Steps for the seller, once in contract:

Dan can of course help you through all of this, but for reference, here are all of the steps, in order.

1. Deliver signed contract to the title co.  Dan will do this part.

2. The buyer will schedule their inspection.

   • It's best to wipe down dusty vents and replace hvac filters with new ones.

   • It's best to vacate the home during inspections.  They typically last between 2 -4 or more hours.

   • It's possible the buyer will schedule other contractors to visit during the option period, and often at the same time as the general inspection.

   • A roofer may be called out to evaluate the roof and the buyer has the right to allow them to walk on your roof and evaluate the condition of it.

3. Within 48 hours of all parties signing the contract, the buyer is responsible to deliver the agreed on option fee and earnest fee directly to the title company.

4. The buyer will typically attempt to negotiate repairs from the inspection, within their option period.

   • Option period is typically 7-10 days.

   • Option period ends at 5PM on the last day of option.

   • Option period starts the day after all parties have signed.

   • If the buyer decides to terminate the contract, they'll need to do it during the option period.

     1. If they terminate past the option period, they'll potentially forfeit their earnest money and potentially get sued by the seller for specific performance, by not purchasing the home.

5. The title company or sometimes the mortgage company will order a new survey, if the old one can not be used.

   • Who pays for the new survey is listed on page 3 of the main contract.

     1. Existing Survey: If 6.C.1. is checked, keep in mind: Buyer shall obtain a new survey at Seller's expense no later than 3 days prior to Closing Date if Seller fails to furnish within the time prescribed both the: (i) existing survey; and (ii) affidavit or declaration. 

     2. In other words, the seller will be required to pay for a new survey, if 6.C.1. is checked and no survey & T-47 is provided in the time prescribed...

6. The title company will order HOA documents, once they receive the contract and are paid for the resale certificate, which is typically paid by the seller.

7. The mortgage company will order an appraisal.

   • If the appraisal, does not appraise for the sales price, there are these options:

     1. Seller to reduce to the appraised price

     2. Buyer to cover the difference in additional money from the buyer, due at closing

     3. Buyer to terminate the contract, based on the appraisal not meeting value

8. Final financing phase, the buyer completing any missing requests from the mortgage company and or processor from the lender.

   • Keep in mind, the mortgage broker seeks out a lender, for the best deal or loan terms, for the buyer.  That lender will have an "underwriter" and it is possible that they may require items from the buyer, sometimes -not in a timely fashion.  That is no fault to the mortgage broker the buyer hired or their processor who is working with them, but rather directly to the lender, from which they are using, in order to get the buyer the best possible terms for their loan.  So sometimes, this happens, and it's no fault of the buyer's mortgage company.

9. Once we have what's called, "Clear to Close", that means the buyer has submitted all required items and the mortgage company is ready to send closing documents to the title company, and we could potentially close early.

10.  Close.  Sign closing documents.

11. Mortgage company receives signed closing documents and what we call, "fund" the transaction.

    • If parities sign late during the day or on a Friday, it is possible the the transaction will not fund, until the following business day.

      1. Meaning, if you close late on a Friday, it is possible the buyer will not be able to take possession of your home until the following Monday.

      2. Once "funded" you should have your proceeds available to you shortly after.

      3. Typically, the title company will wire you the proceeds shortly after "funding" takes place.

    • Once "funded", keys are made available to the buyer at the title company, typically.