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| The Real Estate Encyclopedia |
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| What happens if someone brings an offer? |
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| Category - Home Buying FAQ's - Buying Legal & Closing
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| This is what you've been waiting for. If you're working with a Realtor then your Realtor will guide you through the qualification and negotiation process. If there is no Realtor involved you must make sure they are a good buyer, or in other words, a qualified buyer. The best thing to do is ask to see a letter from their lender stating they are qualified to purchase your home. If they can't provide any evidence they are qualified you should assume they will not qualify for the home. You can also suggest a lender they may go to that you've made previous arrangements with when you put your home on the market. Once the buyer has been qualified then you must negotiate the contract. You can either negotiate yourself or have your attorney negotiate the contract for you (this service is usually included in the price they quoted you). Once the contract has been agreed upon by both parties, immediately send a copy to your attorney and the buyer's lender. From that point on your attorney will take you by the hand and guide you through the process. |
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Courtesy of HomeOwners Advantage and link that to their entry in the wiki which is at HomeOwners Advantage |
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