Real Estate Martinsburg Realtor Monika Foster

West Virginia Home Seller Tips: My House is Under Contract, Now What?

In Sellers, Selling Your Home by monika076Leave a Comment

My house is under contract, now what happens?

A house in the Eastern Panhandle is considered under contract when you have a fully executed contract (signed by the buyer and seller) with an agreed upon purchase price, an earnest money deposit check and a prequalification letter from the buyer's lender. The contract is then sent to the real estate attorney to start processing the sale.

Next up:

Home Inspection

  • The buyers will perform a home (and sometimes radon) inspection at their expense within 3-15 days of ratified contract.
  • If items are noted by an inspector that need to be resolved, the buyers' agent will write up an addendum and present it to me. I will then review the addendum with you and recommend a strategy.
  • The home inspection takes approximately 3-4 hours. As a courtesy to the buyers, the seller is not typically present at this time.

Financing Contingency

  • Most buyers require a mortgage to purchase a home and have a financing contingency in their contract.
  • The buyer is required to provide information to the mortgage company to qualify for the loan.
  • The lender will order an appraisal of your home.
  • As your realtor, I will coordinate the appraiser’s visit, typically within 3 weeks after signing contracts.

Pest, Well and Septic Inspection

  • Right around the time of the appraisal, I will order a pest inspection (well & septic if needed).  The inspector confirms that the home is free from termites and any other pests.  If pests are found then they must be eliminated prior to closing.

Preparing to Move

  • Once the financing contingency is fulfilled, the closing will be scheduled.
  • About 1 week prior to closing, call and cancel all utilities in your name.
  • Keep Packing!

Closing

  • The buyers and their realtor will conduct a walk-through the morning of the closing to ensure the home is in the same condition as the date specified in the contract. The home should be clean and clear of ALL personal belongings.
  • The closing is handled at the attorney's office and takes approximately 1 hour.
  • All keys and remote openers should be brought to closing.
  • Bring your drivers license to closing.
  • All warranties and appliance instruction booklets should be left in a kitchen drawer for the new owners.

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