FINALIZING AN OFFER
IF FINANCING WILL BE PROVIDED BY A LENDER
It is the buyer ’ s responsibility to make an application for the mortgage loan as soon as possible . The buyer will have a set number of days to procure the loan . The lending institution will determine the buyer ’ s ability to meet obligations . Since your buyer ’ s mortgage loan is to be secured by the house itself , the lending institution will assign an appraiser to visit your home to determine that its value is enough to secure the loan they are making to your buyer . When all information is received , the mortgage loan underwriter approves or disapproves the loan .
AFTER THE LOAN IS APPROVED
More legal work is necessary , though you will have little involvement . The land title will be searched , title insurance will be ordered and an updated survey of the land may be ordered . If the property has a homeowners association , it will have to be contacted .
WHEN THE PAPERWORK IS IN ORDER
A time and place of settlement will be agreed upon by all parties involved . We will assist escrow and title officers to ensure a smooth and timely closing .
PRIOR TO THE TIME OF CLOSING
The Buyer may request an inspection of the home . An appointment will be arranged through my office . The Buyer may or may not be accompanied by a property inspector , engaged at the Buyer ’ s expense .
AT CLOSING
All documents finalizing the sale will be signed by all parties . All funds will be disbursed once the deed is recorded . Keys are delivered to the Buyer at the closing or whenever possession of the property has been agreed upon .
AGENT RESPONSIBILITIES
My responsibilities are not fulfilled until the transaction is completed . I will follow the progress of all steps mentioned and keep you abreast of developments . I will work with your mortgagor , accountant , lawyer , etc . to insure a timely and highly satisfactory settlement for you .
AN ORIGINAL PUBLICATION | HUGHES REAL ESTATE GROUP OF SILVERCREEK REALTY GROUP | 19