An offer to purchase in Georgia is not necessarily a legally binding contract. This is only the first step towards a binding treaty. It is considered a conditional promise, not a legal treaty. The purpose of valuation is to protect the buyer`s lender (or a potential mortgage holder) by ensuring that the property is of sufficient value and is generally in habitable condition at the time of purchase. The auditor calculates the current market value of your home and determines if the condition complies with the loan guidelines. This helps to demonstrate to the investor that there is sufficient equity; in the event of non-payment. All you really need to worry about is whether the assessed value of your home meets or exceeds the contract price and whether repairs are needed. When evaluating offers, do not forget to take into account all the conditions. Even if the purchase price is what you are looking for, you should still consider all eventualities to determine the real strength of the offer. If there are several possibilities for the buyer to withdraw from the activity, will the sale ever be put in place? Will there be a financial impact if they withdraw? How much does the buyer lose if he resigns outside his eventual deadlines? Once you`ve secured a buyer and entered into a binding agreement, the due diligence period begins (if the buyer has negotiated one). During this time, the buyer can consult with contractors and other specialists to evaluate different aspects of your home.
In addition to a general real estate inspection, they can also test for other potential problems, including termites, lead paint, mold, pests, foundation problems, water quality, septic tanks or sewers, gas lines, asbestos, bridges, land boundary (measurement), radon and more. The offer must be accepted for it to become a binding agreement. If the seller does not accept the offer, does not oppose the offer or if the buyer revokes the offer, it would be abandoned and there would be no sale. Typically, the seller uses the counter-offer or modification of the “Initial Offer Not Accepted” form to modify the offer, and if the buyer accepts the changes, this is an agreement. Unless a house is sold by the owner (FSBO), the first legally binding contract is a seller`s offer agreement. Georgian real estate agents use two types of agreements: an exclusive seller listing agreement and a non-exclusive listing agreement. With an exclusive seller listing agreement, the seller/owner of the house gives a single broker the opportunity to list their property, and they cannot enter into a listing agreement with another broker during the term of the contract. A non-exclusive seller listing agreement allows a seller to use more than one broker, and whoever produces a buyer receives the commission.
There are a handful of sites that regularly search for buyers (and agents) to find them for sale through owner lists. Make sure your property can be found on some of the most important ones, like for example: www.forsalebyowner.com, www.fsbo.com, www.byowner.com and www.4salebyowner.com. If your home is listed on these sites, you significantly improve your chances of finding a buyer who wants to specifically buy an FSBO property….