The information your real estate agent gives you to guide you through the transaction, can have an enormous impact on the deal. There are at least 12 steps from contract to closing table before the transfer of title when a home is bought or sold (not to mention everything from offer to contract). Do you know what the steps are? Have they been explained to you and do you know how to avoid any of these steps interfering with the final transfer of the home? Has your team of experts, Agent/Lender/Attorney explained to you what you should be aware of during this process of buying or selling?
After you list your home and you host an open house or start showing by appointment you should expect offers right away. Once the offers come in in writing with a pre-approval, you will have to make a decision. Each offer may be different. Some may be better prices, some better terms, and then what type of loan or is it a cash offer.
Once you make your decision the buyer will do a home inspection. Depending upon what they find you may have to negotiate with them before the contract goes out. When you both agree with any negotiations or the inspection was good, your attorney will send your contract to the buyer’s attorney.. After the buyer signs and gives his down payment check, the contract then comes back to your attorney. Lastly in this part of the process, you will sign and it becomes a fully executed contract.
Next, the buyers are responsible to order the title and have their lender order the appraisal. Once the appraisal comes back then the buyer can get their commitment for the loan. It is not until the title report, departmentals and CO comes back (along with Survey if new one is ordered) that they will be able to get a clear to close. Trying to guess on a closing date before all these things come back is exactly that- an estimate. In addition the date of the contract allows for an additional 30 days after for either you or the buyer to use in case needed.
