Selling a Home - Plan of Action

OFFER ACCEPTED!

Within three business days, the buyer will have made loan application and scheduled a home inspection. I will call to let you know when that inspection is going to be, usually in the first week after the offer has been accepted. It's good to just leave the house during the inspection. The buyer's agent and the buyer will be present and it takes a good three hours. After the inspection they will prepare an addendum either accepting the house "as is" or requesting some repairs that have been identified by the inspection. You have the right to see the inspection report. You do not have to make any repairs that would not be required for financing. There are always a few things that need to be negotiated. I will open an escrow account immediately after acceptance and deposit the earnest money into the account. You will be contacted by the escrow company and asked to supply information on your current mortgage and any liens against the property. So, within approximately 10 days of accepting the offer, the house will have been inspected, the repairs will have been negotiated and a preliminary title report will have been generated. The lender will order an appraisal. The appraiser is working for the bank not for the buyer. The appraiser will contact me for access to your house and I will usually meet the appraiser at the house to answer any question that may come up. Once the appraisal has been completed and the buyer has submitted all the required loan documents the loan package is submitted to the underwriter. If everything is in order the loan is underwritten and loan documents are drawn.