You are so excited because you have your house under contract! One step closer to closing but what should you expect from now until closing date??
This is the time period where your Realtor really needs to be on the ball. There are many dates within the contract that need to be met mostly by the buyer but Lindsay and I believe both Realtors should be watching these dates. It is our job and our responsibility!!
Some of the dates you can expect are:
- Buyer formally applies for loan. 3-5 days normal
- Due diligence period - this is when the buyer may have an inspection completed on your home, a termite inspection, they may research the community, area schools, and ask for seller paid repairs based on home inspection. During this time period they can terminate the contract for any reason. 10-14 days normal
- Finance Contingency - buyer time period to assure they can secure a loan & if they can’t than they have a right to terminate the contract and get their earnest money back. 21-28 days normal
- Appraisal Contingency - this contingency allows the buyer to terminate the contract if the appraisal is lower than purchase price and still get their earnest money back. 21-28 days normal
During this period, your Realtor will assure all time lines are met, negotiate repairs if requested, handle paperwork for attorney, request status of loan, and assuring any other items are met.