What happens next?!
You did it! You worked hard and now we have a contract. This document will explain what happens next. Everything from the buyer’s inspections the appraisal, utilities and keys.
After the contract is fully executed and all signatures have been obtained, the buyers will have 10 days to hire an inspector to conduct their inspections. The Buyer pays for this. The buyer will most likely do a whole house, a termite and possibly a radon test.
The inspections will take approximately 2 ½ -3 hours depending on the size of your home and the inspector.
You will not be present during the inspections. It will be the buyer, the their agent and the inspector of their choice. This time is for them to assess the condition of the property and for the buyer to see it again.
After inspections are complete, the buyer’s agent will submit to me a Inspection Notice. This document will let us know that they have completed their inspections and they will have 3 choices.
They will ether:
1. Accept the property “as-is”.
2. Cancel the contract
3. Offer to renegotiate
If, they select #3. Offer to renegotiate, they will also submit to me a Resolution of Unacceptable Conditions.
This document will provide us will a list of repair requests or possibly request for Monetary compensation in lieu of repairs or both, depending on what came up on the inspections and what the buyer has concerns about.
From the date we receive these documents, we will have 5 days to renegotiate any repair requests.
If, after 5 days, either party cannot come to an agreement on a resolution, then either party can cancel. So, it is important that we come to a resolution within this time frame.
Once inspections are complete. We will move into the appraisal process. The lender will order the appraisal. The appraiser will call to set up a time to come to the property. All appraisers are licensed and approved and are granted access through our MLS board. They will be given the code to the lockbox. You may be present during the appraisal, but you do not have to be. It will take 15 minutes. The property does not need to be in “tip top” condition. Usually at this stage, you are in the process of packing. The appraisers are used to it and they do not care. So, don’t worry about the boxes. They are simply there to provide a value to the lender.
After the appraisal process is complete, you will be contacted by the Title Company to schedule your closing. Typically this takes 15-30 minutes. You are required to go to the title company and sign your closing documents with the title agent. They are notaries and this is part of the service the title company provides as a part of the closing fees. They will explain the money that is being collected at closing, the taxes that are being paid and will provide you with an estimate of your proceeds. Make sure to take your driver’s license, or a form of ID to your closing.
Next the Buyer’s agent may set up a “final walk-through” for the buyer. This is an opportunity for the buyer to walk-through the property one more time prior to closing. If repairs were made, they will confirm that the items were completed prior to closing. Please sure to provide me with your receipts of any work that was completed so that we will all have a paper trail and can prove that the requested repairs were completed.
Utilities-Please call the appropriate utility companies sand have the utilities “transferred” out of your name for the date of “possession”. This is the day that the buyers will be allowed to physically move in. It isn’t always the same day as closing. So, if your buyer closes on Thursday, but takes possession on Friday, transfer them out of your name staring on Friday.
Keys-Please leave all of the keys in the house for the new buyers. The Buyers agent will take the key out of the lockbox and give the keys to the buyer after closing. Please be sure to leave the garage door transmitters along with the “Everything you need to know” document that you filled out that asks for all of the info that a new buyer may need. Thins like the garage door keypad code, the mailbox information, the HOA information & pool keys, the security code to a alarm system and anything else that someone moving in may need to know.
This & That
This & That-When vacating the property, be sure to leave it clean, broom swept and in the condition that you would want it left in for you. Remove all trash and debris from the property. If pictures and wall hangings have been removed and if you have the paint, take a Q-tip, dab it in the paint and touch up the holes as a courtesy to the new buyers.
Show Me The $$
The title company will notify you when the closing has been completed and whatever instructions you gave to them regarding the disbursement of funds, will take place. So, if you want to pick up your proceeds you will pick them up, if you had them wired, they will be sent to the account you specified.
If you owe funds to close, you will need to bring the appropriate funds in certified funds. Either a “cashiers check” or money order to the title company on the day of closing to complete the transaction.
Be sure to change your address at the post office usually a week prior to closing.