THIS IS JUST THE FIRST STEP TO SEEING THAT SOLD SIGN ON YOUR FRONT LAWN!
Heres what to expect next.
Depending on the contract there will typically be a list of outstanding conditions that will need to be checked off before the home is officially sold. Such as:
Proof of Financing
The Realtor working with the Buyer client will send a copy of the signed purchase and sale agreement to the buyers personal mortgage specialist who will then in turn provide a “Proof of Financing” letter.
Proof of Insurance
The Realtor working with the selling agent, the buyer and the buyers insurance company will verify details of the home to insure that there are no surprises at closing day. The insurance rep will have several questions to help build the policy and a realtor can guide you through the process. Are there any potential problems, issues, or code violations that may arise? Are there any further inspections that will need to be lined up by the appropriate professional? Are there any further negotiations necessary that have arisen from these questions? A Realtor is there representing your best interest at the appropriate time.
Satisfactory home inspection
The property inspection is an important part of the home buying process. Most buyers like to know that the home they will be purchasing is structurally sound and that the systems are safe. That sounds reasonable enough. Yet, as a working agent, we often see the inspection process nearly derail the transaction, and not for the right reasons. Too often, however, the inspection becomes confused with an opportunity to pursue perfection. Even in New Construction the inspector will have a list of “to do’s”! Keep in mind that it is their job to find problems! Don’t let an imperfect home inspection “kill the deal”. That being said there are some major issues that could come up…We definitely do not want to end up on an episode of “Holmes on Homes” so ask questions and trust your Realtor and inspector to let you know what is a big deal and what isn’t. Most times common ground can be met between the buyer and seller so everything is satisfactory before closing.
Satisfactory PCDS (Property condition disclosure statement)
A property condition disclosure statement is a document about the homes history that is filled out by the Sellers. There are some instances that a PCDS is not provided. This may be due to the sellers not having full knowledge of the properties history like in a foreclosure or an estate sale.
A clean water test.
If the home is located outside of the city or town and is on well water there will need to be a water test done to make sure there is no bacteria in the water. The Realtor that is representing the buyer will take the sample and bring it to a local spot that specializes in the testing who will then provide a report of the results. If the test fails than steps will need to be taken to ensure the quality of the water is up to standard before closing. Sometimes this includes interventions such as “shocking” the well.
Depending on the deal that is in place; it’s possible there are additional amendments and terms that may also need to be satisfied before it is official. As your Real Estate Team we will make sure that all of the t’s are crossed and i’s are dotted.
Once all conditions have been satisfied its time for the best part of our job…putting up the Sold sticker!
Whether you are in the position of buying or selling we are here to make the process as seamless as possible and that you are both educated and informed every step of the way. Contact us today!