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CLOSING PROCESS

1. Pre-closing


You accepted their offer! But now the work really starts.


Depending on the source of funding for the buyer, it could take several weeks before you are able to close and there’s still a chance that the deal may fall through.

The average closing takes 45 days and usually comes between 30-60 days after the offer is accepted.

There are many issues the buyer will be working through in order to close on the home. Much of it deals with financing, but they also need things like a survey, appraisal, inspections, etc. Take a look at some of the things they will be dealing with over this period HERE.


This means more people will be coming to your home. In order to make sure the process goes smoothly, be sure to keep your home accessible, in good shape, and respond to their requests as quickly as possible.


Your tasks during the closing period are to:
  • Maintain the house in good condition
  • Negotiate or repair something in the inspection
  • Notify your utility companies of a final service date
  • Prepare to move

The appraisal

While the inspection and financing problems are the #1 and #2 reasons for a deal to fall apart, the appraisal is #3. The buyer’s bank wants to make sure the amount of money they are lending isn’t more than what the home is worth. This is why it is important to price your home accurately and why we like to order an appraisal from the onset. Hopefully you won't encouter any problems if you priced your home accurately.


“Clear to close”

Once everything is completed, the lender will issue a final approval to the buyer. This is known as being “clear-to-close.”

At this point, you need to be prepared to move and leave your home move-in ready. The buyer will likely do a final walk-through before closing, too, so don’t leave the home in a poor state since it can kill the deal.


Prepare to move

You must be out of the home by the closing date, which may be difficult to plan if the closing date fluctuates (and it often does). That means you need to do the best you can to prepare.

Experts recommend planning for a move 6-8 weeks before actually moving. This is because moving companies book up quickly.

Budget for moving costs. Even if your move is in-town, moving is expensive and time-consuming. A local move of less than 100 miles with two movers and a moving truck costs, on average, $80 to $100 per hour.

If you’re selling and buying at the same time, you might want to look into temporary housing so you don’t have to worry about timing your sale and purchase perfectly, because it rarely happens.


Average LOCAL Moving Costs:
The average moving price for local moves is $25 per hour per mover. However, that price can be higher depending on your location within the country. Therefore,
  • Studio apartment: 2 professional movers working for 3-5 hours at an average of $25 each per hour = $150-$250 for completing the entire moving job.
  • 2-bedroom apartment: 3 local movers working for 5-7 hours at an average of $25 each per hour = $375-$525 to get the job done.
  • 3-bedroom house: 4 professional local movers working for 7-10 hours at an average of $25 each per hour = $700-$1000 to complete the house move.
  • Larger homes: the estimated local moving costs for larger homes (5,000 square feet and up) rise sharply and can reach values around $1500-$2000, and even more.
Source: My Moving Reviews



Before you close

There are a few things that are easy to overlook, but need your attention before you close, including:

  • Turn off or transfer all utilities and home services
    • Electric
    • Water
    • Gas
    • Garbage
    • Cable, Internet, Phone
    • Newspaper
    • Lawn service
  • Change your address with the post office
  • Change your address with your banking institutions
  • Cancel your home insurance policy
  • Leave instruction manuals and warranties for any appliances, HVAC, and security systems
  • Leave the garage door remotes





General pre-closing resources:

Can the seller back out of the closing?







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