Seller is Under Contract – Now What Happens?
YOU ARE AN UNDER CONTRACT SELLER – NOW WHAT?
1. After you have accepted the offer on your home the buyers will schedule to have their private home inspection. Depending on the offer, it usually takes place within 7 days of the offer being accepted and signed by all parties.
2. Assuming the buyers are satisfied with the results of the home inspection, usually within 7 days, the buyer’s lender will have the home appraiser come out and look at the home. The appraiser will spend approximately 30 minutes to 1 hour at your home.
3. The results of the appraisal will be available anywhere from 3 to 10 days after the appraiser has visited your home.
4. If the home appraisers for the contract sale price or higher and no repairs were required by the appraiser, then nothing further is needed from you (the seller) at this time. If the home doesn’t appraise, we will go back to the negotiating table and you will have to either reduce the price to the appraised value or you will generally release the buyer from the Contract and return their Earnest Money. If repairs are noted by the appraiser, you should have the repairs completed as soon as possible, so that the appraiser can come back out.
5. After we clear the appraisal it is time for you and your family to start packing and get ready for closing. Please be sure to leave all items affixed to the property, including window treatments, drapes, blinds, light fixtures, attached mirrors, drapery rods, attached shelving, fireplace doors, screens, storm windows, attached speakers, etc. Of course, the contract may specify that you can take some of these items with you.
6. About one week before closing, be sure and call all of your utility companies to cancel services, effective the day of closing. Remember to extend the cancellation date, if closing has been extended.
7. We are now waiting for the buyers to get what’s called a “Clear To Close”. A Clear to Close” means that all conditions have been met and the buyer has been completely approved and is ready to buy your home. 98% of the time, we don’t get the “Clear to Close” until a day or two before the scheduled closing date. Banks are overwhelmed and they wait until the last minute for whatever reason. Sometimes we might get it earlier and that’s great, but don’t be alarmed or think something is wrong if we don’t get it until a day or two before closing.
8. On the day of closing, everyone involved in the sale, will need to bring a copy of their Drivers License or Passport. All owners listed on the Deed will need to attend, unless you have let our team’s Client Care Coordinator know that the absent party will close via Power of Attorney. If you have to write a check or bring money to closing, it will need to be in the form of a bank Cashiers Check and should be made payable to the Closing Attorney. This is very important!
1. Should I be at home during the home inspection?
No you should leave! This is a time for the inspector and the buyer to get to know the home. They usually like their privacy so they can talk privately and not have to worry about offending the Seller.
2. If the buyers ask for me to repair / replace something or a dollar amount to be reduced in lieu of the repairs, do I have the right to counter their request?
3. I accepted an offer, can I take the lockbox off my door?
No you should not remove the lockbox. It will still be necessary for access for the home inspection and the appraisal. Additionally, the buyer and their agent will need access for the final walk through that will take place about 24 hours before closing.
4. When should I start packing?
We recommend you start packing AFTER the appraisal results are back and any conditions required by Appraiser have been met.
5. Is it guaranteed that we will close by the closing date referenced in the Sales Contract?
Absolutely Not! The closing date is an estimated close by date. Very rarely does a deal close earlier than the date in the contract and if it does close on time, it is usually on closing date specified in the Sales Contract.
6. When will we know if we are closing on time?
As crazy as this sounds, we won’t get the clear to close until 24 to 72 hours before closing. That’s just how lenders work. Lenders have thousands of files and they prioritize them by the closing dates. So don’t be alarmed if the purchaser buying your home doesn’t get their clear to close until a couple days before closing. Not having a “Clear to Close” does not mean that there is a problem with a loan or the closing.
7. How do I contact the Mega Agent Real Estate Team’s Client Care Coordinator?
You can call our Client Care Coordinator at (205) 267-1520 or email her at Sharron@MegaAgents.com.