So you have worked with Jerry to list your home; he has done an amazing job marketing your property and we found a pre-approved buyer willing to pay top dollar. The contract is all signed and…now what? Here’s a look at a “typical” transaction involving a mortgage.
- 1.Home Inspection – The buyer will typically conduct a home inspection within 7 days after we are under contract. Generally sellers are not present for this (it’s discouraged). It’s a good idea to keep your home tidy for the inspection as you want the buyer to continue to feel positive about the home.
- 2.Contingency Release – After the inspection, hopefully the buyer will proceed with the transaction, but often they will ask for some kind of concession or for you to fix something. Take a deep breath. We will get through it. And if not, we will find another buyer. Remember that they chose your home for a reason and as long as the issue is not too severe we should be able to resolve the problem.
- 3.Appraisal – The next hurdle is the appraisal. The buyer’s lender will order this and coordinate with you for scheduling. The appraiser will take about 15 minutes inside the home. You don’t need to be present for this, but you’re welcome to stay (it’s your house after all). Once the appraisal is conducted it generally takes about 5 business days to get the results. If the home does not appraise for the purchase price, there may be the need to renegotiate.
- 4.Final Loan Approval – The buyer’s lender will be working with the buyer and the underwriter to get the loan approved throughout the process. Once we have final loan approval the lender is ready to fund the loan.
- 5.Utility Transfer – You will want to call the utility companies to schedule final meter readings and have utilities transferred out of your name effective the day the buyer takes possession.
- 6.Schedule Signing – The title company will handle the scheduling and details of the closing documents. They can come to you or you can come to them.
- 7.Closing – After the buyer signs all of the documents and the loan funds, the title company sends the legal transfer documents to the county to be recorded. Once this is complete, they will distribute the proceeds to you! Yay! We did it!!