YOU’VE DONE IT! You’re under contract!! Now what??
You’ve gone through a lot to get your home under contract…all the cleaning…showings…and then negotiating your offer. You sure don’t want from now until closing to be stressful again since you now need to find another place to live and (gulp) pack.
So…here are some things you can do to help make this last part as smooth as possible.
Gather your Paper work
This may seem like a boring first step…but it surprisingly the most important. Things to look for to help are:
- Prior title insurance policy – You would have received this after you purchased your Home…when they mailed you the recorded Deed. And if it is new enough policy…you will get a discount in this closing cost now.
- Prior survey – This won’t save you any money at closing…but will help the Buyers in obtaining their loan quicker.
- Termite Bond – Do you have one? If so…let me know so I can pass the info along
Prepare for The Home Inspection
Not really a lot you can do to get ready for this…except knowing what to expect. It will be done within 10-15 days depending on how your contract was written. As a selling & selling agent…we don’t remind the Buyers and their agent that they need to get one. Because if they don’t…that ok for you…since it is one less thing to worry about.
Things to know about the inspection:
- One of you should plan on being there to help answer any questions
- The inspection will usually take 2-3 hours depending on how larger your home is (yep!)
- * The inspector will be there and possibly the Buyers with their agent
- After the inspection is over…it takes 24-36 hours for us to get a report back
- Items on the inspection report? We talk about them to determine which are or are not
- Repairs needed – since some items could just be information for the Buyers.
- Repairs – they have to be completed by closing – by a licensed repair person
- Give me a copy of the receipt for the repair – so I can give to the other agent
- Don’t know someone to do the work…don’t worry – I can help find a reputation person
Buyers making their deposit into Escrow
This usually takes place within 3-5 days after the contract was accepted…not counting Saturday & Sundays (or holidays). I will send you a copy of it so you will know it has been done.
Buyers paying cash or getting financing?
If they are paying cash…you hit the jackpot!! Cash means once the Buyers escrow deposit has have placed with the title company and the home inspection is done & cleared…you are ready to starting planning & get packing!
Financing – still ok…just a few items to get beyond before you know with 100% confidence that you are ready to start the packing process. Some items to watch for:
- Did you get a pre-qualification letter from the Buyers lender?
- Did the Buyers formally apply for their mortgage after they signed the contract?
- Was the appraisal paid for by the Buyers and the lender get it ordered?
- Has the appraiser toured the property…completed their report & come in at the sales price?
- Did the Buyer’s loan package go into underwriting for formal approval?
- Once you get a cleared appraisal & loan approval…then you can start packing
Last minute details
You are ready to close…now what? Here are the most common questions & answers:
- What do we bring to closing? You just need your driver’s license, keys & garage door openers (If you have the prior survey…bring that with you to give the title company too)
- When do we turn off our utilities? Schedule them to be turned off the day AFTER closing. You have to provide electric, water & gas for the day of closing…nothing after that.
- When do we cancel our homeowners insurance? The day AFTER closing!
The sad fact is that closings do get postponed sometime…perhaps due to weather issues. So you don’t want your home without protection until after you get paid at closing
To not only sell your home…but get you to closing smoothly!
And I’d love that to be me