Approvals, Inspections, Appraisals, and the Closing

Posted by on Thursday, November 13th, 2014 at 1:01pm.

Once you have accepted an offer on your home, there are still a few hoops to jump through.

If you are selling on a short sale, the next step is your lender’s approval. As your agent, I’ll help you with the letter you need to send and will prepare a package showing the lender market values, etc. to verify that the offer is worth accepting. Then I’ll follow up and negotiate with the lender to get approval as quickly as possible.

If you’re selling with equity in your home, the next step is inspections and the removal of any other buyer contingencies. Then, unless we need to re-negotiate after the inspection, the next step will be the appraisal.

During the offer stage you will have agreed to a set amount that you’ll contribute toward any repairs noted during the inspections. If the inspections call for something beyond that amount, the buyers may ask for a further contribution. At that point, I’ll assist you in re-negotiating the terms of the sale.

Next comes the appraisal, but don’t worry. Because we will have priced the house in accordance with current market values, the appraisal should only be a verification of value.

Once these contingencies are all removed and the buyer has final loan approval, you can stop worrying about “showing condition” and begin packing in earnest.

Keep in mind that the closing date is usually not the same day you’ll receive the proceeds of your sale. First the documents must be recorded. Then your buyer’s lender will wire funds to the closer for dispersement to you and all the others who have been involved in your transaction. You’ll receive funds within a day or two.

If you have questions, please feel free to get in touch.

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