Once you’ve accepted an offer and signed the offer agreement, you’ll enter what’s called a due diligence period. The escrow company or title company will take care of gathering the necessary documents and handling the payments between buyers and sellers. Meanwhile, you’ll have a few steps to take.
The buyer will order a home inspection to ensure the home is in accordance with state’s standards. Many buyers will include a home inspection contingency in their offer to ensure the sale can be terminated if there are any serious problems with the home. Once the buyer gets the report, they can request repairs.
In addition to the home inspection, the buyer will also order an appraisal. The appraiser objectively determines the home’s value to verify that the buyer isn’t paying more than what it’s worth — and that the bank isn’t lending them more money than it’s worth. Make sure your agent is at the appraisal and has a plan in case the appraisal comes back low.
Before your home sale can finalize, your title will need to clear to ensure that the house is yours and there are no outstanding claims against it. Your title company and agent will take care of ensuring your title clears.
Now you’ll need to take care of any repairs that you’ve agreed to completing for the buyer. Your agent can help recommend professionals who can complete the work in a timely manner.
The final walkthrough is the buyer’s last chance to check up on the house and ensure there are no more problems. Make sure the house is in “broom clean” condition to avoid any problems arising and costing you time and money.
