Contract to close.
Your real estate agent will work with the loan officer and closing attorney to make sure all paperwork and documentation are in order to close your home.
Once you and your real estate agent come to terms on repairs with the buying side of things, the next step is to get a closing date in line. As the seller, your major responsibility will be getting ready to move out. Your real estate agent will help you with this task, whether its a moving company or getting you in contact with contractors to do repairs, your real estate agent is there for you during this process.
It is important to get all repairs done quickly and with in the terms of the contract. For example, if the buyers asked for repairs to be made by a licensed electrician, you must have a licensed electrician do the work. In terms of moving, it will take at least thirty days to prepare the closing paperwork. During this time, the buyer’s lender will need to order an appraisal and ask the buyers for information to get the loan “Clear to Close.” Once the loan is clear to close you will have, by law, three days before the loan can close. The three day window is a mandatory period so the individual receiving the loan can look over all paperwork and ask questions to fully understand what they are getting into. This will be the first time you have a hard closing date.
The other consideration you must face is how the contract identifies possession. Is it simultaneous, or did you negotiate in time, for example two days? This means after the house closes, the seller will have two days to move out. Make sure you consult with your real estate agent about this factor during the contract negotiation stage. These two days will mean the world of difference. You are likely buying a new home, as well, and will need the extra time to close on your old house and move to your new home.
The only time we recommend simultaneous closing is if the home is vacant and you have established your next living situation in advance. The time for a seller from contract to close is, virtually, a waiting game, and you and your real estate agent are at the mercy of the loan officer on the buying side. Even with a great loan officer it will take time so be ready to be patient, take care of your side of things and set up routine communication with your real estate agent.