Under Contract...That's The Easy Part

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

Your house is now under contract. Selling was the easy part. Now the work begins. We have the buyer and we have a ratified contract. Your house is sold!

 

Whoa not so fast. There is a lot that goes into getting from a contract to final settlement!

contract

  So many steps...here's a few:

Financing contingency. Have you reached out to the lender? Is the buyer qualified for the loan amount? Is there another home to sell or settle for the needed proceeds? Is the house qualified for the loan? FHA, VA, repair or appraisal issues? Was the EMD good? Yes, these are all things that need to be confirmed.

Condo and HOA documents have to be ordered delivered to the buyer and a review period given...7 days for condo and 5 days for HOA.

Inspections...there could be many including a general home inspection, well, septic, radon, termite, water quality, survey, electrical, roof, chimney, mold etc... there is also a space that can be written in "any other inspections suggested by the home inspector."

Title... Is there clear title, free of liens and encumbrances? Who is on the title? Are they all still living? Are there death certificates? Are there owners out of town? Is there POA or an executor, or personal executive?

Don't forget to meet the appraiser with a list of suitable comps to support the selling price.

And so many other things to make sure that settlement takes place on time.

Under contract...that's the easy part.

 

 

Margaret Rome

 

 

 

 

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Rainmaker
2,495,187
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I have often said that getting a home under contract is when the fun begins!

Jun 14, 2019 01:15 AM #1
Rainmaker
2,495,187
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Jun 14, 2019 01:17 AM #2
Ambassador
2,960,118
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Myrl Jeffcoat The fun, the challenge and putting all the pieces together to get to a smooth closing. Thanks for the OFC feature!

Jun 14, 2019 03:25 AM #3
Rainmaker
4,907,875
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Margaret Rome, Baltimore Maryland the work begins once the offer is accepted....and there was plenty of work getting to the point of an accepted offer.... marketing takes time and money.... nice post.

Jun 14, 2019 04:24 AM #4
Rainmaker
751,086
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Very true, I sometimes feel the real work begins once it is under offer.

Jun 14, 2019 05:09 AM #5
Rainmaker
706,656
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

I now always tell my clients to not publicize ratifying a contract on social media because a) it's just the beginning and b) you may be giving away info you really don't want to give away at this point in time and c) stop jinxing it  "Under contract" does not equal SOLD (although we will get there!). 

Jun 14, 2019 05:13 AM #6
Rainmaker
3,211,644
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

It looks soooo easy in a Sellers market...but experienced agents know...

Jun 14, 2019 05:56 AM #7
Rainmaker
3,269,551
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Margaret - selling real estate is a lot more than just looking at pretty houses everyday and that's reality!

Jun 14, 2019 06:32 AM #8
Ambassador
2,960,118
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Barbara Todaro You and I know that very well. 

Jun 14, 2019 06:25 PM #9
Ambassador
2,960,118
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Nick Vandekar, 610-203-4543 Yes, so true.

Jun 14, 2019 06:26 PM #10
Ambassador
2,960,118
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Andrea Bedard  "I now always tell my clients to not publicize ratifying a contract on social media "...

This would be a good blog post if you haven't already written one.

Jun 14, 2019 06:28 PM #11
Ambassador
2,960,118
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Michael Jacobs It is a lot more than looking at pretty houses.

May I quote you?

Jun 14, 2019 06:29 PM #12
Ambassador
2,960,118
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sally K. & David L. Hanson The more experience the easier it looks in any market.

Jun 14, 2019 06:30 PM #13
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