Under Contract! What's Next?

Congratulations! Your home is under contract! While this is a good reason to celebrate, there are still some steps to take before you get to closing. Here are a few items that will need to be checked off.

1. Home Inspection - If the buyer has not waived their rights to have an inspection done, they will set up a time to have a licensed home inspector perform the inspection within the time period given, (buyer cost). It usually takes a couple of hours and it is preferred that you not be there, as the inspector will usually walk the buyer through to explain what repairs are needed, if any.

2. Radon Inspection - The buyer may request an additional test for radon. The home inspector will usually handle this test as well, and is an additional cost to the buyer. If radon levels come back higher than the maximum limit, the buyer will request that you have it mitigated.

3. Appraisal - Unless it is a cash buyer, your home sale will be contingent on appraisal. The appraisal will be ordered by the buyer's lender, typically after the inspection. If the home does not appraise for the agreed amount, the buyer may request that the purchase price be lowered to the appraised value.

4. Financing - The buyer must have a loan commitment letter before the financing contingency expires.

5. Termite, Septic, and Well Inspection - The termite inspection will need to be scheduled before closing. This is a seller cost and you will be responsible to remediate any uncovered issues. If the property is served by a well and septic, you will be responsible for having those inspections completed as well.

Your agent will be a valuable resource to guide you through each step, and assist you with any issues that may arise throughout the contract period.
Congrats again!