FSBO STEPS AFTER THE CONTRACT
The buyer of your home will probably want to hire a property inspector to inspect the condition of your home. The contract will state how long the Buyer has to complete the inspection and inform you of any unsatisfactory conditions. Allow about 3-4 hours for the inspection. There are usually some items that come up during the inspection that the Buyer will request you take care of prior to closing. Each Buyer is different. Some are picky and some are not. You will have to come to an agreement with the Buyer to keep the contract in force. Once you have agreed, you can breathe a sigh of relief. The inspection is usually the highest hurdle.
The Buyer's lender will order an appraisal to determine the value of your home. We will call you to set up a time that the appraiser can come by. The appraiser will measure your home and take pictures of the exterior, front and back. The appraiser need to come inside to measure rooms and will look at the condition of your home. You should allow 20-30 minutes for the appraisers inspection. You should prepare your home like you would for a buyer prior to the appraisers arrival. It will take about 1-2 weeks for the appraiser to complete the appraisal. It is customary for the buyer to pay for the appraisal.
The Buyer must notify you of their lenders final loan approval, in writing by the specified date in the contract. You want to be paying close attention to this.
Preparing to Move
In addition to packing and lining up movers or friends, you will need to contact the utility companies for electric, gas, telephone, cable TV and trash.
You will also need to file a change of address form with the postal service.
Make sure all requested repairs are complete and any HOA required repairs are complete and home is clean.
Check to see if the buyers want any leftover paint cans.
You can leave any appliance manuals or helpful info for the buyer on the kitchen counter.
The Final Walk-Through
The Buyer Agent will schedule a final walk-through of the property the day before or the day of closing to make sure that everything is in working order and in the same condition as when the contract was signed.
You will need to have everything out of the home and the home needs to be clean and ready for the buyer.
All items that were requested to be fixed from the home inspection also need to be completted as well as any HOA required repairs.
Since your lockbox needs to be returned PRIOR to closing - just hide a key for the agent somewhere.
Leave all keys and garage remotes on the kitchen counter except for one that can be left at the title company if you both are closing there or leave a key under the mat for the buyer agent to give to the buyers after closing.
The Closing and Timing Your Move
A day or two prior to closing, the Escrow company will call you with the amount of the check you will receive at closing, go over individual figures and request changes, if necessary.
Typically at the closing are you, the closing escrow officer, the buyer and the Realtors. Be prepared for writer's cramp. At closing, the closing agent will:
- Received & Disburse Funds
- Prepare and Deliver Documents
- Notarize and Record Documents
- Mail Your Mortgage and Payoff & Updated Address
After closing you can work out any timing or other final details with the buyer.
It is customary to provide the buyer with one key at closing and leave the rest in the house. There it is!