My House is Under Contract, Now What?
Now that your Chattanooga house is under contract, here is what happens next:
- You wait for the buyer to have their home inspection.
- Typically, the buyer gets back to the seller soon after the home inspection with a list of repairs to make, if they should ask for any repairs at all.
- The buyer’s agent orders the termite letter as well. That would also be an item that the buyer could ask you to repair (if there are termites). Most Realtors try to have the termite inspection during the home inspection contingency time frame.
- Most of what the seller does after the home inspection is wait and see.
- The appraiser is the next person to come to the property. The appraiser is ordered by the lender (that’s not the seller’s job). Be sure the house and yard look good. If the house looks like a foreclosure with high grass in the yard, your appraisal may not turn out too well.
- After all that is done, the loan will be in underwriting for a few weeks.
- During that week before closing, you’ll want to give the title company wiring instructions to wire the funds you make off of the sale to your account. The title company can also give you a check from the proceeds of the sale if you live in town to deposit the check yourself.
- Also the week before closing you will want to contact the utility companies that service your home and schedule the utilities to be cut off by the day of closing.
- Up to 3 days before closing, you’ll get a closing statement to check over.
- The day of closing, you go to the title company with your photo ID, and you sign the closing documents.
- After that…congratulations, you no longer own a home.