Accepting the Offer Isn't the Finish Line
Accepting an offer feels like the finish line.
Your house goes pending.
People congratulate you.
You start packing.
Great.
But the house is not sold yet.
Now the transaction has to survive everything between contract acceptance and closing.
Several Processes Run at Once
The first thing to understand is that several processes may be happening at the same time.
Escrow/title begins working on the closing side.
The buyer may be completing inspections and other due diligence.
The buyer's lender, if there is financing, begins moving the loan from preapproval into underwriting on an actual property.
The appraisal may be ordered.
Insurance may need to be confirmed.
HOA documents or demands may become part of the transaction where applicable.
Existing mortgage and lien payoff information may need to be gathered.
The seller continues providing required documents and disclosures.
And every one of these processes has deadlines.
Why a Transaction Coordinator Helps
This is why a professional transaction coordinator can be so valuable.
The coordinator helps track documents, dates and administrative requirements while Lisa remains the agent handling representation, communication, negotiation and strategy.
Inspection
Then comes inspection.
The buyer may hire a home inspector and possibly other specialists.
That can lead to repair requests, credits or another round of negotiation depending on the contract.
If requests arrive, see What If the Buyer Asks for Repairs?.
Appraisal
Then appraisal.
If the buyer is financing and the lender requires an appraisal, the property needs to support the loan under the lender's process.
If the appraisal comes in low, the options live in the low-appraisal guide.
Title Can Surface Surprises
Meanwhile, title may discover issues that need attention.
An old lien.
HOA amount.
Solar agreement.
Payoff problem.
Ownership issue.
Many transactions move through all of this smoothly.
Others produce surprises.
Don't Spend the Proceeds Mentally Yet
This is where the seller should resist the urge to mentally spend the proceeds too early.
Continue maintaining the house.
Keep utilities on as required.
Continue landscaping and pool care.
Complete agreed repairs.
Do not remove things that the contract says remain.
Do not change the property because you assume the buyer now owns it.
Final Settlement Figures
Near the end, final settlement figures are prepared.
Review them.
Ask questions.
If you expected to net $220,000 and the statement says $197,000, do not shrug and assume everybody knows something you don't.
Ask.
Signing, Funding, Recording
Then signing.
Depending on the transaction, sellers may sign before the transaction has actually funded and recorded.
Signing is a major milestone.
It is not always the exact same moment as completed closing.
Once the applicable funds are in place, documents are complete and the deed records through the closing process:
Now you have sold the house.
Keep the final numbers straight with the Seller Net Calculator and the Complete Las Vegas Seller's Guide.
Want to Know What the Records Say About Your Property?
Request a free Property DNA report. Property DNA can include available property, ownership/history, mortgage-related, comparable, neighborhood, school, risk, public-record and other property information depending on available sources.
Current typical turnaround is approximately 40 minutes during normal business hours, and many reports are returned within one hour or the same business day, but turnaround is not guaranteed and can vary.
Property DNA is free through Lisa. Request a free Property DNA report.
Important
Property DNA uses third-party, public-record and other available data believed reliable but not guaranteed. It is provided for informational purposes and is not an appraisal, title search, title commitment, title insurance policy, inspection, survey, legal opinion, tax opinion, environmental report or guarantee of value.
