A serious buyer will follow the purchase contract like a road map. Removing contingencies proves to a seller that they have satisfied their interest and discovery process. Inspection contingencies will be removed after all trades and discovery is complete. An appraisal contingency will be lifted if the report comes in at or above contract price. A finance purchaser will have full loan approval with ordering of docs as the final event to fund their loan.
But! What if that isn’t the case? However the issue arises, a seller has a duty to hold the buyer to the contract. If for some reason the buyer can’t perform, and won’t cancel, they have a safety net. You as a seller can demand a buyer perform based on the contract, and a short timeline begins to allow them to do so. If the buyer can not, the seller can cancel the contract and begin marketing the property again.
Once all contingencies are removed, the buyer is locked in. Their earnest money is tied to the deal permanently now, giving them incentive to close. As a seller, any repairs agreed to will be done and the move out will be started if it hasn’t already. Termite repairs will also commence, and any tenting (if necessary) will happen after you have moved out.
If you have a purchase going on concurrently, this is the time you have been waiting for to move forward on that transaction.
We at 1850 Realty are happy to share information about the home selling process. Transactions can vary individually, and we are here to help you with your real estate needs. To discuss in more detail, don’t hesitate to contact us:
Next article in this series: Closing Escrow