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Under Contract...That's The Easy Part

 

Your house is now under contract. Selling was the easy part. Now the work begins. We have the buyer and we have a ratified contract. Your house is sold!

 

Whoa not so fast. There is a lot that goes into getting from a contract to final settlement!

contract

  So many steps...here's a few:

Financing contingency. Have you reached out to the lender? Is the buyer qualified for the loan amount? Is there another home to sell or settle for the needed proceeds? Is the house qualified for the loan? FHA, VA, repair or appraisal issues? Was the EMD good? Yes, these are all things that need to be confirmed.

Condo and HOA documents have to be ordered delivered to the buyer and a review period given...7 days for condo and 5 days for HOA.

Inspections...there could be many including a general home inspection, well, septic, radon, termite, water quality, survey, electrical, roof, chimney, mold etc... there is also a space that can be written in "any other inspections suggested by the home inspector."

Title... Is there clear title, free of liens and encumbrances? Who is on the title? Are they all still living? Are there death certificates? Are there owners out of town? Is there POA or an executor, or personal executive?

Don't forget to meet the appraiser with a list of suitable comps to support the selling price.

And so many other things to make sure that settlement takes place on time.

Under contract...that's the easy part.

 

 

Margaret Rome

 

 

 

 

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Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

 

 

Comments

I have often said that getting a home under contract is when the fun begins!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 year ago

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 year ago

Myrl Jeffcoat The fun, the challenge and putting all the pieces together to get to a smooth closing. Thanks for the OFC feature!

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 year ago

Good morning, Margaret Rome, Baltimore Maryland the work begins once the offer is accepted....and there was plenty of work getting to the point of an accepted offer.... marketing takes time and money.... nice post.

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 1 year ago

Very true, I sometimes feel the real work begins once it is under offer.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 1 year ago

I now always tell my clients to not publicize ratifying a contract on social media because a) it's just the beginning and b) you may be giving away info you really don't want to give away at this point in time and c) stop jinxing it  "Under contract" does not equal SOLD (although we will get there!). 

Posted by Andrea Bedard, M.A.; REALTOR® Silver Spring, MD and beyond (Thompson Company, REALTORS®) about 1 year ago

It looks soooo easy in a Sellers market...but experienced agents know...

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) about 1 year ago

Hello Margaret - selling real estate is a lot more than just looking at pretty houses everyday and that's reality!

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 about 1 year ago

Barbara Todaro You and I know that very well. 

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 year ago

Nick Vandekar, 610-203-4543 Yes, so true.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 year ago

Andrea Bedard  "I now always tell my clients to not publicize ratifying a contract on social media "...

This would be a good blog post if you haven't already written one.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 year ago

Michael Jacobs It is a lot more than looking at pretty houses.

May I quote you?

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 year ago

Sally K. & David L. Hanson The more experience the easier it looks in any market.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 year ago

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