Monday, April 22, 2019 / by Pamela Glende
1. Open escrow and title. Your agent will open escrow with the closing company and order a title policy for you.
2. Get ready for the buyer’s home inspection. Make sure that things are out of the way so the inspector can access electrical outlets. Also make sure that the attic and basement can be accessed. Plan on not being there so the buyer can attend the home inspection. After inspection the buyer’s agent will send a list of items the buyer is asking to be repaired. Talk with your agent about the report and have your agent negotiate the best they can for you. Remember the buyer can walk away from the sale if you are unwilling to make the needed repairs. The repairs being asked for should be safety issues and items that aren’t working, not cosmetic repairs.
3. Appraisal. After the inspection contingency is satisfied the buyers agent will order the appraisal. You will not be present during the appraisal. The appraiser will access the lock box and do their appraisal. Once the lender has the appraisal back and the home has appraised at value and there are not any work requirements the lender will turn the loan in for final underwriting. The next step will be the closing. If the appraiser has called out any work requirements, then those items will need to be fixed before the bank will lend on the home. This could be peeling paint, a roof issue or any number of items. Once in a while this happens, so the better shape your home is in the less likely you will need to worry about this.
4. Final walk through. A few days before closing the buyer and their agent will make an appointment to do a final walk through. This is the time the buyer can check that all agreed upon repair items have been completed. They will also be checking that the home is in the same shape as it was when they made the offer. They will also check that the items that are suppose to stay with the home are there. Once the buyer signs off on the final walk through the next step is to sign and close on the home.
5. Signing appointments. Once the closing company has received the closing documents from the lender the signing appointments will be scheduled for both the buyer and the seller. After signing the documents and the funds being cleared the closing company will send the documents to the court house for recording. Once the home has been recorded with the county the ownership changes hands. The seller has until 9 PM on the day of recording to be completely out of the home. Keys will then be given to the new owner.
For more tips contact:
Haven Real Estate Group