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So you sold your home, now what?

Real Estate Agent with Keller Williams Classic Realty 20538434

December 08, 2014 04:37 AM

Real estate market data in Andover MN by Joel Friday of Keller Williams Classic Realty

Ok, you just accepted an offer on your home! Congratulations is in order. Now you are wondering what comes next?

Once all the documents are signed the buyers will soon schedule their inspection of your home. Most deals call for this to be done within 5 business days. You will receive a showing request for the inspection time. Typically this will be a 4 hour window. The buyers will most likely be there for the last hour to hear what the inspector finds. The inspector will most likely find things of note for the buyer. The buyer has the option to ask for some, all or none of the items to be repaired or further investigated. You will then have the option to say yes, no or maybe to these requests. Once both parties agree to any repair items, then we release the inspection contingency. The agreed to items must be dealt with by closing.

After inspection is done, the lender will order an appraisal of your home. The appraisal determines the maximum loan to value amount for your home. 90% of all appraisals come in at or above agreed to price. If the appraisal comes in low we then have several options to remedy this situation. The buyer can agree to bring additional funds to closing, the seller can agree to the lower value or the agent can request o a review of the appraisal. I will work through this with you if the problem does occur.

Once appraisal is fine we move on to title and under writing. Title makes sure you own the property, checks on any mortgages or home equity loans you have against the property. They may also need a divorce decree or death certificate if applicable. Under writing also looks at title requirements, the appraisal, and does the final checks on the buyer to make sure nothing was missed earlier in the process. So you sold your home, now what is next?

Closing time! Now that these issues have been settled, time to close your home. The title company will be there to ensure all monies go to the appropriate places, mortgages are cleared, and that all documents are properly executed. The closer will also be a notary which allows them to notarize needed documents. You will need to bring a valid photo id, pay your utilities and change them out of your name. The closing process normally takes about an hour.

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Andover homes for sale	by Keller Williams Classic
Under 150,000 150,000 - 300,000 300,000 - 450,000 450,000 - 600,000	600,000 - 800,000 800,000 - 1,000,000 1,000,000 - 1,500,000 1,500,000 +