What to Expect During the House Closing Process (As a Seller)
Home sellers picked the right time to sell their homes. In the first two months of the year, more than 5,500 homes sold for $100,000 or more above the asking price.
If you got an offer on your home above the asking price, you’re probably spending that money in your head.
Don’t count on those funds just yet. You still have to get through the house closing process.
A lot can happen between offer acceptance and the close. Deals do fall through unexpectedly.
Read on to learn what happens during a home closing and how to avoid potential closing delays when you sell your home.
1. Home Inspection
The first thing that happens after an offer gets accepted is the home inspection. Buyers ask for this when they’re buying a home to make sure there aren’t significant issues.
Home sellers can avoid potential house closing problems by getting an inspection with a designated pest control company, like those available at Pest Control Experts in Texas (or one in your area) before listing the home. You have the opportunity to address issues ahead of time.
2. Lender’s Appraisal
Most buyers finance the purchase of the home. Lenders have their own requirements before approving the loan. They ask for an appraisal.
Traditional housing transactions have problems at this point in the house closing process.
Lenders aren’t going to sign off on a loan where the sales price is for more than the house is really worth. That’s going to cause closing delays.
You don’t have time for closing delays. Cash buyers don’t have to get an appraisal from a lender. There are these benefits to working with cash buyers as well.
3. Renegotiation
If there are issues with the inspection or appraisal, you might get asked to renegotiate the contract. You might get asked to handle certain repairs or come down on the sales price.
You’ll want to work with a real estate agent that has excellent negotiation skills to help you through this part of the house closing process.
4. Closing Date and Walk Through
The approximate closing date gets listed in the sales contract. The final closing date gets set either by the escrow officer or attorney involved in the transaction.
About 24 hours before the closing date, there’s a final walkthrough. There shouldn’t be any issues with this unless you made major changes to the home.
The buyer signs loan and other documents at closing. Sellers could attend, but it’s not usually required.
5. Final Mortgage Payment
The escrow officer receives the funds from the buyer’s mortgage company. They pay off your existing home loan and other liens on the home.
You’ll get a check with the proceeds from the sale. The deed gets sent to the county recorder’s office.
Your belongings have to be out of the home and you hand over the keys to the new buyer.
Get Through the House Closing Process
The house closing process gets full of delays and problems. Your home closing can happen without issues now that you know what happens during the closing process.
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