this process. The appraiser will request an appointment to view the home. We will meet with the appraiser on that day. Once viewing the home, the appraiser will determine a value on the home. Once the home has been appraised for a price equal to or higher than the purchase price, the loan will go into underwriting, the final step of the process. Should it not appraise at the purchase price, we will go over the options to resolve the deficiency in hopes of the contract moving forward. There are many solutions. In the world of appraisals, we say don’t worry until there is something to worry about. You will not see the buyer’s appraisal unless it comes in under the purchase price. Once all the requirements are submitted to their lender we await the final approval of the loan, it is at this time that the closing can be scheduled. Extensions are not uncommon within this contingency with disclosure as to what conditions are still outstanding. The magic words are that the file is “cleared to close”. 4. Things To Do Leading Up To Closing During the weeks before closing, it is a good time to initiate, contact and setup canceling accounts with local utility companies. Also, consult with your agent or attorney to see if the village has any real estate transfer requirements of the seller, such as move out inspections or transfer stamps. Regarding utilities, please do not schedule the cancellation of any utilities until the day after the scheduled closing as certain utility companies have been known to turn off the service when the clock strikes midnight. We will provide a moving checklist to you as well to make sure you are staying on track. This is also a good time to schedule an appointment with your attorney to sign final paperwork for closing. 5. Final “Walk Through” The day before or the day of closing, the buyers will perform a final walk-through of the home. The purpose of this appointment is to make sure the home is in the same condition as the day they offered and that all the personal items not included in the contract are removed. It is important to make sure the home is vacant and ready to close for this appointment. Please leave any manuals you may have, all keys and garage clickers on the counter. Please note that while paint and building supplies may be left with the best of intention, these items cannot be left behind without the agreement of the buyer, so please ask us to clarify. 6. Closing Sellers rarely attend closing anymore. It is generally the buyer, their counsel, and the title officer only. Closings can take anywhere between 1-3 hours! Your attorney will be the first one to know it is complete and will be able to get you funds in the manner in which you discussed at your signing appointment. CONGRATULATIONS your home is now sold!
1. Negotiate The Offer The offer process can take a couple days and no transaction is the same. This is where the experience of a real estate professional is important. Once an offer is received, negotiating will continue verbally until we come to an agreement with the other party. Modifications will be made to the original contract and initialed by all parties. It is at this time, depending on contract details, that earnest money will be tendered, and copies of the executed contract will be delivered to you and your attorney. We highly recommend using an experienced real estate attorney as they will be able to best represent you. If you need a real estate attorney, we are happy to refer a trusted attorney in the area. Please call the attorney to introduce yourself and talk about fees. This should always be a flat fee and not an hourly rate. MANAGING THE TRANSACTION PROCESS (30-60 DAYS) 2. Inspection/Attorney Review The first 5 business days (starting the day after acceptance) are considered the attorney/inspection review period. In this time frame the buyer will complete the professional inspection of the home. Radon is typically tested in Illinois. For this test, please prep the property the night before. Close up all windows and feel free to turn on the A/C or heat. Please keep the temps between 67-77 degrees with the doors and windows closed. Only open the doors to enter and exit the property. The fan of the HVAC should be set to auto. This has to be done at least 12 hours before the test. The test is 48 hours long unless the property is not prepared, then it is 72 hours. Once we receive inspection requests, as there are always some, the attorneys will correspond with the other side for resolution and close out the attorney review period. We then move onto the financing period of the buyer and appraisal. 3. Financing Period The financing period is where the buyer works on all the requirements necessary to get a firm mortgage commitment. The appraisal is an important aspect of
Powered by FlippingBook