topic Re: Question - Selling Home in Community Chat

Question - Selling Home

qvcfreak — Sun, 26 Jul 2015 23:17:50 GMT

I had my house on the market for 3 months with a really bad Realtor, took it off and waited a month for a couple that really wanted it but couldn't come up with full down payment.

I put it back on the market with a different Realtor on 7/18/15 and what a difference. Had our first showing on the 24th and they put an offer in, we countered $2000 more and they accepted. I was told by Realtor, it will take 10 days to reprocess her credit in case of any changes and to get house inspected before we close on 7/31.

My question is, once those two things pass (hopefully without any issues), my home is sold, right?

Re: Question - Selling Home

GCR18 — Sun, 26 Jul 2015 23:22:27 GMT

Yes. Once her loan is good and the inspection passes, it's straight to closing.

Re: Question - Selling Home

Vickiv — Sun, 26 Jul 2015 23:25:05 GMT

Usually a home inspection,title search making sure the mortgage is granted. Few more things that posters can mention. At the end a walk through before settlement. It can be frustrating at times but I'm sure everything will be good for you. Congratulations!

Re: Question - Selling Home

qvcfreak — Sun, 26 Jul 2015 23:27:12 GMT

Thank you so much, I know I need to start packing but I don't want to jinx it and I have two long weekend trips in August and maybe I should start packing things I don't use or need to get a head start but again don't want to get ahead of myself.

Re: Question - Selling Home

itsmagic — Sun, 26 Jul 2015 23:29:09 GMT

Personally I never counted on my house being definitely sold until I walked out of the closing with the papers signed.

Re: Question - Selling Home

qvcfreak — Sun, 26 Jul 2015 23:29:18 GMT

I was told it takes 10 days and then they will let me know but closing on the 8/31 won't give me much time, especially with a big house, 3 outside sheds and just me. Ugh, glad it's coming to an end and so looking forward to downsizing.

Re: Question - Selling Home

qvcfreak — Sun, 26 Jul 2015 23:31:15 GMT

I agree which is why I don't want to get ahead of myself and start packing. But I don't want to get overwhelmed especially because I have two long weekend trips. But thanks everyone for your quick replies.

Re: Question - Selling Home

Stray — Sun, 26 Jul 2015 23:38:45 GMT

You should be good to go... But stuff can happen....but, once the credit is approved and inspection ok, there may be minor adjustments that can be handled....congratulations....I was so relieved when I sold our house and went to a condo...enjoy!

Re: Question - Selling Home

PinkyPetunia — Mon, 27 Jul 2015 00:02:24 GMT

I don't know if your contract has any contingencenies so it's hard to say, yes your house has sold. The buyer's lender will want to do an appraisal. The buyer will have your home inspected and hopefully nothing too major will come up, but you never know. This could kill the deal or be a re-negeotiating point. Not trying to rain on your parade, but it's good to anticipate any eventuality.

In the meantime, get started on getting packed up and throwing away stuff that can go. Do you have a place to move into already? Can you start moving stuff over? A month is not a lot of time but you will get it done. Good luck.

Re: Question - Selling Home

151949 — Mon, 27 Jul 2015 00:08:18 GMT

When we sold our house the couple was paying cash but the time needed for them to have the house inspected, the inspector to send a report and then us to negiotiate about the findings and us to do what we had said we would before closing, plus , naturally, they wanted an appraisal to be certain they weren't paying too much.If you get a mortgage they insist on that. Also, the insurance company they are going to use will need to see and appraisal.As it turned out they were using the same insurance co thru the same agent as we had so he took care of that internally. This all would normally take about 8 weeks. Then a fly in the ointment - the title wasn't cleared - we had to get an attorney because the title companty said my DH owed back child support. He didn't - he doesn't have any children - but we had to get that cleared up before the closing could happen. Even though it was a simple matter of showing the clerk of courts my DH's SS# and then him comparing it to the deadbeat and seeing it wasn't my DH - it took about 2 weeks for us to get the appt. to do that. So, with all this stuff that has to be done they usually wait about 2 montrhs for a closing.

Re: Question - Selling Home

GingerPeach — Mon, 27 Jul 2015 00:05:56 GMT

@qvcfreak

Try not to think of clearing things out as jinxing it. Think of it as preparing for the rest of your life, just with a lighter load, and that it will benefit you whether you move to a smaller place or somewhere that is similar.

Re: Question - Selling Home

tansy — Mon, 27 Jul 2015 00:07:07 GMT

I don't celebrate until the inspection's been done.

Re: Question - Selling Home

151949 — Mon, 27 Jul 2015 00:16:59 GMT

Unless you are selling the house cheaply to get rid of it in as is condition, you should expect they will find things on the inspection. They always do. For us - they saw one carpenter ant outside on the porch and made us have the entire house inspected sprayed for termites, Also a electric line from the box to the furnace was not up to code because the code had changed since the house was built 28 years before so we needed to get an electrician in. They also have to do a test to see if there was any radon gas in the house and that took 10 days.Some of the stuff was picky and we just negiotiated a lower price for that. Honestly, I can't see how you can possibly close on a house in 10 days .

