Congratulations on the Pending Sale of your Home
Congratulations! We are on our way to the final closing of your sale. In order to get to closing, it requires a team effort on behalf of you and HomesByMarco. This letter provides you with an overview of what to expect between now and when we close the transaction. It is very important, so please review carefully.
Reaching a successful closing requires paying attention to an incredible number of details for which we have several long checklists.
Even though it sometimes looks as though we are not involved in the many details, rest assured we are watching over them all. Mary, our Closing Coordinator, will continue to track the remaining details (i.e. the buyer's loan process and any other special requirements of the contract). We are always available to you, but to make sure our checklists are followed, it will help if you direct your questions to Mary since she always has the file at her desk.
When we listed your home, you were given a letter outlining what you could expect during the listing process. Now that we have a contract on your home, this portion of the letter is very important because it covers the questions most of the sellers we have worked with have asked. If you should have any other questions, please it would be our pleasure to answer them for you.
Do I continue to allow agents to show my home?
You have several options, but we prefer that you allow the home to continue to be shown until we have completed the negotiation of the inspection. When agents call our office to set a showing appointment we inform them that the home is under contract and will consider back up contracts. This fact usually defers the agent from showing your home so your showings will slow down tremendously.
When will the inspection be made?
There is a time limit in your contract that is very important to follow. Most inspections are made within 5 days of the binding agreement date. After the inspection is completed, the attorney's will discuss on how to remedy any defects. We will have a time limit within which to respond. It is very important to follow these dates, so please make sure you communicate with your attorney and us promptly.
Who attends the home inspection?
- Buyer's Realtor
- Home Inspector
- Buyer's family
How long does the inspection last?
The inspection may take anywhere from one to three hours. Some of my sellers have said they felt personally invaded and wished they had left the home. You may leave or stay; however, if you choose to stay we suggest you stay away from the area they are inspecting. We do not attend the inspection but if you have concerns that come up while the inspection is being performed, please call and talk to us. If the selling agent attends the inspection and tries to discuss anything about the inspection with you, or asks you any questions that make you feel uncomfortable, please call us immediately.
When is the lock box removed?
It will be removed after the final walk-thru and before the closing takes place.
Who handles tracking of the buyer's loan process?
Chris will handle all follow-ups. She will check regularly with the mortgage company to follow-up with the loan status.
When do I discontinue the utilities?
If you are giving possession at closing, arrange with the utility companies for a final reading as of closing day. Do not turn the utilities off prior to closing as the purchaser has the right to check the systems of the house up through the day of closing. Also in the winter, pipes may freeze and cause severe damage.
The purchasers are entitled to a final walk through of your property. This is typically conducted just prior to closing in order to assure them that the property is in the same condition as it was the day the contract was signed. We will notify you of this time when we are advised by the buyer's agent.
Do I make my next mortgage payment?
Make your payment if you are scheduled to close after the 15th day of the month. If we are closing prior to the 15th you will run the risk of the mortgage company not posting your payment prior to closing and therefore you will not be given credit at the time of close. You would receive your check or payment back; however; it will take approximately two to three weeks before its return. I would consult your attorney.
What do I bring to closing?
- Any repairs that were required need to be documented with receipts at closing
- At least one key to give to the purchasers (you can leave the rest in the home)
- Any garage door openers (or these can be left in the house if you vacate the property after closing)
- Also, don't forget your driver's license
Who attends the closing?
- Sellers- can pre-sign all paperwork, contact your attorney to do so
- Title Company representative
Call your insurance agent and inform them you will be closing on your home with the date and time specified. Be certain to inform them if you intend to vacate the property prior to closing, or if you intend to take extra days after the closing before vacating the property. This way you can be certain you are insured. Also inform them if you are renting a moving truck and where you intend to stay the night before moving in. At all times make certain that your valuables are insured.
You will be credited at closing for the amount you have in your escrow account or your mortgage company will mail you the escrow amount after closing. Most mortgage companies will mail it to you after the closing. This will take approximately three to four weeks. You may find out the total amount in the escrow account by calling your mortgage company.