When you are selling your home, you may say, "I accepted an offer on my home, now what? Can I still show my house after accepting an offer? How long after the offer is accepted is closing? When will I know if my offer has been accepted? The process to sell your home can be quick and painless, or it can be long and arduous. Today we have answers to these questions and more!
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Congratulations, you got an accepted offer! I'm sure one of your first thoughts is, when will I get my money after closing? That is not a simple answer, but most of the time you will walk away from the closing table with a check in hand.
Before we get to the money, lets back up to, you just got an accepted offer. Your agent will provide you a signed copy of the offer acceptance. Any offer received after the accepted offer will be secondary and only become primary if the first offer is mutually terminated by buyer and seller, unless the first offer has an escape clause.
First, the buyer has paid the earnest money (If part of the offer). They will do an inspection. Make sure your house is in showing condition until closing day, because that is the only time you will know it is sold! When it comes to inspection:
Make sure utilities are on and any issues you know of fixed.
Be aware the inspector can take several hours, plus there may be a different one for Termite, Roof and Septic.
Buyer has 10 business days to request any repairs. If the seller agrees to complete repairs, make sure they are completed in a timely manner to keep closing on track.
Second: Time to get packing if you haven't started before listed. It is recommended when you list your home to start packing to help you declutter your home. Now that there is an accepted offer, it's time to get serious!
Make a list of things you don't want to take and see if the buyer may want them. If not, you are responsible for disposing of or donating.
Remove only what you agreed to, and not thing written into the contract to stay with the home. This can include anything from appliances, curtains, or special wall hangings requested.
Closing date is a goal and not written in stone. It can be moved due to repairs needed, timing of buyer selling their home or lender items needed. Make sure to stay in communication with your agent and the title company so you are up to date.
Have a place to go! Have your real estate agent help you find someone in your new area to work with, or a storage unit in place once your home is under contract. This way, you will be prepared for closing date when it sneaks up on you.
3) Hire movers or reserve a truck
Get quotes in writing and check out a few places. Be prepared for prices to change if movers are in high demand during your move.
Schedule move few days before closing, if possible, so can do deep clean and have the home ready as you would like it when you move into your new place. Don't forget to check all the places you don't normally spend time, like the attic, shed or crawl space.
Double check you didn't leave anything behind & lock up after moving and cleaning. Make sure to bring all your keys to closing.
4) Time is of the essence
Sign docs timely throughout the selling process; many of them are time sensitive and have to be resubmitted if not signed quickly.
Return phone calls and messages in a timely manner so you agent knows your status and can keep you abreast of any changes. We understand you can get busy, but please don't disappear! Just let us know what happens so we can keep everyone in the loop.
Make repairs as agreed to in the process. It can be difficult to get repairman to work on a schedule, but it is important to close the sale to have these done and available for reinspection before closing.
5) Leave important stuff behind
Manuals, warranties, receipts, remotes - any of these for anything staying with the home. Leave them in an easy place to find so buyers can figure out what they are for.
Make a list of previously used companies/handman. The buyer may be a first-time homeowner or new to the area and may not be familiar with who to use. It's nice to know you are calling someone who is familiar with the home and may be able to fix it easier knowing its history.
Do final walk thru with buyer. Be willing to point out any quirks or special switches to make them come accustomed to the home quicker.
6) Communicate well with everyone involved in the process
Make sure the title company has your mortgage payoff, trust documents, or death certificate if needed. A seller is the only person who can get their payoff from the mortgage company due to privacy issues. The title company will likely be the one calling you to schedule the closing time.
If you're going to turn EVERYTHING off when you leave, let buyer know all valves. This is a good preventative to prevent leaks and floods, but they need to know where they are to turn them on and off in the future.
7) Celebrate! Its closing day!
Closing is usually 30 days after acceptance but can be quicker if its cash and close, or longer like 60 days for Veterans/FHA/Rural Development loans. These have more processing due to paperwork and the organizations backing the loan. Sometimes closings can be even longer if there are title issues which need to be cleared up or a buyer needs to clean up their credit.
The seller will get paid once the buyer has paid and/or lender has wired funds and the deed is signed and recorded. This usually is the day of closing unless a buyers or seller mails in the documents, it may be delayed. Overnight shipping does not always get here overnight! If a closing happens late in the afternoon, the lenders wire may not go through until the next morning. Always be prepared for the unexpected!
Don't forget to cancel insurance and utilities or any other regular services to your home.
Get a change of address to family & friends, the utility company (to get your deposit back), and subscription services.
Today we answered some questions about the closing process and when a seller can expect to get paid after closing. If these steps made you have more questions, download this information what to do after accepting your buyers offer. Feel free to reach out to me with any questions. Thanks for your time and have a Blessed day.