Full time Realtor available 24/7/365 to address your needs. Licensed Realtor since 1997. Licensed appraiser in Illinois. Straight talk & honest answers. Always working for your best interests. Hundreds of closed transactions=great experience=piece of mind for you. Call me for the service you deserve. Satisfaction guaranteed Tom Lysik 224-800-4731
Closing real estate transaction. After a buyer has been found and the contract was signed, the activity transitions from the marketing process to the process of closing real estate transaction. The whole process of preparing the house for sale, then marketing it, is important, but keeping the deal together to the closing date is even more important. Your agent should monitor the closing process very closely and report back to you. Since the house will be taken off the market for an extended period of time you want to make sure this process is closely monitored and that everyone involved in it will deliver, not letting the deal to fall apart before closing. Use the professionals that provide the best services. They will make the transaction move smoothly to a successful closing. The following are some items that should be monitored in this process:
1. Contract approval: make sure all issues (home inspection, any changes like closing date or possession date in the contract, exclusions) are resolved during attorneys review period (in Illinois there 5 business days after contract is signed)
2. Earnest money deposit: check if the buyer placed the agreed upon earnest money amount into an escrow (usually it is kept by the selling office but sometimes attorney will hold the earnest deposit)
3. Home inspections: are the needed inspections done on time according to the contract and by licensed professionals? Are you being kept abreast of any corrective work that buyers require?
4. Contingencies: if sale contract includes any contingencies pay close attention to contingency removal dates
5. Loan officer: your agent should report back to you on the progress on buyers’ mortgage being processed by following up with the loan officer who is in charge for it. Is the buyer completing and returning all required paperwork on time? If not, find out why
6. Appraisal of your house: if you did not price your house correctly, there is a chance that it may not appraise at the amount needed for the buyer to obtain the financing for the purchase. Encourage the people on the buyers’ side to complete the appraisal process as soon as possible. It is a good idea to have a list of comparable closed transactions, the ones that can justify your selling price, and hand them to the appraiser when he/she comes
7. Buyer remorse: it is the sense of regret for the buyer that occurs between the time contract is signed and the closing date. Because of the nature of the real estate transaction, that typically lasts 30 to 60 days, buyers have a lot of time to question whether or not they made a right decision by purchasing the home. The remorse may stem from the fear of making the wrong choice, guilt over extravagance or a suspicion of having been overly influenced by others. Sellers need to be aware of this common problem and have a plan how to react to it if it happens
8. Final walk through: buyers have the right to do the final inspection of the house; this is done usually 24 to 48 hours before the closing date. Accompanied by their agent, the buyer verifies that necessary repairs have been made, that property has been well maintained, that all fixtures are in place, and that no unauthorized removal or alteration on any part of the improvements has taken place. House should be in the same condition as of the day the buyers inspected it and agreed upon all the terms and conditions in the contract.
9. Closing: the conclusion of the real estate transaction is the closing, the culmination of many efforts – finding clients, negotiating offers, solving problems, coordinating inspections, and much more. At the closing, the title to the real estate is transferred in exchange for payment of agreed purchase price. Closing involves two major events. First, the promises made in the sales contract are fulfilled; second, the mortgage funds are distributed to the buyer. Remember to bring all the house keys and garage door openers for the new owner. It is a good practice right after closing to call all the utility companies to stop their services.
Closing on sellers side