From Contract to Closing a Home
The market is hot and that means lenders, home inspectors, appraisers and title companies are super busy and backlogged. If you are selling your home in Clarksville TN, once the contract is signed more work begins. The contract is used as he road map to the closing and should be explicit and clear as to the agreement between the buyer and seller. It is taking a minimum of 30 days to get homes closed if a new loan is part of the financing package. It may be better to allow 45 days to get the home closed. If it is a cash sale it can be done as quickly as a week to 10 days.
The title search is ordered early in the process by the lender to make sure the title is clear and there are no roadblocks that need straightening out.
The sellers agent will stay on top of the process making sure all is moving according to schedule. The lender and title company will be working behind the scenes but there is work for the seller's agent to coordinate as well.
- Buyer applies for loan. Most lenders in Clarksville TN require an upfront application fee be paid to cover the cost of the appraisal. This is several hundred dollars. The lender will gather information from the buyer and information on the property to order the appraisal.
- The buyer picks a home inspector and orders and pays for the home inspection. Though it is not mandatory the buyer have one 95% of the time they want one. If the contracts states there is an inspection contingency they the buyer has a window to negotiate repairs with teh seller, accept the home with no repairs or terminate the contract.
- it is not mandatory that a seller fix anything and buyers need to be aware this is totally negotiable. If the proeprty is bought as is, the home inspection is for informational purposes only.
- Behind the scenes the lender is working on the loan and verification and needed information from the buyer. The appraisal has been ordered.
- The lender continues processing the loan. The buyer should fully cooperate by providing any documentation requested
- Buyers secure their homeowners insurance to have ready for the closing. If a home warranty is part of the sale the order is placed and ready to begin on closing day.
- The seller's job is to maintain the property and finalize moving plans. The seller provide payoff information to the title company and completes any requested/negotiated repairs. the title company will need a forwarding address, contact phone numbers and social security numbers of the sellers. It is best to talk directly with a representative of the title company and not send this information via email that could be intercepted.
- A final walk through is done by the buyer so the buyer can check out the house before the closing takes place. This is to see if the home is in the same condition or better than when the contract was signed.
- Loan approval is the final step and when the underwriter signs off on the loan. The closing disclosure is sent to the buyers 3 days prior to closing to comply with the law. Closing time is coordinated through the title company to accommodate both parties. Monies needed for closing are wired to the title company. Talk directly with the title company to get routing information. Do not respond to an email request to wire funds but verify directly with the title company by phone. They do not take personal checks or cashiers checks.
- Closing day is when papers are signed and title passes to the buyer. The keys are passed, utilities transferred and buyer gets possession of the property.
When you need a Clarksville TN Real Estate agent to guide you through the selling process, give me a call. Contact Debbie Reynolds at 931-320-6730 or click on this link to start the process.
2130 Wilma Rudolph Blvd.
Clarksville, TN 37040
it would be my pleasure to assist you!
"The Real Debbie Reynolds"
931-771-9070 Office | 931-320-6730 Cell