Selling Your Home - 10 Final Steps
As your home sale reaches it’s final stages, all the packing and moving can be stressful. As your Realtor, part of my job is to help alleviate stress with helpful information. A normal closing period is usually about 30 days. Once the inspection and appraisal are completed, the buyer has invested money and passed most of the contingencies, so barring any unforeseen issues, the home sale is likely closing (and hopefully on time)! If you have any questions or concerns about any of these - just ask me. It’s a complicated process, but with the help of your team of professionals - Realtor, Escrow, Title, Lender, etc… we will work together to make it as smooth as possible.
1) Packing and Moving - Ideally you have already removed 1/3 to 1/2 of the contents of your home and sent it away in a POD (or similar company) to help potential buyers see your home in it’s best light. Let me know how I can help you. Depending on your area, I may have different tips for you. One client recently used PODs who connected them with Hire A Helper who sent two very strong, fast, professional and affordable movers who packed the POD. Through RE/MAX I can offer you this 10% promo code: RMAX
Plan Ahead!
Get bids from different moving companies. There are many options…PODS is one reputable company who can also help recommend movers to do the packing and/or heavy lifting.
2) Settlement Statement Review - Once the buyer’s lender paperwork is submitted to closing (usually anywhere from 1-7 days before closing), the Escrow company (closing agent) will prepare a settlement statement and send it to all parties to review in case there are any questions or concerns. Definitely review this and reach out to the closing agent and feel free to keep me in the loop about any questions or concerns. Here are a few commonly asked questions and concerns:
Utilities: WFG Title & Escrow closing agent, Leeza recently responded to this question with this important info:
The utility amounts are estimated by the City at this time but will be revised after closing. We will work with Seattle City Light and Seattle Public utilities on obtaining a final bill as soon as your sale is final. Please make sure the final readings are provided to the city or to us directly so that this request could be processed accurate. You will have 3 business days after closing in order to cancel or transfer your account but I would recommend to continue making your regular payments so that there are no late fees accrued.
Both Buyers and Sellers should contact each utility company to let them know the day of closing to cancel or start their service. The Form 22K should have a list of the utility companies. Don’t forget about other services such as cable, internet, security system, etc…
Property Taxes: The Escrow company will calculate the prorated taxes to the day of closing so that the buyer and seller both pay or are reimbursed for the correct amounts.
3) Change of Address - Don’t forget to fill out the change of address form online or hard copy with the United States Postal Service.
4) Cable, Internet, Home Security and other things to change to your new address. Get on the schedule for hook up at your new home early so you don’t have any delay.
5) Keys, Remotes, Manuals, Mailbox Key & House Info - Plan ahead to gather up and leave any extra keys, remotes, house info, and if you have a locked mailbox, the mailbox key and any relevant information to help the new owner. The new owner should plan to change the locks after closing.
6) Repairs & Cleaning / Buyer Walk-Through - If there are any repairs agreed to as a part of the contract or inspection response, the Seller is expected to have those done within 3 days of closing. If possible, it is ideal to also make sure the home is all cleaned and ready for the new Buyer to do their final walk-through 7 days before closing. The contract states the “Buyer reserves the right to walk through the Property within 5 days of Closing verify the Seller has maintained the Property, systems, and appliances.” There are many deadlines and timelines throughout the contract - and they can very depending upon the terms that were agreed upon. As your Realtor, I will provide you with a spreadsheet and keep you updated with the deadlines/timelines. If you are timing your move with your next purchase and are not moved out yet, just tidy up as much as possible to show the new Buyer you will not be leaving them with a mess.
7) Signing - Signing will usually take place 1-7 days before closing. Escrow will often wait until they have received the Buyer’s paperwork from the lender. Once that is received, all the lender conditions are met and the closing date is more certain. If you have work travel or any complications the week before closing, discuss it with the escrow closing agent in advance so they can schedule your signing at a convenient time for you. Most escrow companies offer options for mobile notaries who will come to your home (even after hours and sometimes complimentary)!
Once you get to signing…
the home sale is almost complete!
8) Funds Transfer - The Escrow company provides the amount for the Buyer to bring to the signing and contacts the mortgage company and lienable utilities to calculate and process the payoffs. Funds are usually available for the Seller within a day or so after closing.
9) Day of Closing - The sale is final after it records with the county. After the sale records, the keys are released to the Buyer. The Purchase and Sale agreement notates when possession happens. Usually either 5pm or by 9pm on the day of closing, depending on what the contract says.
10) Celebrate! There are landmarks celebrate throughout the transaction, such as day it’s ready to go & listed, great open houses, offer received, offer mutual acceptance, passed the inspection, passed the appraisal,… but the biggest best landmark is “closed / sold”! On the day of closing, the escrow company will facilitate the wiring of funds from the buyer to the seller. After the funds are received from the buyer, the file is “released for recording”. The home or property sale is officially closed once it records with the county. After it’s recorded the new buyer can receive the keys and take possession of the home based on the terms of the purchase & sale agreement.
Of course, every situation can be different. In the last 15+ years, it never ceases to amaze me the new situations that come up and individual nuances some transactions have. As your Realtor, part of my job is to serve as your calm, confident, problem solving professional! No matter what happens I will help you find the information you need to give you confidence in your decision making process. Let me know if there is anything you think that could be added to this list and ask me questions anytime! Thank you! Jen
Jennifer Suemnicht - Jen’s Realty - RE/MAX Metro Realty, Inc.
206-550-1676 / jen@jensrealty.com / www.JensRealty.com
