1. Escrow

You should make escrow to the escrow agent that was indicated on the agreement.  You'll make escrow within the days listed on the contract.  Everything is calculated by the contract effective date. The date the last party signed the contract.

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2. Inspection period 

You negotiated the length of the inspection period. During this time, don't start packing just yet, as you may cancel the agreement based on the findings in the inspection. This applies to as is sales or standard contracts for sale or purchase. You will need to hire a licensed inspector to conduct the property inspection. You'll want to inspect the property as well as maybe get a mold inspection, radon inspection, termite and more.

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2. Repairs

Depending on the contract that was used or what terms you negotiated, you will need to assess if you want repairs  made by the seller or to ask for funds for repairs after closing.

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3. Appraisal

If your home sale is contingent on an appraisal for purchase price or financing reasons, this will also be scheduled. If the appraisal comes in below your contract price, more often than not you will be renegotiating the sales price. If it comes in equal to or more than the home price, you're good to go! Now is the time to start packing, scheduling movers and planning for the logistics of your move. 

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4. Buyers financing

If you are unable to obtain a loan commitment within the time frame noted in your contract, you may have right to exit the contract without penalty. If you need more time, your agent may file for an extension as well.  

 

5. Once all contingencies are met, you will get the clear to close.

 

 

Your real estate agent will walk you through and advise you of the best options as each of these steps present themselves. It is our specialty to help you remain under contract or to exit a contract if the situation presents itself.

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