Next Steps towards the Closing
After you receive an offer and pass inspection you are headed to the finish line! Now it's time to prepare for the closing. Here is what to expect.
The appraisal is a 3rd party evaluation of the value of your home. The appraisal will take place 2-3 weeks after you receive an accepted offer. This will show-up like a showing - on ShowingTime app.
Your house does not need to be perfectly clean - Don't have it super messy, just average..
In most cases, the property will be valued At Value or above the sales price. You will not receive a copy of this because it's coming from the buyer's lender. In rare cases, the appraisal comes in under the sales price. If that happens, you have a few options and we can discuss that if that happens (but it's rare).
Completing the Inspection Items/Repairs
During the inspection process, you might have agrees to some repairs - you would have signed an "Inspection Addendum ". If that's the case, you'll need to have those repairs completed 7 days prior to the closing. Once you have them completed, send Sean the paid receipts (please do this in one email). We don't want to scramble at the last minute to get things done. PLEASE, make sure to prioritize this and get things scheduled.
Whom will the Title Company & Closer be?
You'll be closing with Chicago Title and we always use our favorite Closer -Sarah Weaver. She will be contacting you about 2 weeks before closing. She will ask for information and YES, she is part of the process.
As a Seller, you will pre-sign. The closing will be 1-4 days prior to the actual closing date. Since you and Sarah will be choosing the time/date, we might not be able to be present (😒 things have changed since COVID). You'll receive detailed instructions from Sarah regarding the time, location of the closing.
Sarah will send your final numbers 2-4 days prior to the closing.
Canceling/Moving your utilities
Remember to call your utility companies 2-3 weeks prior to the closing date. The water service is the only thing that is attached to the address (not to you). The closing company will call on the day of closing and get the payoff for the water bill. You'll pay for that remaining balance at closing - super easy. You are responsible for canceling or moving the other services. You'll also need to change your mailing address.
Expectations for Cleaning and transfer of the home to the buyers
We've had a few ugly closings due to the sellers not cleaning the house or leaving debris behind. The buyer will not accept a dirty house or leftover debris. If the house is dirty or there is debris you can expect them to delay the closing or charge you for cleaning or trash removal. This could be a $200-$1000 cost to you. The house doesn't have to be professionally clean or spotless, but here are the general expectations.
The home, garage, and yard should be empty.
The appliances should be cleaned and whipped out.
The floors should be vacuumed and swept.
Do not leave debris, expired old paint, hazardous materials.
The home transfers to the buyers right after they sign and receive the keys so you need to be out of the home at that time.
What is OK to leave behind?
Current paint cans so the buyers can touch-up the walls
Any relevant materials like extra flooring or items that would be useful/helpful to the buyers. If you have questions, just ask.
The Final Walkthrough
On the day of closing (or the day before) the buyer will schedule the final walkthrough. It will show up on the ShowingTime app so you can approve it. It's best if you are NOT at the house during the final walkthrough. Don't worry, you still own the home until after the buyers sign at closing. Your home might not be 100% clean and cleared when the buyers perform the final walk, and that's OK.
Don't underestimate the workload of moving
The days leading up to closing are a lot of work! Don't be shy to ask your friends for help. Maybe you'll need a moving company, a moving truck (some people need 2 trucks). Many people rent a dumpster and make a lot of runs to the thrift store. We have some good contacts for moving companies, just let us know.