What To Expect With The Process Of Buying Or Selling a Home
First things first… It makes sense for a buyer to get pre-approved for financing before looking at homes. This not only gives buying power but also allows the buyer to go into the home buying process with eyes wide open on the numbers. Talking with a lender will reveal how much cash is needed to close, what programs are available, what grants and help with down payments are available and most importantly, to know what price range to stay under to keep monthly payments where the buyer wants to be.
After this, the next step is finding just the right home.
Once the right home is found next is making an offer and negotiating terms and conditions.
Once an offer is accepted the next phase is processing of paperwork with the Realtors involved, lenders, closing company, and getting inspections ordered.
After inspections are complete it’s time to negotiate any repairs that may need to be done. There is a standard cap for seller’s of $1,000 toward repairs unless otherwise agreed to by both buyer and seller. All repairs must be done by licensed contractors unless otherwise agreed upon.
Once the inspection process is over, the lender will order the formal appraisal to be done to ensure the property is worth what the buyer has offered and to make sure the home meets the lender’s approval physically. If the value doesn’t meet the sales price one of three things can happen. The seller can come down to the appraised value, the buyer can pay the difference out of pocket, or the contract can be declared null and void. If there are any appraisal required repairs this must be done prior to closing with enough time for the appraiser to go back out and reinspect to ensure the repairs are done to the appraiser’s satisfaction. In some cases, there is a fee involved if the appraiser has to visit the property for a second time.
If you make it this far, it should be smooth sailing from here and time to coordinate the final steps to closing and moving time!
Be aware no closing date is set in stone and is always subject to change. Whether on the buying or selling side, when making any moving plans, do everything with flexibility in mind in case that closing date needs to change. The home doesn’t become the buyer’s until after the final closing and recording. So, as a seller, you must maintain the home, utilities, and insurance until after the closing. As a buyer, you can’t move until you sign on the dotted line.
Before the final closing, a final walk-through will be scheduled with the buyer and their agent. The purpose of this is to make sure the home is in the same condition as when the offer was placed as well as to make sure any repairs were done with receipts provided to the buyer. Seller’s, you should leave the home as you would want to find it if you were the buyer. Clean, tidy, grass mowed, and leave any appliance manuals, warranties, etc for the buyer out on the kitchen counter.
At the final closing, it generally takes about 30 minutes to go through the paperwork on the buyer’s side and about fifteen minutes on the seller’s side. This is generally scheduled at different times for buyer and seller. Whether a buyer or a seller, if you’re bringing cash to the table at closing the check, will need to be made payable to the closing office in the form of a cashier’s check.
In a nutshell, that’s what you can expect for the process of buying and selling. If we can answer specific questions for you or be of support with helping you get successfully from one door to the next please reach out to us. You can call or text me at 540-312-0085 or email me at firstname.lastname@example.org