All Things Real Estate: Contract, Inspection and Pending Status

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Contract Items: 

  • Contract price & financing type, if applicable
  • Title commitment
  • Survey
  • Pre-inspection repairs
  • Closing date
  • Possession date
  • Home warranty
  • Seller paid buyer closing costs
  • Option period

Options once the offer is reviewed:

  • Accept the offer as-is
  • Counter any terms you don’t feel comfortable with
  • Submit an invitation for the buyer to submit a new offer

Either the listing or selling agent will get the contract and earnest money to the title company. This is officially when you are under contract.

Inspection/Option period:

  • During the option period, if applicable, the buyer has the right to do inspections

The following inspections might be done:

  • Full home inspection
  • Termite inspection
  • Radon gas
  • Well/septic inspection
  • Plumbing tests or inspections

After inspections, the buyer might come up with a list of repairs for you to do.

If repairs are requested make sure the repairs:

  • Are done by a licensed individual if a license is required
  • Are done prior to closing
  • Are done prior to appraisal, if it is an issue that an appraiser might write up

If the buyer asks for a large item to be repaired, they might send the inspector back out to check the item repaired.

During this status, the title company will need to cure any issues on the title:

  • Divorce
  • Homeowner death
  • Liens
  • Incorrect previous closing documents

Next week we will cover the appraisal & closing process of selling your home.

Brennan Coldiron, Broker/Owner
NextHome Coldiron Group
806-410-1361
 

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