Congratulations! You are under contract and getting closer to having your property Sold!
Grab a bag of peanut M&M's as we go through the next steps:
Home Inspection: This is probably the most stressful part for sellers. The buyer will likely have a due diligence period to conduct a home inspection and any other desired inspections. Try not to stress out at this point. If you followed Elke's advice and read her book on getting the property ready, hopefully there will be minimal surprises. Once all the inspections are done, they will provide a list of items they want to address. You and Elke will review these requests and determine the necessary actions and any counteroffers you might make.
Attorney: In South Carolina, buyers and sellers usually hire their own attorneys. If you don't have a preferred attorney, Elke can provide you with a list of attorneys she has worked with in the past. Once you have chosen your attorney, Elke will email them the contract and they will get in touch with you on next steps.
Appraisal & Title Work: Keep in mind the buyer is doing a lot of work to get their required steps to closing completed. The buyer will be continuing their loan application at this point, submitting all necessary documents to the lender that the lender requests. And there's a lot of documents! Once the buyer's lender has received all the required documents, the buyer's file will be submitted to an underwriter. During this time, the appraisal will be ordered by the lender and the title work will be ordered for the attorney to complete. This is a point where sellers always want to start packing. It's ok to pack personal items you won't need, however try to keep as much of the home decorating intact as possible at this point.
Appraisal: The appraiser will reach out to Elke to arrange a time to come in to appraise the property. When the appraiser arrives at the property they will be taking lots of notes, photos and upgrades you have done to the home. Elke always tells her sellers, that while not necessary, the sellers should have the property showing just like when they were listed for sale. Think of it as your last buyer is coming to see the house. The appraiser will take approximately 10 days to submit the appraisal to the lender, will be reviewed by the lender and if found satisfactory- congrats! We are continuing on...
Preparing for Your Move: Once the appraisal is complete and approved, and with Elke's confirmation, you should start packing, arranging your relocation plans, and getting ready for the move. Remember you must continue to maintain the property during this time. The contract requires that you keep the property in the same condition as when the buyers first saw the home. That means that all plumbing, electrical, appliances, HVAC systems, water heaters, and other items included in the sale are in working order. Additionally, make sure to keep up with landscaping and keep the utilities on. Utilities need to be on when buyers do their final walk through the day of settlement, so they can make sure that everything is still working. Elke will provide you with a checklist to help you prepare, and don't forget Elke's book has checklists to help you during the moving process.
Closing Disclosure (CD): On or before 3 business days before settlement, the lender is going to issue a document called the Closing Disclosure to the buyer. The CD, outlines all the financial details related to the closing. It shows the buyers what they will be paying to buy the property, what their interest rate is as well as how much money they will need to bring to closing. If the buyer does not receive and sign off on this document, settlement must be delayed, due to the federal time guidelines. Elke, along with the buyer's lender and all attorney's, will monitor this closely and provide necessary advice.
Throughout the entire process, Elke will be there to guide you and ensure a successful sale. It's important to note that the information provided above is not exhaustive and may vary based on your unique situation. Remember, this information is not intended as legal advice.