How exciting you have a contract on your home. You have passed the first test. You have successfully negotiated an agreed upon price and now you are ready to move. Not quite yet, because there are a few steps to navigate before you move. First, the home inspection, second the appraisal and third final loan approval for the buyer are the biggest hurdles to overcome. Once the home inspection is done the buyer may come back and have a list of items you need to fix. This is negotiable, however, you don't want to lose the sale of your home over installing a hand rail on the steps. Buyers are supposed to ask for repairs of major problems, but many times they come back with a small list of little items. The appraiser will come to appraise your home and if you had it priced right to sell, thanks to your realtor, the appraisal should come back ok. You have to wait until a couple of days before closing before you will hear about the final loan approval. Hopefully, the buyers are using a reputable, well know mortgage company and there will be no delay in getting the loan approved.
It can be a nerve wracking ordeal, but think positively and work on packing and getting ready to buy your new home.
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