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!
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.