Next Steps

Now that an offer has been accepted, there are a myriad of dates and deadlines to navigate. Your agent will help you keep track of what’s supposed to happen next and what that means for you and your property. He or she will help negotiate the buyer’s inspection, procure title insurance, and ensure the buyer’s financing is on track by watching the deadlines for the appraisal, underwriting and loan approval. For every deadline, your agent will be by your side advising and drafting any necessary paperwork to move the deal in the right direction. 

Inspection and Appraisal.

Buyers commonly have the property inspected by a licensed property inspector within the time frame that was agreed upon in the effective contract to purchase. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure). If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so that the lending institution can confirm their investment in your property is accurate. 

Contingencies.

A contingency is a condition that must be met before a contract becomes legally binding. For instance, a buyer will usually include a contingency stating that their contract is binding only when there is a satisfactory home inspection report from a qualified inspector.

Before completing his or her purchase of your property, the buyer goes over every aspect of the property, as provided for by purchase agreements and any applicable addendums. These include:

• Obtaining financing and insurance;
• Reviewing all pertinent documents, such as preliminary title reports and disclosure documents; and
• Inspecting the property. The buyer has the right to determine the condition of your property by subjecting it to a wide range of inspections, such as roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist, mold, lead based paint, HVAC, etc.

Depending on the outcome of these inspections, one of two things may happen:

1. Each milestone is found satisfactory and the contingencies are removed, bringing you one step closer to the closing

or

2. The buyer, after reviewing the property and the papers, requests a renegotiation of the terms of contract

How do you respond objectively and fairly to the buyer when a renegotiation is demanded, while acting in your best interests? This is when a professional listing agent can make a real difference in the outcome of the transaction. Having dealt with various property sales in the past, we are committed to providing our expertise to every client, no matter their particular situation.