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Home Buying 101: Traditional Sellers

Family Posing Outside their New HouseA traditional seller is a home that is owned by a person (or people) that are trying to sell their home. This is the typical seller, such as John and Jane Doe on Main Street. When making an offer to a traditional seller, the response time is usually within a few hours, and negotiations concluded within a day, sometimes two. Inspection period is typically 3-5 days. The results of the inspection can reopen negotiations if there are major problems.

The buyer closing costs can be incorporated into the offer with the seller paying the buyers closing costs. Some sellers look very down on this common practice and don’t like the idea of paying for someone else’s closing costs, but if they have a good agent, it usually isn't a problem.

Closing can typically take place in 4 to 8 weeks, with 6 weeks being very normal.

Seller's Situation
Sometimes a seller's situation can dictate certain terms of an offer. For instance, in an estate situation, a seller may require a sign-off of multiple parties such as siblings or cousins. This could also mean that the seller may be a trustee.

A couple looking to move up into a larger home may require a specific closing date to make it the same as the new home they purchased. They may try to have both closings on the same day, selling their existing house first, then closing on their new house.

A divorce situation may require an attorney to review the documents, or may require a separate appraisal to verify the value of the asset (house).

Each situation is unique and may have its own twists and turns. I am here to help you navigate these.

Additional Resources:

Home Buying 101: Traditional Seller

Home Buying 101: Short Seller

Home Buying 101: Foreclosures

Home Buying 101: Making An Offer

Steven Hong - RE/MAX Results 
REALTOR, e-PRO, GREEN, Old Home Certified 
7700 France Ave S #230, Edina, MN, 55435 
612-990-9009 (cell) 
952-915-2252 (office)
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