The final stage of a home sale transaction is the time to tie up all the loose ends. The buyer and seller will sign the settlement sheet at the closing, detailing all of the charges that each party has incurred during the sale of the house. It is crucial to go over the sheet for accuracy and to make sure that you understand everything on it before you complete the transaction.
When a contract is negotiated, each side agrees how to divide the loan fees (or points), as well as the other closing charges, such as state or local taxes or escrow fees. Your real estate agent can go over the settlement sheet and help you compare it with your purchase agreement. The seller's charges usually include the brokerage fee, the mortgage payoff, and any charges involved in clearing the title, as well as pro-rated property taxes, payments for termite treatment and escrow for repairs that could not be completed by closing. The buyer's costs include charges for the loan and title searches, insurance and any other legal fees. A good closing officer will go over the settlement sheet line by line, explaining each item and correcting any misplaced charges.
Do These Real Estate Tips Really Apply to YOU?
We've learned these tips through years of experience as top REALTORS®. But we know that YOUR situation might be different. That's why we're here.
Appraisals have been a difficult topic in a down real estate market. Remember we need to sell your house to 3 people: the buyer, their realtor, and most importantly the appraiser. Recently, after selling a glenview home, I met an appraiser at the property. This gentleman was from Romeoville, IL. He was not from the area, did not know our local market, and in my opinion had no business attempting to appraise this home. The Marla Schneider Team is very experienced in dealing with an issue such as this. Under this circumstance we need to do the appraisers job for him. When we meet him at the property, we provide him with current comparable sales, and actives that will justify the sale price. Many transactions in the Northshore of Chicago have fallen apart due to low appraisals. I can confidently say that we have never had a deal fall through due to an appraisal. Experience and knowledge is why we are the best.
It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation.
We specialize in Glenview homes for sale, Northbrook homes for sale, Wilmette homes for sale, Winnetka homes for sale, Wheeling homes for sale, Skokie homes for sale, Morton Grove homes for sale, Mount Prospect homes for sale, Prospect Heights homes for sale, Highland Park homes for sale, Lake Forest homes for sale, Deerfield homes for sale, and Arlington Heights homes for sale.
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