You’ve finally decided to take the big step and sell your home to upgrade to something larger, or to downgrade to something with less maintenance. You’ve received the perfect offer and the buyer has the financing in place. All that’s left is packing up and closing. However, it’s not quite as easy as that. You should be well prepared for the closing before the closing date. So, here is some important advice for home sellers on closing in 2017.
Closing Documents
Be sure to keep copies of all documents together. You may need them again, even after the closing. Compare the good faith estimate with the HUD-1 form to ensure that all of the amounts are correct. You don’t want to get shorted after closing because someone made a typo on a number.
Also, be sure that you have all of the documents required for the closing. If you know that certain documents are required but someone tells you that “there’s an exception,” check with the other professionals working on your closing, especially the attorneys. If the mortgage underwriter says he or she needs three years of tax returns, but someone else tells you two, you should have three years, since the underwriter is the person requesting the extra year.
Buyer Requirements
The buyer will have an inspection before he plunks down his money. At the inspection, the buyer may ask that certain things be repaired prior to closing. The buyer may ask you to repair some things even before an inspection. If you do agree to make certain repairs, stay on top of the repairs. The last thing you want to do is to try to get a repair tech out at the last minute. And, should a repair take longer than expected, you don’t want the work to be finished after the proposed closing date. Sometimes, the buyer may agree to a price adjustment if he or she prefers using his or own repair technicians or prefers doing the work himself or herself.
Closing Questions
Be sure to ask your agent, attorneys, mortgage broker and others any questions that you may have. If you assume something, you may be left short at closing. Or, a misunderstanding may delay a closing for hours or even days.
Check at Closing
If you are required, even as a seller, to bring funds to the closing, be sure you know the exact amount, and whether you need a certified check or if a regular bank check will suffice. If a certified check is required and you do not bring that with you to the closing, the process will be delayed.
The House
Before you leave the house the last time, be sure it’s clean. After all, you wouldn’t like to spend days cleaning a house you just bought. Once everything has been packed and cleaned, make a last walk through to check all closets, drawers, storage areas, the attic and the basement. Don’t forget to look on the upper shelves in closets. Leave all copies of keys, door openers and the alarm system code in a kitchen drawer. Turn off all water shut-off valves, especially if the seller won’t be entering the house for a few days. Leave a note for the buyer stating you closed all the shut-off valves.
If you agreed to leave certain pieces of furniture, appliances or other items, be sure that they are still in the house when you leave. Lock the door behind you.
Visit On Point Carolinas Realty
When you’re ready to sell your home, contact us at On Point Carolinas Realty to discuss the best way to sell your home and the closing time line with one of our agents.
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