Congratulations! All your hard work preparing your home for sale has paid off and you are under contract. Here are some tips for what to expect next in the home selling process. Need more details? Check out my free home seller’s guide.
1. It’s home inspection time! Buyers in Virginia typically complete a home inspection to assess the condition of the home once under contract; do the windows work, is the a.c. functioning properly, or what is the condition of the crawl space are all questions that they may ask. After the inspection, the buyers may come to you with a list of requested repairs. You and your agent will work together with the buyers to address the list. Remember not everything on the list is a necessary repair.
2. Buyers getting a mortgage will get an appraisal for your home. The buyer paid appraisal completed through the buyer’s mortgage company determines the value of your home. The mortgage company will not fully finance a home that is worth less than the contract price. We want the sale price of your home to match the assessed value which is why having a local Realtor® is so important in the home selling process.
3. Pest, septic, or well inspections If your home has a septic system or well, these will be inspected to make sure they are in working order. A pest inspection for termites or other wood damaging creatures will also be completed. Some buyers request a radon inspection.
4. Get prepared to move The time between being under contract and closing is typically 30-45 days. During this time, prepare your belongings for the move to your next home. Closing day is the final move out day; after closing day you no longer own the home and cannot count on being able to return to it to get out your final few belongings.
5. Contact your home insurance and utilities companies Speak with your home insurance company to properly close out your account on your current under contract house. Set up shut off or transfer dates with all your utilities. Some utilities won’t let the buyer set up service until the seller contacts the utility company.