You just accepted an offer to sell your home, so what’s next?

First off, congratulations!

These are some of the next steps:

  • EMD – We will ensure the earnest money deposit (EMD) is deposited per terms in the contract.  The funds will be held in “escrow” as the Buyer’s good faith in purchasing your home.  These funds can usually be returned to them if all contingencies are not met and they decide to void the contract.  However, you will likely be able to retain these funds if the Buyer backs out of the contract for no good reason (also called default).
  • Inspection(s) – Per terms of the contract, the Buyer may be permitted to perform certain inspections (home inspection, radon test, termite, etc.).  We will help coordinate the times for these with you.  You are expected to leave the property during these inspections.  The Buyers agent will provide access for the inspections.  Here are some special notes for:
    • Home inspection – make sure areas under sinks and all HVAC, water heater appliances and the electrical panel are accessible.
    • Radon testing – abide by any instructions from the inspector to close doors and windows.
    • Termite (pest) – clear any tree limbs or loose wood from around the property.  The inspector will focus on exterior spaces, the garage, basement, and any areas where critters can come in.
  • HOA and/or Condo resale documents – If your property is located in a homeowners or condominium association, we will assist you in ordering a resale disclosure packet.  The management company will come by to inspect your property, so please be sure you do not have any violations.  If so, you will need to correct these before closing.

Following the next steps, these are some of the final steps before closing:

  • Settlement company – The settlement company will send out forms for you to fill out regarding your name, SSN, permission to order any lien payoffs, etc.
  • Appraisal – If the Buyer is financing the purchase, their Lender will order an appraisal for the property.  Your agent will be contacted by the appraiser for a date and time for them to gain access to the house to take pictures.  Depending on the loan type, they may also be inspecting to make sure there are no health or safety concerns.  If so, they will be included as lender-required repairs to be completed before closing.
  • Utilities – Please ensure you have utilities scheduled to stay on and in your name one business day after closing/occupancy.  For assistance, you will be sent an email from “Updater.”  This is a service provided by our brokerage which can assist you in utility turn-off, transfer, mail forwarding, etc.
  • Final Walkthrough – Prior to closing, the Buyer will want to walk through the property (with their agent) to ensure the property is in acceptable condition per terms in the contract.  At minimum, the property should be broom swept and clear of any trash.  Most Buyers want to walk through the day before closing.  Earlier if there were any repairs being made as part of any addenda.
  • Final figures – When possible, the settlement company will send final figures to you for review prior to closing.

And finally:

  • Settlement/Closing – This will take approximately 30-45 minutes at the settlement company.  We will help you schedule this.  You will be signing all of the necessary paperwork.  Please be sure to bring your drivers license and a blank check (or account and routing numbers) for where you want to receive your funds.