STEP 5: Get Sold

Go back to Step 4: Accept an Offer
Review

GET SOLD

The road to getting your home sold begins when you accept an offer from a qualified buyer. It ends when you and the buyer close the transaction and transfer the property to the buyer. Although most people say their home is sold right after they sign the contract; technically, your home is not sold until this transfer is completed.

5.1 Attorney Review

The three-day minimum, attorney review period begins the next business day after all buyers and sellers have signed the contract and received a copy of the contract. Attorney review can last for weeks. Until attorney review is completed you or the seller can decide to cancel the contract for any reason or no reason at all.

You will need to select a real estate attorney to represent you through the selling process. Choose carefully. We can recommend attorneys to you. You can also research and receive recommendations from friends and family.

Just make sure the attorney you select covers the following:

Has practiced in the area/county your home is located in.
Is not scheduled to be in court or on major vacation during the time you need her/him.
Is an actual practicing New Jersey real estate attorney.
Is not going to hand you off to a paralegal you have not interviewed.
Is going to communicate with you in the manner and type you are comfortable with throughout the process.
Is going to charge you at the end of the transaction, not beforehand.

5.2 Contingencies

Once you are out of attorney review, you are in a binding contract. The contract provides the buyer with specific amounts of time to inspect the property, obtain financing and insurance, and review the title and survey before the property purchase is complete. At the successful conclusion of each of these milestones, the buyer will remove that particular purchase contingency and move one step closer to completing the transaction.

The buyer may also use information learned to request a renegotiation of the terms of the contract. This is when your attorney and REALTORS® can really make a difference by helping you make informed decisions on how to respond and proceed.

5.3 Appraisal and Loan Approval

It’s best to accept offers from buyers who have a good lender’s pre-approval letter, which is stronger than a pre-qualification letter. The lender will have an appraisal completed to substantiate the value of the home. There are options available if the appraisal does not meet the sales price. There are risk of the buyer not receiving a mortgage commitment if job status changes or health issue arises.

5.4 Final Walk-Through Inspection

The final inspection normally takes place the day the home transfers to the buyer, called closing. All of your personal belongings, anything not agreed to be left for the buyer, must be out of the property before this final inspection. Once you have removed everything, the property must be left in broom-clean condition. The buyer will visit your home to verify it is in broom-clean condition, and all is in working order as agreed to and as it was seen during the initial visit. Make sure you do not remove anything that is supposed to remain. This is when it is good to know you have exclusions and inclusions clearly delineated in the contract.

5.5 Cancel Home Services and Utilities

Two to three weeks prior to your expected close date, we will work with you to ensure you have scheduled any final readings and termination of your home utilities and services, and connected them at your new location, if needed. We can also help you locate a moving company and other vendors beforehand.