Our house is under contract...now what?

[DaisyLynn]

Our house has been on the market since July, and we got our first offer on Friday - we countered, they countered back and we accepted it. I don't want to get too excited, though. I know that something could happen to make it fall through, although I don't know what that could be.

My husband has been taking care of everything, talking with the realtor, etc. But he is just not good at explaining the process to me.

I have the Purchase and Sale Agreement in front of me. I know that the inspector was there yesterday. I don't know much beyond that. I promise I'm not dumb, I have an idea - but I've been looking for an online resource that will explain how this process works in terms that someone with no real estate knowledge will understand.

Anyone able to help or point me to a website that I just haven't been able to find?

Thanks!

 

[golfgal]

Was it the inspector or the appraiser? The inspector looks over your house to see if there is anything wrong. If they find anything, the buyers can back out (if they put a clause in there dependent upon inspection). If everything checks out, the process moves forward. An appraiser will come out to determine the VALUE of your home. Once that is done, you sit and wait to see if the buyers qualify and if your house is ok with their bank. Once everything is approved and done, you close and turn over your keys.

Keep in mind that the banks are making people jump through MAJOR hoops right now to qualify for loans so don't be surprised if there is a lot of back and forth on this.

 

[disneychrista]

If the home inspector found any issues the buyers can one of 3 things:
1. Cancel the contract
2. Ask you to fix/correct the issues or ask for concessions (ie drop price to cover the repairs)
3. Decide to go ahead with out asking for you to fix things

 

[The Mystery Machine]

Is your home in perfect move in condition with nothing worn or old? Newish roof, furnace, no leaks? Priced properly?

If so you will be good to go.

Now if you have things that are "iffy", the inspector will make note of it.

As disneychrista says, if the repairs are significant then they will do the things listed.

 

[DaisyLynn]

Was it the inspector or the appraiser? The inspector looks over your house to see if there is anything wrong. If they find anything, the buyers can back out (if they put a clause in there dependent upon inspection). If everything checks out, the process moves forward. An appraiser will come out to determine the VALUE of your home. Once that is done, you sit and wait to see if the buyers qualify and if your house is ok with their bank. Once everything is approved and done, you close and turn over your keys.

Keep in mind that the banks are making people jump through MAJOR hoops right now to qualify for loans so don't be surprised if there is a lot of back and forth on this.

Thanks for your response! I'm 98% sure it was the inspector that was there. It's hard and I'm a bit removed from it because we have actually already moved to another town about an hour away, so all this is happening and I'm not having to really do anything or be involved. I know that the buyers are pre-approved (which is supposed to speed up the process, from what I understand). The agreement says something about a closing date of December 31...which seems really soon. I know they had said they wanted to close by the end of the year, but can everything be done that quickly?

 

[DaisyLynn]

Is your home in perfect move in condition with nothing worn or old? Newish roof, furnace, no leaks? Priced properly?

If so you will be good to go.

Now if you have things that are "iffy", the inspector will make note of it.

As disneychrista says, if the repairs are significant then they will do the things listed.

I think our home is pretty close to perfect. Roof is good, furnace was inspected and cleaned back in June, chimney was fixed, foundation is fine. I'm concerned with our water. We have a well and hard water. We have a filter. It's fine to use, but I wouldn't want to drink it...but I'm super picky about my water. How long does it usually take for the inspector to come back with anything?

 

[tvguy]

I'm concerned with our water. We have a well and hard water. We have a filter. It's fine to use, but I wouldn't want to drink it...but I'm super picky about my water.

Around here a domestic well is a plus. Hard water is tough on pipes, but it is the best drinking water....which is why so many bottle water brands add minerals to make their water hard.

Closing a month from now is really doable. Heck, a co-worker bought a foreclosure, she was pre-qualified for a mortgage before she made an offer. Offer, acceptance, inspection, title search, loan funding and closing escrow took 6 days, she moved in a week to the day after making the offer.

 

[manning]

If need be throw in a one year warranty. Cost is next to nothing.