Congratulations, you’ve accepted an offer on your house! You are probably asking yourself, what’s next?
Once you have an accepted offer on your house the status moves from Active to Sale Pending. In most cases you can expect approximately 30 days from Sale Pending to Close (Sold), but it may vary depending on the terms of your Purchase Agreement.
The first 10 days after you’ve accepted an offer are quite busy. This is the timeframe that a buyer will have the opportunity to do their due diligence with inspections/investigations of the property. If your property has a private well and/or septic system, you as the seller will be responsible for having it evaluated and septic pumped if needed or required.
Within the first two weeks, the buyer’s lender will also order an appraisal to be done on the property. The appraiser’s appointment is typically less than an hour. They take photos of the house, measurements and notes to complete their report. Their report is usually submitted to the lender for their review within a week of them visiting your house.
You will also have a title commitment to review for accuracy, clear up any exceptions that are noted, and provide payoff information for liens/mortgages on the property.
The next two weeks can seem a bit quieter after all the hustle within the first two weeks of the pending period. This is a great time to take care of any other seller responsibilities, begin packing and put together a list of utilities and contacts for the buyer.
Once the lender gives the final approval on the loan (typically called the “Clear to Close”) and/or all the terms of the purchase agreement have been met for a cash buyer we can schedule the closing.
There may be other things that arise throughout the selling process, but you can rest assured that I am here to confidently guide you from sale pending to sold! If you are interested in learning more about getting your house sold, contact me today at 616-450-0131 or email me at Michelle@grar.com.
