Have you ever wondered what happens after a home goes under contract? Unfortunately, the work is not done yet. To clear this up, today we are here to share exactly what steps you’ll need to go through after you close on your home and the buyer puts their earnest money down.
The next step in the process is to get inspections done. The buyer has a certain amount of days to come into your home with their agent and a professional home inspector to inspect the property. The home inspector will prepare a report, and the buyer may ask for things to be fixed. They will send a copy of an addendum to you and your agent, along with the full report, so you can review and negotiate accordingly.
“Your real estate agent will help you coordinate all of these steps.”
There’s also typically a financing and appraisal contingency. The buyer’s lender will hire an appraiser to make sure that your home is worth what the buyer is paying. Normally, this takes two to three weeks.
Next, the lender will also require a series of inspections, including termite, wood-destroying insects, well and septic (if that’s applicable), and a water test. Your real estate agent will help you coordinate all of these things.
If you have any questions about these steps or anything to do with real estate, please don’t hesitate to contact us. You can reach us at [email protected] or call (703) 729-7001. We look forward to hearing from you!
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