Seller-Your house is under contract, what else do you need to do before closing?

By
Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

house is soldIt is great news that your house is sold in today's market and economy.  I am happy for you, too!  Before you can get the check at closing or move on to your next plan, you have a few things to do as a seller.

It doesn't matter you are a seasoned seller with experience, or first time seller and get ready to buy your second home.  This list applies to all sellers in a typical transaction.

There is always exception in everything, make sure you know what you need to do, talk to your agent and let him/her to walk you through.  

In order to get to closing, it takes the whole team to work together.  It is not magic, it takes co-operation from everyone to make it happen.  Are you willing to be a good teammate? Yes?  I thought you will say yes.  I am glad to hear that.

Let's look at the list below and hope it will help you out before closing.

  • Inspection-Buyer will do a home inspection within 10 business days after the contract is accepted. You don't need to be at the house on the day of inspection.  To make the inspection easier for both seller and buyer, make room for the inspector to go up to the attic, the garage, bonus room if you have one.  If there is some special instruction you need to tell the inspector, just leave a note on the kitchen counter.
  • Repair list-After the buyer has done the home inspection, your agent will present the repair list to you.  It depends on how your contract was written out about the repair allowance, repair items can be negotiable, check with your agent and he/she will walk you through it.
  • Termite contract-You need to have an active termite contract on your house in order for you to close.  If you already have one, good!  Your agent will request the Letter of Clearance from your termite company.  If you have not got one yet, you need to find a termite company that you want to use and get the inspection done so they can issue the Letter of Clearance before closing.  This is your expense to provide the termite protection to the buyer.
  • Loan pay off-Your agent will need your home mortgage information like the pay off amount, the loan number, the name of the mortgage company, their contact number and person to speak to if any.  These information will be forwarded to the title company and it will be paid off for you after the closing.
  • Final walk through-Let your agent know when you finished repairing the items that needed, so the buyer can do their final walk through.  It usually takes place a day or two before the closing day.  The sooner you finish the repair, the better for both of you and the buyer.  You don't want to do it last minute in case anything unexpected may pop up.  Always allow extra time for yourself.
  • HUD-1 preliminary-Your agent will send you a preview of the HUD-1 closing statement, so you can go through the numbers to see if they are correct.  Like your loan pay off amount, any fees that apply, taxes, and closing cost.  If you have question, ask your agent.
  • Closing-Everything looks good?  Great!  It is time to close.  Remember to bring your driver license to the closing.
  • Moving out-You have a certain numbers of days to move out if you are still living in the house.  It depends on how many days the buyer gives you and states on the contract.  Check with your agent.  Remember to give the keys, garage remote control if any to your agent so he/she can give it to the buyer's agent to the buyer.

Every transaction is different, these are the typical to do list for a seller before closing in Marion , West Memphis, Ar. and/or surrounding areas.   Always ask your agent if you have question about your transaction.

Related topic What else do you need to do after you signed the contract?

Photo courtesy : www.picasaweb.google.com

 

Posted by

 

Serving Marion, West Memphis, Crawfordsville, Hughes, Horseshoe Lake, and surrounding areas.  If you are planning to sell or buy, please feel free to give me a call, find out if I am the right agent for you.

 

 

 

Rita Fong, REALTOR®

RE/MAX Real Estate Today

1813 Highway 77  Marion, Ark. 72364

cell:901-488-9590

office:870-735-4663

fax:870-735-4668

http://www.ritafong.remaxarkansas.com

Like me @ facebook

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Arkansas Crittenden County Marion
Groups:
Anything Arkansas
Posts to Localism
Real Estate Rookie
RE/MAX Active Rain Bloggers
Tags:
seller
house sold
marion
west memphis
ar
rita fong
real estate agent

Spam prevention
Show All Comments
Rainmaker
3,985,637
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ad don't wait until the day before to pack or plan a garage sale.   I have hadf that happen twice!

Oct 01, 2010 10:52 AM #1
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Bill, some of the sellers think they have 36 hours in a day, haha.

Oct 01, 2010 11:04 AM #2
Ambassador
648,384
Marilyn Boudreaux
Marilyn Boudreaux, Century 21 Bono Realty - Lake Charles, LA
Lake Charles LA Century 21 Realtor

Rita you are on a roll here with these good informational posts!  You should plan on coming to New Orleans for Rain Camp

Oct 01, 2010 07:59 PM #3
Rainmaker
1,042,710
Charles McDonald®
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Principal Broker®, Owner

there is always a lot to do and this is why a seller needs an agent

your friend in Charlottesville

Oct 02, 2010 01:40 AM #4
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Marilyn, you know once those blog juice starts flowing, they can't stop, lol

Charles, no kidding, there are things need to be done before it can close, and our job is to make sure all of them are done and done right. 

Oct 02, 2010 04:46 AM #5
Rainmaker
310,558
Mike Wong
Keller Williams Realty Southwest - Sugar Land, TX
Realtor: Commercial, Residential, Leasing, Invest

Great posts Rita. Sellers and Buyers both need to read your articles!

Oct 02, 2010 08:28 AM #6
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Mike, thank you!  Just trying to help them out a little bit.

Oct 02, 2010 11:19 AM #7
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
333,794

Rita Fong

Realtor - Marion Arkansas Homes for Sale
Ask me a question
*
*
*
*

Additional Information