#7. Conduct a Home Appraisal
A home appraisal determines the estimated market value of your soon-to-be property. The appraiser evaluates it based on general condition, geographic location, proximity to objects of interest, value of the nearby houses, recent sales, and neighborhood growth and potential, among other factors. Mortgage lenders use this information to ensure the home’s value supports the amount you borrow. There’s always a risk of a low appraisal. In that case, the lender won’t proceed with the transaction at that price. The seller might adjust the sale price accordingly but also might not. Appraisal value isn’t a binding figure — what the seller sells for and the buyer pays determines the sale price. You might have negotiated a deal with the seller for a price already lower than initially wanted. This is likely due to the home being sold in a buyer’s market and its location in a declining market area. This may slow or disrupt the closing process while further negotiations are conducted.
#8. Set the Time and Date of the Closing
The closing date is a negotiable factor during a home sale transaction's offer and acceptance phase. When making an offer, the buyer will include a closing date, which, depending on the seller’s circumstances, might be acceptable or countered with other terms. Don’t choose a date casually. The correct date can ensure a smooth closing and reduce closing costs; the wrong date puts the home buyer at risk of not closing on time, needlessly complicating the move, increasing expenses, and even losing your new home.
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