Re: Question - Selling Home

surfk — Wed, 29 Jul 2015 23:17:40 GMT

deleted by poster

Re: Question - Selling Home

Ibby114 — Mon, 27 Jul 2015 02:14:55 GMT

@surfk wrote:
@qvcfreak wrote:
I had my house on the market for 3 months with a really bad Realtor, took it off and waited a month for a couple that really wanted it but couldn't come up with full down payment.

I put it back on the market with a different Realtor on 7/18/15 and what a difference. Had our first showing on the 24th and they put an offer in, we countered $2000 more and they accepted. I was told by Realtor, it will take 10 days to reprocess her credit in case of any changes and to get house inspected before we close on 7/31.

My question is, once those two things pass (hopefully without any issues), my home is sold, right?
Its on its way. Its moving in the right direction. Its moving, at least.

But as someone who has bought and sold a lot of house in my lifetime, it ain't closed till its closed.

Its what makes moving and DEATH the top two most stressful experiences in a person's life. Well, one's own move...and someone else's death (to be exact). lol

Get prepared to close since its such a quick closing. That's really quick. Which could be a good sign if it came from the buyer's side to do that. Means they NEED to get into a house or don't want to waste time.

HOWEVER. the home inspection is extremely important and often a game changer. If they find anything not to their liking, they can either pull out or demand you make the fixes. Generally, people will look for a credit at closing - especially when its such a quick closing AND if the fixes aren't ridiculously expensive or show real structural problems.

It all sounds normal at this point. So PLAN to get ready to move...quick. Because everything could move that quick suddenly.

But just beware of the buyer using the home inspection to try to leverage a better price at the LAST MOMENT.

Sometimes (not always) a buyer who requests a super quick closing and home inspection does so knowing or hoping that the inspection won't be perfect. That gives them a leg up at the eleventh hour to get you to agree to reduce the price suddenly or give them a big credit at closing.

And sometimes savvy buyers make it a quick closing date - so, along with the home inspection angle - they're not wasting THEIR time should they need to pull out completely and continue their own home search.

So, brace for what happens with this home inspection - and HOW exactly the buyer might use the info.

Its why I always - always - pay for my own home inspections PRIOR to putting my home on the market. I then know what a buyer's home inspector will or might find. I then have insight into whats real or what's exaggerated. I also can correct or fix anything that needs addressing long before even listing the house. You might have to disclose the fixes but the buyer can't then go using that to talk down your price (quite so easily). Its worth the couple of hundred bucks prior to selling. Because buyers exaggerate the credits they want or the discount they want usually. A $1500 carpeting credit suddenly becomes - to the buyers - a $10,000 credit request (because really the buyer wants to put in hardwood floors).

So the next few days are extremely important for you to be ready to have a comeback for whatever the buyers might have to say post-inspection.

What a great suggestion!!! The hardwood floors comment 'spoke' to me. My Dad moved from his condo in 2011 and the buyers did a 'poor us' negotiating after their home didn't sell for the price they hoped for. My Dad lowered his price 5% - and wouldn't you know days before closing they had a contracter come in and measure for hardwood floors!

Re: Question - Selling Home

Lila Belle — Mon, 27 Jul 2015 02:25:25 GMT

Hoping this sale works out for you !

Wishing the best of luck to you and your new beginning !

Re: Question - Selling Home

qvcfreak — Mon, 27 Jul 2015 02:44:07 GMT

Oh Wow, it's a lot to take in and yes, the buyer is requesting the inspection and was told they are re-checking her credit just to verify no changes or purchases have been made since the approval and this process takes 10 days and if all clear then we close on the 31st which is very quickly but she doesn't want to pay rent for August. I did have an appraisal done prior to putting my home on the market, I felt the realtor I spoke to first and didn't go with was underselling it and she was. When I went to the Realtor that really didn't do much without showing him my appraisal, he brought one in and his was $2500 more. The amount accepted is below the appraisal and I did a lot of upgrades before the For Sale sign went up. I pray and hope everything is smooth sailing and tomorrow I will bring boxes home and start packing the rooms I don't use at all. I'm also leaving all the appliances which include stove top, oven, dishwasher, microwave, fridge, washer and dryer

Re: Question - Selling Home

151949 — Mon, 27 Jul 2015 03:06:35 GMT

OP - you are aware aren't you that on the day of the closing - 5 days from now - the new owners will take possession of the house and you will have to be out of there, lock, stock and barrell before that happens ?

Have you made any arrangements for how you are going to move your belongings? A mover? Rent a truck and get friends to help you load and unload it? Do you have any idea the volume that a house full of personal belongings takes up? We had our furniture and 70 BOXES that were each 4ft tall by 4ft across. Clearly, they are counting on moving in there that day.

Re: Question - Selling Home

KathyPet — Mon, 27 Jul 2015 03:06:11 GMT

Your house is not SOLD until you go to settlement. it is under contract but no it is not sold. The seller pays for the inspection and it is my feeling that home inspectors don't feel that they have done their jobs unless they can find something wrong with the house that the buyer can use to negotiate the selling price down on or get a credit at settlement for so be prepared for that to happen.

Re: Question - Selling Home

feline groovy — Mon, 27 Jul 2015 03:22:40 GMT

New start, easier life.