The best phone call that an agent can make to a seller is to inform them that your home is officially "under contract" Although a signed contract was THE goal when the For Sale sign went up, sometimes this incites panic among sellers.
Now that we have a signed contract, what happens next?
1. Be prepared for the buyer to bring in professionals to perform a home inspection, termite inspection, radon test and a survey. Also, if the buyer is financing the house with a loan, the bank will most likely have an appraisal performed on the property. Based on the findings of these inspections, sometimes the buyer will follow up with specialty contractors to evaluate systems or give a repair recommendation if necessary. These inspections should all take place during the due diligence period. All of the reports, including the appraisal, belong to the party who paid for them. Effectively, the buyer owns the report, and doesn’t have to share the results with the seller.
2. Expect a request for repairs, or for the buyer to ask for a monetary concession in lieu of repairs. HOWEVER, REMEMBER THAT THE NC CONTRACT IS AS-IS, AND NO REPAIRS ARE REQUIRED. ALSO, THERE IS NO REQUIREMENT FOR THE HOUSE TO APPRAISE FOR THE PURCHASE PRICE.
3. Make moving plans and make sure to vacate the home by the closing date.
4. Work with your agent and the closing attorney to provide mortgage payoff information to the closing attorney. You will need to provide your loan number and the last 4 digits of your social security number. Typically, you will have to sign a “payoff authorization” as well to allow the closing attorney to request the payoff on your behalf.
5. Your agent will have the deed prepared by an attorney. The deed officially transfers ownership to the new buyer. The deed must be signed and notarized, and electronic signatures are not allowed. Once this is complete, there is no need to be present at closing.
6. Contact your insurance provider, as well as all utility providers to let them know that you are moving and that the new owner will call to set up service. They will ask for your new address, indicating where to send your final bill.
7. Thoroughly review the closing disclosure with your agent, and make sure to let the closing attorney know how to handle the proceeds of your sale. Some attorneys will wire proceeds to a seller, and some will give checks.
8. Don’t forget to leave the house in broom clean condition, or better. Leave the keys and garage door openers and unpair all devices.
9. CELEBRATE!
Berkshire Hathaway HomeServices Carolinas Realty
Tori Boysen
Broker
336-345-3499
tori.boysen@bhhscarolinas.com
www.toriboysen.com
