You did it! Your hard worked paid off and we’re now under contract! Check out these next steps.
Step 1: Home Inspections
After the contract is fully executed and all signatures have been obtained, the buyers will typically have 10 days (or days specific on contract) to hire an inspector to conduct their inspections. The buyer pays for their own inspections.
POSSIBLE INSPECTIONS INCLUDE:
Whole House, Termite, Radon, Chimney, Mold, Septic, Sewer, other.
Inspections will take approximately 2 ½ -3 hours depending on the size of your home and who the inspector is. It is also possible for different inspections to be on different days, depending on inspector availability.
YOU WILL NOT BE PRESENT DURING THE INSPECTIONS.
This time is for the buyer, buyer’s agent, and the inspector of their choice to assess the condition of the property and for the buyer to see the home again.
After inspections are complete, the buyer’s agent has up until the end of the inspection period to submit to me as your listing agent an “Inspection Notice.” This document will let us know that they have completed their inspections.
THEY WILL HAVE 3 CHOICES:
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” that provides a list of repair requests, possible request for monetary compensation in lieu of repairs or both It depends on what comes up on the inspection reports 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 doesn’t come to an agreement on a resolution, either party can cancel. So, it is important that we come to a resolution within this time frame.
I will be sure to keep you informed as soon as I have any information on your home. I will also keep our communication open going forward on the following steps after this. As always, if you have any questions, feel free to reach out. That’s what I’m here for!
Step 2: Appraisal Process
The buyer’s lender orders the appraisal.
The appraiser will call to set up a time to come to the property. They will be given the code to the ibox.
All appraisers are licensed and approved and are granted access through our MLS board. 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.
As always, if you have any questions, feel free to reach out to me!
That’s what I’m here for!
Step 3: Final Walk-through
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.
Please call the appropriate utility companies and have the utilities “transferred” (not shut off) out of your name for the buyer’s 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 starting on Friday.
Please leave all of the keys in the house for the new buyers. The buyer’s 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.
Garage door keypad code, mailbox information, HOA information, pool keys, security code to an alarm system and anything else that someone moving in may need to know.
THIS AND 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.
REMINDER: Be sure to change your address at the post office usually a week prior to closing.
Step 4: Payment & Closing
After the appraisal process is complete, you will be contacted by the title company to schedule your closing. Closings typically take about 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, taxes 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.
SHOW ME THE $$$
Your Pay Day! The title company will notify you when the closing has been completed. Whatever instructions you gave 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 amount in certified funds either by cashier’s check or money order to the title company on the day of closing to complete the transaction.
As always, I am here if you have any questions. I can’t thank you enough for choosing me as your trusted agent.