We are almost there! Homestretch! We are through the option period, the repairs have been negotiated and now we are waiting for closing. There are a few things to be mindful of during this time.
Appraisal – The appraisal will be ordered by the buyers lender. This is how the bank protects against loaning too much money. Should the appraisal come back for less than the sales price it is another negotiation. At this point, there is a small chance the buyers can back out of the contract and receive their earnest money back. As soon as we have word of the appraisal we will let you know.
Financing – If the buyers financing falls through the Third Party Financing Agreement protects their earnest money. It’s unlikely this will happen but it does happen from time to time. Sometimes is from a sudden loss of job or other life change the buyer goes through. While it’s unlikely I like for our sellers to be aware of the possibility.
Unless you have a temporary lease in place, you will need to be completely moved out before closing. The buyers will do a final walk through before closing to make sure the home is in the same condition or better than when they initially offered on it.
Feel free to read ahead to Step 5 Closing