7 Real Estate Terms Every Del Prado Home Seller Should Know
Selling your Del Prado Home can be overwhelming and stressful, especially if you are a first time home seller. Hiring a real estate agent and arming yourself with the right information are some of the best things you could do to sell your home fast.
One of the things that make real estate transactions challenging and complex is the paperwork and jargon. Read on for a list of common real estate terms sellers usually encounter during the home selling process.
Appraisal refers to the price evaluation of a property by a licensed appraiser based on previous sales of similar homes for sale in Del Prado Pleasanton. The appraised value is used by a bank to determine the maximum amount they can lend a borrower to buy a specific property. As a seller, you may have your property appraised to help decide your home’s asking price.
A bidding war is a situation where two or more buyers are so interested in a property that they make increasingly higher offers of the price they are willing to pay to try to become the new owner of the home. In a bidding war, the buyers’ agents send the offers to the listing agents who in turn present them to the seller. The listing agent presents all written offers that come in at the same time. The seller may ask the buyers to sweeten the deal and the buyers can then come back with better offers to the seller.
Closing costs refer to the expenses incurred in the purchase and sale of real estate property. This is paid at the time of settlement or closing when the ownership of the property is transferred from the seller to the buyer. Title insurance, attorney fees, appraisal fees, recording fees, and taxes are some of the common examples of closing costs.
Contingency refers to a condition that must be met in a legally binding contract. It means that the home offer has been made and the seller has finalized. However, the finalized sale is contingent upon certain criteria in the contract that have to be met. These contingencies typically fall under three major categories which include appraisal, home inspection, and mortgage approval.
You need to focus on improving the curb appeal if you want to maximize your property’s value. Curb appeal refers to the attractiveness of the exterior of a home as viewed from the street. Typically, homes with appealing front view can sell faster, lift moods, and give a better first impression.
Home inspection is important for both home buyers and sellers. It refers to the non-invasive examination of the condition of a home, usually in connection with the sale of of the home. A home inspector will perform a visual inspection of your home from top to bottom, including all the main systems.
The seller’s agent, also called the listing agent, works with the seller to establish an appropriate sales price for the home. She works on the seller’s behalf and markets the property through a multiple listing service. She aims to get the highest possible price and the best terms available for the seller.