My Home is Under Contract…Now What?

Congratulations! You've accepted an offer to sell your home, but now you might be wondering—what's next? Here’s a breakdown of the steps that follow, ensuring a smooth transition to closing the deal.

Navigating the Due Diligence Period

The first hurdle after accepting an offer is the due diligence period. This is the time frame, defined in your contract, where the buyer can back out of the deal for any reason. During this period, the buyer will likely schedule inspections, and it's your responsibility to ensure the inspector has access to the property. When the inspection report is completed, be prepared for potential negotiations. While you may not be required to make repairs, keep in mind that a buyer can back out if they aren’t satisfied, so negotiating is often the best course of action.

The Appraisal Process

Once the due diligence period is over, the next step is the appraisal. If your buyer is financing the purchase with a mortgage, the lender will require an appraisal to confirm the home’s value. For cash buyers, an appraisal might be optional, but it’s still a common step. The appraiser will need access to your home, so make sure arrangements are made for them to do their assessment when the time comes.

Title Work and Closing

Meanwhile, behind the scenes, real estate attorneys will be working on the title work and arranging title insurance. Once the title work is complete and the buyer’s financing is finalized, you’ll receive the clear to close. At this point, it’s time to pack up and move out, as the closing date is just around the corner.

On closing day, both parties will sign the necessary documents, you’ll hand over the keys, and the sale proceeds will be distributed to you by the attorneys. Congratulations, the sale is complete!

The Value of a Real Estate Agent in the Selling Process

Selling a home involves many moving parts, and having a knowledgeable real estate agent by your side is invaluable. An experienced agent will guide you through the complexities of the process and coordinate everything, from pricing your home correctly to negotiating repairs and handling the legal paperwork. They’ll also provide expert advice during the due diligence period, help you navigate any potential issues, and ensure that you’re well-prepared for closing. With a skilled agent in your corner, you can have peace of mind knowing that your home sale is in good hands.