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HAR Press Release

What happens after the contract is signed:

• Coordination of inspections by buyer

with seller (this can take anywhere from 7 to 14 days)

• Buyer consults with Inspector and Realtor regarding findings in the inspection report3

  • Buyer will more than likely ask for repairs and/or seller contributions to buyer's closing costs.

    • Buyer sends seller an amendment to contract specifying changes requested.

    • Seller receives amendment request and copies of all inspections then consults with his Realtor.

    • Agreement:  the transaction continues

    • No agreement-contract is terminated by buyer and the seller has to start again to find another buyer (keep in mind, the seller will have to disclose the existence of prior inspection report)

• Title work coordination

:  The title company sends commitment for title to all parties.

• Title commitment reviewed by both Realtors for any exceptions to title beyond the standard printed exceptions contained within the contract.

• Curing any defects in title may postpone closing

• Lender required documentation

  • Title commitment

  • Survey

  • Appraisal (justifying contract sales price)

• Coordinate with buyer/buyer's agent on loan progress

• Keeping seller advised regarding progress of all the above

Keep in mind!

An experienced agent will anticipate and possibly head off potential problems before they can escalate and torpedo the transaction.

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