12. Did You Know? - Q&A
1. Q-If I’m selling my home AS-IS, do I have to disclose anything to the buyer?
A-Yes. Even if you’re selling your home AS-IS, you are still legally required to disclose hidden defects.
2. Q-How do I know if a buyer is qualified to purchase my home?
A-Make sure all offers include a prequalification letter, preferably a preapproval letter. Your contract should include permission for you to contact the lender at any time and request an update. However, even if the buyer has a pre-approval letter, no loan is ever guaranteed to close.
3. Q-If a buyer makes a cash offer, how do I know that they really have the funds?
A-When considering a cash offer, be sure that it is accompanied by proof of funds in the form of a bank statement or a verification letter on bank letterhead. When in doubt, contact the bank to verify the validity of any documents.
4. Q-What if I need to stay in the house temporarily after I close?
A- If you need post occupancy, make that known prior to offer acceptance and negotiate the terms as part of the contract.
5. Q-If I accept an offer from a buyer that has a home to sell, how long do I have to give them to sell their house?
A-If a buyer makes an offer but needs to sell their house first, be sure that the contract includes a home selling contingency with a kick-out clause which allows you to continue to market the home and specifies a day that the contingency expires.
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