What to Expect When Selling a Home

Selling a home can be both exciting and intimidating at the same time.  Here is a brief overview of what happens when selling a home.

Selling a Home Overview

01


Inspection (if applicable)

Professional home inspections are used to determine the condition of the property . The inspection(s) will need to be completed within the timeframe specified per the purchase agreement. Common types of inspection(s) that are scheduled are: Home Inspection, Sewer Inspection, Septic Inspection, Radon Inspection and Well Inspection. The home inspection typically takes 2-3 hours and (depending on the types of inspection). Once the inspection reports are complete, the buyer's agent will submit the buyers' repair requests to us to review and discuss next steps.

02


Repairs (if applicable)

If you agree to complete repairs, a Purchase Agreement Amendment will be drafted clarifying all repairs and signed by all parties. Please arrange for home repairs to be completed as soon as possible, to allow for contractors' scheduling conflicts, weather delays, and ample time for repairs to be completed prior to closing. Repairs should be completed by a licensed professional, unless otherwise advised. Please provide receipts/invoices for all repair work. The buyer will have an opportunity to review all repairs have been completed prior to closing.

03


Appraisal (if applicable)

The lender orders the appraisal of the property to be purchase through a 3rd party vendor. Appraisals typically take 1-2 weeks to be scheduled after removal of the inspection contingency. Once ordered and 4-5 business days to get back to the lender once completed. The borrower pays the lender in advance for the appraisal.

04


Condo Documents (if applicable)

If your property has an association (typically condo/townhomes), you will need to order and provided the condo documents from the buyer to review. The buyer will have a minimum of 3 days to review, but most likely 10 days.

05


Utilities

Sellers are expected to keep utilities (such as electric, gas and water) on for all inspections and the buyer's final walkthrough. Typically, they remain on until the day of closing, unless other arrangements are agreed upon. Utilities should be turned off after closing and accounts transferred to you new home, if applicable.

06


Title Search

A title search is ordered by the title company prior to closing to assure that you are the legal owner of the property and there are no outstanding claims or liens. If any title issues should arise, you will be required to work with the title company, and any 3rd parties involved, to resolve the situation prior to closing.

07


Survey

If the buyer of your property is obtaining a mortgage, a home/land survey will be most often be scheduled prior to closing. The surveyor reviews property lines, sidewalks, public utilities on the property. If any encroachments are found, you will need to work with the title company, and any 3rd parties involved, to resolve the issues prior to closing.

08


Home Warranty

If you have agreed to provide the buyer with a home warranty, per the contract, we will make the necessary arrangements in ordering the home warranty.

09


Final Mortgage Payment (if applicable)

Determining the date of your final mortgage payment will depend on the closing date and payoff of your sale. If your closing is before your late payment deadline, then you will not need to make your mortgage payment for that month, buy always confirm this with your mortgage company and/or title company.

10


Final Walk-Through

Typically the day before closing or the day of closing the buyer's agent will schedule their final walk-through to ensure everything is in the condition as expected, and all repairs have been completed (if applicable). If any issues are found, we will be notified and review them with you. A good rule of thumb is to leave the property in a condition that you would be excited to move into.

11


Cancelling Homeowner's Insurance

Arrange to have your homeowner's insurance cancelled after closing. You will need to provide your new address to ensure your refund check is mailed. Or, if you have an escrow account through your mortgage provider, most mortgage companies forward the balance to you within 30 days after the receipt of payoff.

12


Settlement Statment

A settlement statement will be issued by the title company once they received a loan package from the lender, typically 24-72 hours prior to closing. You may receive your proceeds via check or wire. If you prefer wire, please consult with your bank on their process with wiring and coordinate with your title company.

13


Closing Day

We will review the closing date, time and place with you in advance of closing. All parties whose names are on the contract must be present, unless arrangements are made with the title company. Remember to bring a photo ID and social security number to closing.