The Home Appraisal
The buyer’s lender will require a home appraisal to ensure the property is worth the sales price that was negotiated with the buyer. The lender will arrange for the appraisal. The appraiser looks at the property inside and out, then researches similar homes in the area that sold recently to find comparables, or “comps.” If the appraisal comes in considerably lower than the agreed price, the sales contract should allow you to break the deal. You can agree for the buyer to pay the lower price, or negotiate with the buyer to pay the difference or some of the difference between the appraisal and the sales price.
A Final Walk-through
Just before the closing, the buyer will request to complete a final walk-through of the house. Real estate contracts generally require the house to be “broom clean” before closing. That final walk-through enables the buyer to make sure no damage has occurred since they last saw the home, any scheduled repairs were made and that everything that was supposed to stay with the house is still there. For example, if you arranged for the refrigerator to stay but it’s gone, you have to sort this out at the closing.
The Real Estate Closing
The day finally arrives, and you’re ready to complete the house closing process. Before you sign any papers, review all of the closing documents carefully. Make sure the sales price, any credits, and the commission are correct and see how the final closing costs add up.
Besides you and your real estate agent, the escrow agent, will attend the closing. Don’t forget to bring a your checking account information for the escrow company to pay you for the sale of your home. After signing the documents, the buyer’s lender will fund the loan and then the title company will record the title into the buyers’ name. You can then expect to receive all the documents in the mail within a short time.