I have accepted an offer on my home! Now what?
Whewwwww!! OK, so you've went through the showings and have a ratified offer! Ratified offer means you the seller(s) and buyer(s) have come to an agreement on the purchase of your home. All parties have signed, crossed all the T's and dotted the i's. Now what!? Well, now we must get through the contingencies that are in the contract.
Your first one is usually the home Inspection. The home inspection contingency usually contains an agreed upon amount of days to complete the home inspection and submit the home inspection report and any repair requests in the home inspection contingency removal addendum.
The buyer and their agent schedule a day and time for a home inspector to come to your home. If there are any concerns, the buyer may ask for certain items to be repaired/replaced. If you (the seller) decide you will repair the items, then that contingency is removed. If you decide you will not agree to repairs, then the buyer can decide to continue with the sale or terminate the agreement.
Assuming all parties have agreed to continue with the sale and you live in a POA, HOA or condo community, then this is the time to order the resale package for buyer to review. Within a certain amount of days after receiving the documents, buyer will have the option of terminating the purchase agreement if they do not like what is in the resale package.
There may be other contingencies, this will depend on, again, your property type and what you and the buyer agreed upon for inspections in the purchase contract.
Usually the final hurdle is the home appraisal. Most lenders require the property be appraised before the buyer will secure the loan. The whole process can take anywhere from 30 to 45 days from ratified date. Your closing date will depend on what you and the buyer agreed to in the contract.
Have more questions? Just ask me! I am here to help!
Helping you sell your home in Virginia Beach, Suffolk, Norfolk, Chesapeake & surrounding areas.