Under Contract: Closing will be about 45 days from now.
Once we’re under contract with a buyer all of the contingencies will be scheduled from the “contract acceptance date”.
The home inspection typically takes place within a week of the contract acceptance date; the buyer often requests repairs or maintenance items be completed before the signing of the contingency removal.
If you have a private septic system and well:
In our area, a septic compliance certificate is often requested and in many cases required by the county for the sale of a property. Sellers typically have 10-15 days from the contract acceptance date to get this completed. If you need to have the septic system inspected, we can recommend a trusted inspector.
Typically a water test is also needed and, depending on the type of financing the buyer is using, additional testing may be required.
Next will be the appraisal. The appraisal is ordered by the buyer's lender and typically runs 14-24 days out from the contract acceptance date.
Next the buyer and their agent will request a final walk through, (usually the day before or day of closing). They check over the property to make sure there haven’t been any significant changes since their initial showing or home inspection.
Finally the closing can be arranged for you and the buyer to sign together or you can close separately. Signing on the seller side takes about 15-30 minutes. Proceeds will not be released until after the buyer has signed and the lender wires the funds to the title company. Buyer possession of the property almost always takes place after both parties have signed.
Unforeseen need for an extension: don’t get discouraged, we can still close.
When you purchased the property the title company didn’t find anything; that doesn’t mean they won’t this time.
Lot lines are off and now something needs to be moved, surveyed, or remedied with a neighbor.
The property was in a Trust and the correct paperwork wasn’t filed.
There needs to be an easement for property access.
The appraiser/lender has work orders that need to be completed or they won’t finance the buyer.
The home did not appraise for the purchase price and the purchase agreement may need to be renegotiated.
Lot divisions, corner staking, and marking property lines all take time; sometimes longer than you would think.
There are additional people associated with the property that need to be included in the sale and they don’t all agree.
The owner is deceased and the property needs to go through probate.
Final underwriting (for the buyers financing) finds a mistake or something is missing, just days before the closing.
The septic system is non-compliant and has to be replaced before the closing.
Often times the seller can escrow 1.5 times the estimated amount to have the septic system replaced later and the lender will let the transaction close, but the funds will be held in a trust account until the new septic compliance certificate is filed and all invoices are paid. Any remaining funds go back to the seller.