyer. Similarly, you may face unexpected costs during the repair process, causing you to pay the additional amount out-of-pocket.
If you believe your home may require work, consider selling it to Properly. We purchase homes at adjusted prices and carry out the work once the owner has moved out, removing the burden of completing repairs from the seller.
2. Pay Your Realtor
How you sell your home is up to you. The law does not require you to use a real estate agent to find a buyer or list your home. However, seeking professional advice does have its benefits and can alleviate some of the stress associated with selling. If you accept an offer made under the guidance of a Realtor and the property is sold, you must pay them a fee. Realtor fees are pre-defined in your agreement and based on the final sale price of the property. Depending on the location, Realtor fees range from two to six percent. Therefore, if your Realtor charges three percent and the home sells for $300,000, his or her fee would be $9,000.
The main purpose of hiring a Realtor is to help prepare the home, handle viewings, and bring in buyers. Homeowners looking to move quickly may want to consider services like Properly. Properly evaluates the home and buys it directly from the owner, removing the need for a Realtor and any costs associated with their services.
3. Complete and Sign Legal Documents
Depending on the terms of your offer, you may be required to supply land surveys, deeds, property tax receipts, renovation contracts, and transferable warranties. These items are due on the completion date and must be signed in the presence of a lawyer or notary public. The buyer’s lawyer is typically present during the final transaction. However, you have the right to hire your own lawyer to represent you on the completion date.
Setting the closing day is subject to the terms of the offer and purchase agreement. If you need to close on a specific date or move from your property within a certain timeframe, Properly may be able to help. We allow homeowners to set their own completion dates and move out when it is convenient for them.