Congratulations on getting an accepted purchase agreement! That’s a huge hurdle to cross when you are selling a new house. What are the next steps?? Here’s a quick overview of what’s gonna happen next and the five items that the Buyer will be working to get done very quickly. Right now there is not much you need to do, but maintain the current condition of your house.
The Buyer will be working on finalizing his Mortgage and the bank will order an Appraisal of your property. The mortgage bank wants to make sure that your property value is equal to or greater than the amount of the loan the buyer is taking. This provides the bank confidence that if the buyer walks away from the property, the bank can resell the property without a financial loss.
The Buyer will also order an Inspection of your property to ensure there are no major defects with the structure or the mechanicals. They will also look for health or safety issues that could impede their quality of life in their new home. If they discover any major defects, they may ask you to repair or replace those items before closing. Shortly after the inspection, we will receive an Inspection Response from the Buyer’s agent and you will have the right to accept or deny their requests.
Assume that both the appraiser and the inspector will need to get into your house, so keep your house in a relatively clean state as we get through the next couple of weeks. Please leave the feature signs hanging until we are through inspection and appraisal. All requests to enter your property will be handled through ShowingTime and you will be notified just like you were for showings.
The Buyer will deliver the earnest money to Century 21 Scheetz and it will be held in escrow until the closing.
If we haven’t already secured the most recent copy of the HOA Covenants, Conditions and Restrictions, we need to do that ASAP and provide a copy to the Buyer.
The Title Search is underway and I will circle back with you, if the search discovers anything alarming or the title company needs any additional information from you.
Please keep your utilities on until we know the closing date and time. The Buyers will create new utility orders for your property that coincide with the day they take possession.
Once we receive the Inspection Response from the Buyer, you and I will meet to discuss the items that we are willing to repair prior to closing.
Congratulations on the Accepted Offer and please don’t hesitate to reach out to me with any questions!
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