What to Expect After Signing a Contract to Sell Your Home
It’s easy to find tips on how to get your home ready for showings, but what happens once your home is under contract? As a seller, there is still some game playing to be done as in Colorado the buyer has a lot of power once a home is under contract.
Here’s what to expect after your home is under contract:
Disclosure Documents
Your Realtor® likely had you fill in and sign a wide range of discloser documents before you listed your home. Once your home is under contract, the sellers are required to provide these disclosures to the buyer. The Lead-Based Paint disclosure needs to be sent when you accept an offer. Your Realtor® will guide you through this whole process and ensure the buyers receive the disclosures when the contract requires.
Inspection
Buyers have fallen in love with your home, but it still needs to undergo inspection. This functions much like a showing where you are asked to leave the house while the buyer’s agent and a certified home inspector have access to the property. The buyers will then submit an Inspection Objection outline issues they found in the home. Work with your agent to decide what needs to be repaired and how best to handle the Inspection Objection.
Appraisal
After the house has passed inspection, it still needs to appraise for the contract price. The buyer’s agent will arrange a time for appraisal to be completed before the deadline stated on the contract. If your home does not appraise, the buyers may bring cash to the table to cover the difference, but they could also try to negotiate a lower price. This is why it’s crucial to take your Realtors® advice when setting a listing price for your home.
Transfer Utilities
While the buyers are responsible for calling to set up utilities in their name, it’s in your best interest to call and let your utility providers know you will be moving soon. You can give them your new address and move date so your utilities transfer seamlessly, or just let them know you are leaving your current address. This protects you from unnecessary charges. The title company will handle the transfer of your water bill.
Closing
Everything looks good and it’s time to hand your house over. Your agent will assist in scheduling the closing with the buying side and the title company. If you are selling your house in order to buy a new house, you need to be sure to close with enough time to have the money wired to the title company before your next closing. Congrats on the sale of your home!
If you’re in the Boulder, Broomfield or Denver area, we want to work with you. Having a Realtor® by your side is the best way to understand the process and get the most out of your home. Schedule a listing appointment today!
