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What to expect now that your home is under contract:
If we have a pre-qualified letter on the Buyers and we feel that the repairs will be minimal, we will put out a “sold” sign right away. If we have a contingency, problems with the loan or inspections, we will wait until we have crossed those hurdles before putting up a sold sign.
When do you remove the lockbox? Not until the inspection and appraisal are completed. It will be better to leave it on until closing to allow access for the walk-thru and the inspections, but if you prefer to have it removed, we will keep the key in our file at the office.
What about inspections? Most inspections are quite lengthy lasting from 1/2 hour to 3 hours. The purchasers, more often than not, do attend the inspection. You are also welcome to stay if you would like. At the end of the inspection, please ask the inspector to point out to you any problems he feels need attention. You will be given a copy of the inspection report.
Once we have agreed to the repairs, we will be happy to provide you names of repairmen that we have found to be reliable and responsive. But we cannot assume the liability of hiring people to work on your home. If you want us to supervise repairs, we will need a written authorization from you to hire people. All bills will be sent to you directly. When all the work is completed, we will give the bills to the title company and they will be deducted from your closing statement, If they have not already been paid.
What about repairs? If we have repairs that need to be done and can’t be completed (example exterior needs painted and there’s snow everywhere) the lender may require that 1 1/2 times the bid amount be held in an escrow account. All repairs that can be done should be completed by time of closing.
When do I turn off utilities? If you are giving possession after closing, arrange for the meters to be read the day you are vacating the property. If you plan to move out prior to, or the day of closing, do not turn off the utilities. They must remain on and in your name until midnight of closing day.
Walk-Through? The purchasers are entitled to a final inspection of your property. This is typically conducted just prior to closing in order to assure them that the property is in the same condition as of the day the contract was signed. All repairs contractually agreed upon must be clean and free of trash for the new owners. Place garage door openers, extra keys, your security system information and code number, all manuals on appliances and any other mechanical on Kitchen counter. Also, please have copies of bills for all repairs on the kitchen counter.
Do I make the next mortgage payment? Check with our office. It will depend on your closing date. Typically payments are due on the 1st and late by the 10th of each month. If we are closing after the 10th send your payment in early so there’s enough time to credit your account. Please have all house keys and mail box keys in your possession to give to purchaser (the rest have been left on the kitchen counter). A note giving trash day, names of neighborhood babysitters and names of the next door neighbors would be a nice gesture.
Who attends the closing? Everyone whose name is on the warranty deed should attend the closing. Typically the lender, title company, buyer, seller and Realtors representing those parties will attend the closing. If a power of attorney is necessary, please discuss with your lawyer or title agent.
When do I receive my money? Most of the time the sellers receive the money at time of closing. The buyers also receive the keys to the home at closing.
Miscellaneous? Cancel your existing homeowners insurance after the closing with instructions for your refund check to be mailed to your new address. If you have an escrow account, most mortgage companies forward you the balance within 30 days after they receive the pay off. If you have an existing FHA mortgage you may have a mortgage insurance refund.
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