I’m Under Contract, Now What?

Congratulations, your home is under contract!  Now what do you do?  The good news is, not a lot!  As your agent, it is my job to coordinate with you, the buyer’s agent, lender, and the title company in order to make sure the sale of your home is as easy for you as possible.  Of course, life is always easier when you are prepared, so here is a list of things to expect prior to closing. 

Pay Close Attention to the Calendar

Your purchase contract is laden with contingency expiration dates.  Make sure you are aware of the buyer’s financing contingency and option period.  As your agent, I will make you aware of these deadlines and of anything that needs to take place prior to a certain date. 

Be Prepared for the Inspection       

It’s typical for buyers to perform an inspection and negotiate repairs during the contract’s option period.  The inspector will schedule a time to complete the inspection thru the showing service.  As with showings, it’s best if you are not present during the inspection.  Please make sure the inspector is able to access all parts of your home (no locked doors, etc.) and that all of the utilities are turned on and working prior to the inspection. 

Repairs

If any repairs have been negotiated with the buyer, it is your responsibility to have the repairs completed by licensed service providers.  I can provide you with a list of providers to handle any necessary repairs.  Make sure you get a receipt from each provider detailing the work performed as the buyer will want to see a copy of all receipts prior to closing. 

Appraisal

The buyer’s lender will schedule an appraisal on your property.  If the appraiser needs to access your home in order to complete the appraisal they will schedule an appointment thru the showing service.  I will contact the buyer’s agent and/or lender to confirm that the appraisal has been completed and that the value is sufficient for the lender and notify you if there is a problem. 

Plan Your Move

Once all of the buyer’s contingencies in the contract have expired, you can begin planning your move!  My Moving Checklist is designed to make this process easy for you. 

Moving Out

The sales contract requires the home be turned over to the buyer in the same condition it was in when the contract was accepted.  Be careful when moving out to not damage the property.  Once all of your items have been removed give the house a good “once over”.  Does it need sweeping?  Do nail holes need to be filled?  Are there other small items that you should take care of?  Think about what condition you expect your new home to be in when you move in and make sure your home is in the same condition after you move out. 

Final Walk-Thru

Once you have moved out, the buyer will schedule a “final walk thru” to check the status of agreed upon repairs.  Make sure the house looks great prior to the buyer’s final walk thru! 

Closing

24-48 hours prior to closing (depending on when the title company receives the closing instructions from the buyer’s lender), the title company will send you a HUD-1 Settlement Statement detailing all of the financial aspects of the transaction.  We will review this document together to make sure everything is accurate.  The HUD-1 will tell you the exact amount of the proceeds you will receive from the sale and/or the amount of money you need to bring to closing. 

Don’t Forget

The buyer will need house keys, garage door openers, mailbox keys, security fobs, etc!  You can either bring all of these with you to closing, or bring a key to closing and leave the remaining items at the house for the new owner.