Step 6. Home Inspections
All standard real estate contracts are going to give the prospective home buyer the right to inspect your property - so be prepared. Under a general inspection you are obligated to make major repairs to appliances, pluming, septic, electrical and heating systems - or the buyer may cancel the offer. The inspection will also include your property's roof, as well as a termite inspection (in some states, house sellers must provide proof that the home is termite free).

If you are concerned about how your home will fair when inspected, you may want to visit your local inspector. They can conduct an inspection for you before a potential buyer has one done. This way, you can address the problems before a buyer stumbles upon them.

Once the inspections are complete, the buyer makes an application to a mortgage lender.

Step 7. Buyer appraisals and other details
The mortgage lender will order an appraisal of your home to make sure they are not paying more than the house is worth. They may also order a surveyor to make sure that the property boundaries are properly laid out. They will also order a title search to determine if there are any liens against your property. These tasks are all the responsibility of the buyer and/or their attorney.

At this point too, the mortgage company will issue a commitment. Again, the buyer (and their attorney) must complete all conditions listed on the mortgage commitment.

Prior to closing, you should notify your lender that you will be paying off your mortgage. After a closing date has been agreed to, you should contact your utility providers and advise them of your final billing date.

Step 8. Closing
The day of the closing, the home's buyer will do a "walk through" of the property to make sure all agreed repairs are completed and that the home is in the same condition as when the buyer made their offer. If problems arise that this point, the closing can still take place with funds held in escrow to remedy the problem.

Closings usually occur 30 - 45 days after you have signed the sales contract. You may close with an attorney, or with a title company. At the closing, all monies will be collected, any existing loans or leans will be paid, the deed will be transferred, and insurance will be issued insuring a free and clear title. The home seller will receive the proceeds of their home in one to two business days after the closing.

Conclusion
This step-by-step home seller's guide is a general overview of the home selling process. Selling a home yourself can be time consuming, but the financial rewards can be tremendous. With help from Lakeshore4SaleByOwner.com, we try to make the process of home selling on your own as easy as possible.

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