Now that your house is under contract, we would like you to know what to expect.
If the buyer has elected to have a whole house/radon/septic/well inspection, they will have a specified amount of time in which to perform the inspection. We will contact you to set up the appointment. Once the inspection is completed, the buyers have a specified amount of time to request any repairs. You, also, will have a time deadline to respond.
The buyer is to contact his lender and make application for the loan.
The lender will then schedule an appraisal to determine the value of the property. You will be notified of this appointment. If there are any appraisal requirements for repairs, we will notify you.
You will be receiving a copy of the title commitment from the Title Company. This is a routine search to determine that you can pass clear title and that there are no issues regarding the buyer or the seller. We will also receive a copy and will review it for any concerns.
The Escrow Company will be scheduling a termite inspection in most instances. They usually schedule an appointment with us, but sometimes they schedule directly with the seller. If they call you to schedule it, please call my office and let me know.
A few days after your contract is successfully negotiated and all inspections are completed the SOLD sign will go up. The lock box will stay up until the closing so that the appraiser, the termite inspector and the selling agent can access your home for the walk-thru.
You, as sellers, will need to sign the deed set so that you can pass title to the buyers. We, or the Escrow Company, will call and schedule a time with you.
Once all of the documents are in order, the Escrow Company will call your current lender for the final payoff for any loans on your property. Then they begin the process of balancing figures for your final payoff. The Escrow Company will be in contact with the buyers’ lender and your current lender to make sure these figures are correct. We will receive an initial copy of these figures a couple of days prior to closing. At that time, we will call you to go over them.
You will need to make sure that your mail has been rerouted and your utilities transferred and/or turned off. We usually suggest that you call the utility companies and transfer them as of the day of possession. Remember, even if you move out before closing, you own this property and are still responsible for it. You don’t want to shut off utilities since the buyer can’t check the plumbing, etc. at the walk-thru if you do. You also don’t want broken pipes in the winter. It is the buyers’ responsibility to initiate their responsibility for utilities. It is always a good idea to check with the utilities a couple of days before closing to make sure all has been completed.
The selling agent will call us to schedule a walk-thru (usually within 48 hours of closing). You will probably be packing, boxes will be everywhere and the floor will be cluttered and need cleaning, but we are used to this and can help the buyer see through it.
Make sure you clean, vacuum every room and mow the lawn/shovel snow so the buyers accept the property at closing. There is no need for you to physically go to the closing. We will make arrangements for you to receive your proceeds and documents after the closing and at your convenience.
We always anticipate a smooth closing. This is considered the pending time or in escrow. It may seem as though no one is doing anything. However, there is plenty going on behind the scenes with the title company, the lender, etc. We will be tracking the process and will keep you informed as we go along.