Under Contract & Inspection Period
It's time to review the offer. Our culture does not negotiate on the purchase of most goods, so contract negotiations can test even the most calm person. We will review all terms and counter until both sides can agree to all points of the contract... price, escrow deposits, which title company, closing costs, repairs, will the furniture be included, and even closing day.
Once we have both parties signatures the buyers will place Escrow, order Inspections and finalize loan application.
Repairs, Cancellation or Proceed to Closing
Upon completion of the inspections the buyers may request repairs. The home is typically sold AS IS meaning repairs are not required, however the buyers are protected during the inspection period. They have a right to cancel if the home and repairs are more costly than original thought. So typically buyer and seller come to a reasonable agreement on repairs given the condition of the home. Some issues as plumbing, electrical panel and aged roof may not be insurable and prevent a loan from being issued. And it's usually Realtors to the Rescue to help you navigate the big fixes to save the deal and get you to closing day.
Appraisal, Lender Inspections & Underwriting
The Lender is working hard on behalf of the Buyer to meet all additional loan requirements. They will order appraisal. Legacy Realtors work to provide all additional information to support the contract price and if a lower value is reported, then we fight for an adjustment. If there are not acceptable comps to support the homes price, then we may have to have a meeting to reach another solution.
Some loan programs have additional inspections and may issue some repairs and issues the sellers must address before they will give underwriting approval. Once we are approved then comes the fun part, closing day!!