What To Expect Once You Are Ratified To Sell?
“You are ratified to sell!” Once you hear that from your Realtor, you now have officially entered the home selling contract period and here’s an overview of the things you can expect within the next 30-45 days on average.
First, we are going to put you in touch with our transaction coordinator. She is going to get in touch with you, help you stay on top on all your deadlines, and let you know when the buyer’s deposit has been received and deposited.
Second, expect a home inspection to happen. Typically a home inspection is going to occur within the first 3-10 business days of the contract period. Usually, a buyer completes it in the first 7 days. We will let you know if the buyer makes any requests for you to repair anything in the home or if the buyer asks for a credit towards repairing any of the items on the home.
Third, depending on where your home resides, the buyer may or may not have a right of rescission period in which they can cancel the contract based on their review of the Homeowners Association or Condo Association Documents. Depending on the jurisdiction, this can be between 3 and 5 business days and so we’ll be in touch with you to let you know when that deadline is and when it has elapsed.
Fourth, the buyer’s lender will conduct an appraisal on your property if there’s a loan. If the appraisal satisfies the sales price then we are smooth to go forward towards closing. If that property does not appraise, then we can discuss options about what to do next. The contract may or may not be dependent upon the buyer receiving financing for the property so that means we’ll be in touch with their loan officer throughout the process to make sure that they are on top of the deadlines and that they are satisfying all the requirements to get the loan.
Next, the buyers are going to select the title company to do the title work and conduct the closing on the day of settlement. You can select the same title company that the buyer has already selected or you can select your own title company and we can talk with you about the pros and cons of that decision.
The second to the last step is very important because this is what needs to be done to pack out the house as you prepare to move. To help you further, we will send you a moving guide for packing up and moving out of the house. It will definitely save you a lot of time and potentially some costs when it comes time to settle. We also recommend that you keep your utilities on until the day after closing to make sure there is no gap in service.
The last and final step is the settlement. As a seller you have a lot of flexibility- you can settle on or before the day of settlement and you can sign in person or remotely with any notary. Let us know your preferences and we’ll get it all set up for you.
Contact Team Thiel today if you’re considering selling your home. We aim to make the process as smooth as possible!