Congratulations! You've just accepted an offer on your home, and signed the binder. Now what?
First things first, your agent should let you know what you need to do at this point. Your agent and your attprney take it from here, and call you when they need you, or to give you updates on what is going on behind the scenes on your behalf.
Here's what occurs behind the scenes when I represent a seller whose property has just gone under deposit. I suppose (and hope) it's the same for the agent that is representing you.
The Listing Agent makes sure that everyone involved in the transaction haas a copy of the fully executed and properly filled out binder paperwork, along with the necessary disclosures. That includes you as the seller, your attorney, and the buyers agent representative.
If you have been making the appointments for agents to show your home, your agent should advise you the moment you have accepted an offer as to how to proceed with making further appointments. You should not be fielding any calls from Realtors now. Let your agent handle that. This is a bone of contention with me -personally, I do not believe in homeowners making their own appointments with other agents to show the property. I consider that as part of my services, and one less burden for the homeowner to bear while their home is on the market. Additionally, I always know how many showings there are at any given time, I can talk up the property to the agents before they show it, and build a rapport with the showing agent, if I don't already know them. NOT ALL Listing agents will make appointments, so ask when you hire that agent.
The listing agent reports your property's status to the MLS. Most Multiple Listing Services have rules as to when the property must be reported as under deposit, or the agent will get fined. Our area MLS requires a status change to CTS within 48 hours of an accepted, fully executed offer.
For the sake of this article. I am assuming that you have already chosen your new home, and know where you are going. At this time, you should be getting moving estimates, and start packing. Go ahead, get at least four or five estimates, They can vary greatly.
The buyers agent contacts the listing agent to coordinate the building inspection's date and time.Your agent will call you as soon as an appointment has been set to confirm it with you. Now, there is something to do! Make sure that the inspector can get to the major components of your house, and they are not blocked by furniture or various stored items. For example, if your electrical panel, furnace, or attic has access blocked by any items, you should move them prior to the inspectors arrival.
Also, if your home is going to have a radon test, your windows and doors should remain closed for 48 hours prior to the test, and another 48 hours while the test is underway. Entering your home and leaving your home like you normally do is no problem, but the windows will need to remain closed. If you like to leave the front door or back door open, you will have to remember to leave both of those doors closed during this period.
If you have any manuals for any appliances or components that are remaining with the house, leave them out for the inspector. If you have a record book of any work performed on your home, leave it somewhere where your agent ONLY can see it, and refer to it if necessary.
Last but not least regarding the inspection, vacate the premises, but be available by phone to your agent if the buyers, buyers agent, or building inspector has any questions.
As a listing agent, I expect that the buyers agent will remain in the house during the entire inspection, and I tell them so. Believe it or not, it's not always a given. I also stop by during the inspection to introduce myself to the buyers on your behalf, and to get a "read" on the buyers, and how the inspection is going. I do respect the buyer's and the buyers agent privacy, so it will only be for a few minutes. I will be in touch with the buyers agent later in the day to see if there were any concerns that we should know about, if I haven't already found out about anything during my visit.
Remember, the inspector will still have to pick up the radon test if you are having one, so your agent will call you to set up that appointment.
The listing agent follows up with your attorney to make sure that contracts went out, and then follows up with the buyers agent to make sure that they are signed. Deadlines are outlined in your offer to purchase. You sign the formal contracts AFTER the buyers signs them, and they give the balance of their deposit.
Your agent follows up with the buyers agent to find out about the mortgage application, and you can expect a call from your agent to make an appointment with you for the appraiser for the bank to make a visit to your home. It's one of the last things that happen prior to the buyer obtaining their loan.
Wait to hear from your agent or your attorney that the mortgage is approved.
Call the utility companies to disconnect service on the date of your closing. If you have automatic oil delivery, check your tank now, and if you have enough to last you, call the company and stop the automatic fill. Your attorney handles the water company, so that's onle less phone call for you to make. Don't forget to get change of address forms from the Post Office. Call any creditors and let them know about your pending move, (or advise them in the space usually allotted when you send in your remittance) Give at least a three week lead time
Attending the closing is a personal choice. About 65-70 percent of my seller clients attend the closing with the buyers present. Its not mandatory, and in some instances you won't want to, or cannot go.
Sure, there can be setbacks, glitches, and maybe even delays, but you have professionals working on your team to handle that. As long as you are in capable hands, relax. The process is a lot easier for you than it is for the buyer who has MUCH more to do, and is a lot smoother than you might think!