Congratulation, you are one major step further in the process of selling your home here in St. Petersburg. The offer was negotiated and accepted by all parties. The day the last party signed or initialed a change, is your effective day. So, now what?
Start packing and move out of the house?
NO, no, no. Yes you have a valid legal binding contract,
but most likely there are contingencies.
All these contingencies have to be met first, than it is time to get excited.
(I know you will not like it) but in most cases you will not be 100% sure if you close till the day of closing.
In a cash deal it is a little bit different and you can be pretty sure that you close when the money is in escrow. Most deals however have a financing contingency, and this can be very very tricky!!!
First step, the buyer has to submit a bunch of paperwork
to the lender or mortgage broker, they gather all this and start a file.
I f all looks good and the buyer qualifies for the loan, we move on to the second step, your home has to qualify too, so, an appraisal will be ordered.
Now the need proof of insurance and most likely a survey.
Can you imagine all the things that can go wrong just in these two steps?
See, that is why you can not start packing just because you have an accepted offer.
I know, it is no fun and it can be a long wait but that is just the way it is, Your Realtor can make it a little easier on you by closely watching all the dead lines and following up with the other agent or buyer and mortgage broker. Please see our next post, deadlines are very important!!!