1. Your MLS Status:
The status in the MLS (Multiple Listing Service) will change from “Active” to “Contingent” while the buyers are making their inspections. This lets the public know you have accepted an offer. Once inspections are made and repairs are negotiated (if any) your MLS status will change to “Pending”. And finally, after closing the status will change to “Sold”.
Once the contract has been signed the buyers will begin to schedule inspections for the property. Typically your home will be visited by a home inspector and here in Tennessee, a termite inspector. Your contract will outline how long the buyers have to complete these inspections and present you with a list of items they would like to have repaired or replaced. Just like the sales price, repairs can be negotiated. Your agent can guide you through this process and help you decided what to fix. Your contract will also state how long you have to respond to these requests as well as a date they must be completed by. In most cases it is a few days before the scheduled closing so that they are able to conduct a final walk through of the property to ensure it is in the condition agreed upon in the contract.
We are getting closer to the finish line! The purpose of an appraisal is to asses the property’s value. The lending institution orders this to ensure that they will be able to recoup the money (the home is held for collateral on the loan) if the borrower defaults on the loan. Check out our blog all about how to prepare for this milestone (coming soon)!
4. Just before closing….
So, all of the inspections & repairs have been done, the appraiser have made a visit and the lender has given the go ahead on the buyers loan! You almost have that “SOLD” Status in the MLS. While you are waiting patently to close there are a few tasks you can do that will make you move much easier.
- Schedule your moving company
- Gather any keys, manuals, remotes etc. so that they are ready for the buyer
- File a change of address for the date of closing so that you will not be receiving mail at this property.
- Call your utility company and remove you name from this property’s account. To be courteous to the new home owner schedule the turn off for the day after closings so that they may conduct their final walk through with running water and electricity.
5. Closing Day!
It’s Finally here! On Closing day you and the buyers will sign the remainder of the documents, you will pay off the mortgage and receive any proceeds from the sale. Keys to the property will be handed over and the sale is complete! Congratulations, you just sold your home!
6. Last but not least:
Go on to Zillow or Google and write a review for your Realtor. This will help other buyers and seller make the right choice for their real estate needs!