It’s finally here! You’re almost done with your home sale. You’ve accepted the buyer’s offer, the negotiations are finally winding down, and there is only one more little box to check: the closing process.OK, maybe it’s not so little. Maybe you’re a little bit worried something will still go wrong when closing on a house. That’s why Corken + Company is here to help get you through closing without any hiccups!
Get Repairs Done:
First things first: Get those repairs done before closing. We understand – the last thing you want to do now is work on a home you are about to sell. But if you agreed to make repairs or improvements, don’t put them off until the last minute.
Check the approved offer, make a note of any repairs you and the buyer agreed on, and get the repairs going! Don’t forget to cover yourself. Save receipts from items purchased and invoices from contractors, and take before and after photos of any work completed. You will have proof that repairs were completed on the off chance that the buyers contest them during the walkthrough or at closing.
The Final Walkthrough:
Before your closing date (often 24 hours before) the buyers and the buyers’ agent will do one more walkthrough of the house (for which you should not be present). They will go through every room of the house, both inside and outside. Some buyers will be more specific, testing every light switch. But in most cases, the buyer is just looking to make sure agreed-upon repairs were made and no new issues have crept up before closing.
If the problem is big enough, you may have to delay your closing date to give time for the repair. But that only happens occasionally. Often, the buyers will take a trade.
The Home Closing Process:
Many closings go smoothly. By this point, the buyers are excited to get into their new house, agreed-on repairs have been made, and the sellers are ready to get out. If things are going smoothly, the closing for you might boil down to simple paperwork.
Unless problems creep up, you only have two jobs: waiting and reading documents. Some are worth perusing more than others. For example, make sure you pay close attention to the settlement statement.
Last-Minute Issues:
So what if things don’t go smoothly? What if the buyers want to negotiate again? The buyer has the right to express concerns up until the time they sign the final document and take possession of your house. It makes sense to at least hear them out. After all, you’ve come this far.
If the buyer is negotiating for something you can solve without amending the terms (say, for example, you can offer up the washer and dryer in the house), you’ll probably be able to hammer those details out at closing.
But if you and the buyer have negotiated a lower price at the last minute, you may have to delay closing.
Once the negotiations are handled and the papers are signed, the buyers’ funds are transferred to your attorney, who will handle the payments to cover your loan and pay your real estate team. Thankfully, this part is handled by someone else.
And then comes the best part: You’ll get a check for the remainder, usually the same day in most states. Consider it a reward for all your hard work!
Learn more about the closing process at:
