Congratulations, you're under contract.
You've listed your home, showed your home and received an offer or two. Through careful consideration you've negotiated the sale of your property and are now under contract.
Want to learn more? Scroll down and let's get serious.
You are under contract for your home sale.
An in-depth look at the days you are under contract.
The buyer should make escrow to the escrow agent that was indicated on the agreement. They should 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.
2. Inspection period
You negotiated the length of the inspection period. During this time, don't start packing just yet, as the buyer 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 provide the buyers access to the property for the inspection with water/ power on, for a proper inspection.
Depending on the contract that was used or what terms you negotiated, you will need to assess the repair requests made by the buyer and make the appropriate repairs within a certain time frame. Contracts often get renegotiated after the inspection so do not be surprised if the buyers agents attempts to renegotiate or extend the inspection period based on the findings of the inspection report.
If your home sale is contingent on an appraisal for purchase price or financing reasons, this will also be scheduled and you will need to give access. 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 your home price, you're good to go! Now is the time to start packing your home, scheduling movers and planning for the logistics of your move.
4. Buyers financing
If the buyer of your home is unable to obtain a loan commitment within the time frame noted in your contract, they have the right to exit the contract without penalty. If they need more time, they 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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1400 Colonial Blvd Suite 18
Fort Myers, Fl 33907
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Our office is nestled comfortably in Royal Palm Square in Ft Myers. We are located at the intersection of Colonial Blvd and Mcgregor Blvd. This area boasts of quick and easy access to Fort Myers, South Ft Myers, Downtown Ft Myers, Cape Coral, Fort Myers Beach, Sanibel, Lehigh and more. If you are ever in the neighborhood, stop by for a cup of coffee. Our office concept is that of open space and a gathering spot for the exchange of ideas, home shopping and conversation!