The big day has arrived. You’ve worked tirelessly to put your home on the market and it’s now under contract. Here are some important key factors to remember:
- Inspections. It’s typical in our local market that a buyer will want to conduct inspections. They’ll look at the house mechanics, test the radon, run a camera in the sewer line and take a close look at any active termite infestations. They may also take some extra measures in conducting a structural engineering inspection, mold test, and others. Based on your agreement, be prepared for a renegotiation period for items to be repaired or concessions toward the purchase price or closing costs.
- Appraisal. Usually once the inspection period has been completed, and if the buyer is financing the purchase, the lender will require an appraisal on the property’s value. An appraisal protects the lender’s mortgage. It’s a requirement by lending institutions when one obtains financing for a home. The buyer typically pays for this and it’s approximately $500-$700. The bank hires an appraiser to assess the value of the property when the buyer is under contract. If the appraiser says the value is worth the purchase amount or more, then both parties proceed to the closing table. However, if the appraisal value comes in lower than the purchase price – then both parties have five days to renegotiate the sales price per the standard sales contract. Read more here >>>
- Title work. The title company will do a close review on the property’s title to ensure that the seller has a right to sell the property. This includes a review of the deed, mortgages, and any liens on the property. The title company will make sure that there are no issues that would affect the sale and transfer of deed to the new owner. Additionally, there will be title insurance on the property in case there are any unforeseen claims after the sale.
- Closing and possession. You’ve completed your negotiations and you’re ready to go to the closing table. Most commonly the closing and possession date will be the same date. At your closing appointment, you will sign your closing documents and determine how you will receive your funding after all expenses have been paid on the house: property taxes, title costs, etc. Once the buyer signs, you will receive your funding depending on the offer agreement. Read more here >>>
MISSION HILLS BEAUTY
You will want to entertain here, relax here, and live here. Properties in Old Sagamore are infrequently on the market, especially with the great attention to detail that this property boasts. The main floor features a beautiful dining room, living room and a family room. Lots of potential for everyday living and certainly celebrating holidays. More information here: https://www.youtube.com/watch?v=nTcr2nRJam4
MISSION HILLS BEAUTY
You will want to entertain here, relax here, and live here. Properties in Old Sagamore are infrequently on the market, especially with the great attention to detail that this property boasts. The main floor features a beautiful dining room, living room and a family room. Lots of potential for everyday living and certainly celebrating holidays. More information here: https://www.youtube.com/watch?v=nTcr2nRJam4
https://maggief.reexcenichols.com/ListingDetails/6552-Overbrook-Road-Mission-Hills-KS-66208/2464569
Johnson County market update
This week in Johnson County there are 1110 active listings, and 857 listings under contract (Source: Heartland MLS, January 26, 2024).
About Maggie
Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/
Follow her on Instagram and Facebook for updates on the local market.
