You accepted their offer! But now the work really starts.
Depending on the source of funding for the buyer, it could take several weeks before you are able to close and there’s still a chance that the deal may fall through.
There are many issues the buyer will be working through in order to close on the home. Much of it deals with financing, but they also need things like a survey, appraisal, inspections, etc. Take a look at some of the things they will be dealing with over this period HERE.
This means more people will be coming to your home. In order to make sure the process goes smoothly, be sure to keep your home accessible, in good shape, and respond to their requests as quickly as possible.
While the inspection and financing problems are the #1 and #2 reasons for a deal to fall apart, the appraisal is #3. The buyer’s bank wants to make sure the amount of money they are lending isn’t more than what the home is worth. This is why it is important to price your home accurately and why we like to order an appraisal from the onset. Hopefully you won't encouter any problems if you priced your home accurately.
“Clear to close”
Once everything is completed, the lender will issue a final approval to the buyer. This is known as being “clear-to-close.”
At this point, you need to be prepared to move and leave your home move-in ready. The buyer will likely do a final walk-through before closing, too, so don’t leave the home in a poor state since it can kill the deal.
Prepare to move
You must be out of the home by the closing date, which may be difficult to plan if the closing date fluctuates (and it often does). That means you need to do the best you can to prepare.
Experts recommend planning for a move 6-8 weeks before actually moving. This is because moving companies book up quickly.
Budget for moving costs. Even if your move is in-town, moving is expensive and time-consuming. A local move of less than 100 miles with two movers and a moving truck costs, on average, $80 to $100 per hour.
If you’re selling and buying at the same time, you might want to look into temporary housing so you don’t have to worry about timing your sale and purchase perfectly, because it rarely happens.
Before you close
There are a few things that are easy to overlook, but need your attention before you close, including:
General pre-closing resources:
Can the seller back out of the closing?