Streamline Your Closing Selling in United States with airSlate SignNow

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have you ever wondered why it takes so long to close on a house I mean in some parts of the country it's as little as 30 days on average and in other parts of the country it's up to 60 days well what's really going on behind the scenes with all the inner workings of the closing process after you've accepted that offer on your house when today's episode we're going to talk about how the closing process for it's for sellers my name is Andrew Finney your real estate geek if you need help finding a top agent where you live or if you simply want to drop me a line to say hello my contact info is below if you're new here please go ahead and subscribe this channel now and like this video okay team so let's dig into why it takes 30 to 60 days to close on a house after you've accepted an offer in today's episode I'm going to cover a lot of content so I made a timeline down below that you can refer back to it your convenience depending on where you are in the closing process feel free to go back to it as many times as you need and be prepared and be confident every step of the way through your closing process the first thing to do is identify what to do before closing so when we're looking at what to do before closing it really depends on where you are in the process so for the sake of this episode I'm going to begin like you just accepted the offer and we're going to move forward all the way to the day that you close so with step number one what we're looking at in specific is when you accept that offer that in the very next phase is the buyers going to be ordering the home appraisal to a home inspection and they're also going to be some renegotiations going on here and also repair requests taking place pro tip number one ideally you would have worked with a trusted real estate adviser and they would have shared the wisdom with you of a home pre-inspection kind of like a pre list checklist or pre-flight checklist before listing a home if that was the case then you'd be able to go ahead and knock out all the repairs that were needed on the house prior to listing it but let's say that didn't happen so what are the things that you need to be prepared for when the home inspector comes in for the buyer you want to make sure that all your outlets your light switches your light bulbs are working correctly you want to get your furnace cleaned get the a/c going if you need to call out an a/c service to make sure everything's good to go you want to do that you want to go ahead and replace those air filters and your vents just to make sure everything looks good appearances do matter to the home inspector and the home inspectors may be a little bit more generous if your home is spotless and in good working order so you want to go ahead and make sure that everything that you can do as a seller everything works well and is functioning correctly so what's going to happen is after that home inspection the buyers gonna submit to you what's called a repair request now keep in mind it is a request it would be a nice thing that if you as a seller in position to go ahead and correct all the defunct items that are found in this 1,600 point checklist on the home inspector yes I did just say 1,600 point checklist that's very common for a lot of home inspectors across the country so they're gonna be reviewing a lot of stuff with your house so it's not that they're gonna be hitting all the small cosmetic things they may make notes of that but with bigger things do the right thing and fix the things that you can fix it's going to be very favorable to you during the negotiation phase or renegotiation phase if necessary is something to think about it's something to consider and it's definitely something to prepare and plan for whenever you're selling your house now the home appraisal let's say that you had a multiple bid on your house if you had a multiple bid on your house and what likely happened is your price got driven up now depending on what that appraisal comes in you have to realize that the buyer cannot get more home loan than I appraised value so if for some reason that there's a low appraisal that takes place you're gonna have to renegotiate and if you want your house to close you may be finding yourself in a position that you need to reduce your price to the appraised value or the buyer will need to come out of pocket the difference in between the appraised value in the contract price what you two can simply agree to split hairs and keep the deal light when I say split hairs I'm referring to let's say it's a $10,000 variance between the appraised value and your list price if that's the case then you would say okay I'll go down 5,000 you come up 5,000 now that's $5,000 of wires gonna have to pay out-of-pocket above and beyond their downpayment in their buyer closing cost so that's why it's also something to think about with just reducing it to the appraised value I'm of the opinion that that's the right thing to do every day the week you should not do any harm to anybody and to keep everything working well in real estate at the same time it's your house and you need to make the decisions that you believe are appropriate for you and best for your family step number two is actually preparing for closing when we're looking at preparing for closing now this is after the home inspection has taken place this is after the home appraisals come back everybody's happy with the renegotiations and everybody's moving forward with comfort and confidence every step of the way marching forward to that end date of your closing right so there's 10 things that you want to do leading in with number one right after all that stuff is done you want to go into massive pack out mode I mean you want to start getting the boxes you want to get the pods you want to get settle up with the moving companies whomever is going to be packing up the house you need to get them in there and start getting that stuff done and go down to the bare essentials and make your move out a lot easier and convenient for you when the time comes that way you're not in a big rush the second thing that you want to do is take special care and cleaning your house and in specific you want to go ahead and go through all those nooks and crannies inside your house where you may have stored things at one point in time and make sure you're not leaving anything go ahead and get in that attic if you have a basement get down in that basement and check all the drawers open the cabinets and make sure you're not leaving anything behind because when your home closes its no longer yours and it's the buyers and it's legally theirs and they don't have to let you back in so you want to make sure that you get everything out and be ready for that number three you want to turn off the shutoff valves that could cause any kind of flooding or damage to your property from the gas lines to the water lines okay number four you want to process a change of address card with the USPS and make sure that all your mail has been forwarded to your new address if you're going to a temporary address then go ahead and have it forwarded there or to a family member if that's what your preference is so make sure that you're getting that taken care of number five you want to begin notifying your creditors your family your friends and any subscriptions that you have of your new change of address number six you want to begin gathering all the receipts manuals for your appliances and any other information that the buyer should know about your house we have a pool Hoosier pool cleaning service if you have an AC person that comes out twice a year once the service of furnace and once the service they see there for the fall and summer seasons please go ahead and provide that information as well along with any landscaping information whatever it takes to maintain the house the way that you've maintained it please provide that to the buyer it'll go a long ways and demonstrate good faith number seven the title company is going to reach out to you and gather what's called a statement of personal information be prepared to give them your social security number along with your bank information so that they can go ahead and get ready to do the mortgage payoff now if your mortgages already paid off they'll still need this information to process your net proceeds with the money that's coming back to you number eight the title officer will also reach out to you form what's called a mortgage payoff authorization where the mortgage payoff authorization that's not saying that you have to contact your bank and get that done the title also will actually take care of that themselves what they need from you is your authorization to do that so please contact them and provide all your mortgage information and whom to contact along with any contact numbers emails that you may have and the account number for the mortgage company that you're working with and then a what will happen is whenever you get ready to close they'll go ahead and pay that off for you so you don't even have to worry about that remaining balance on your mortgage and of course if you don't have a mortgage then this step wouldn't apply to you number nine is providing your bank account and routing information where you would like your money wire to now you do have a few different options when you get ready to close they're going to ask you if you want your proceeds of wire to you or if you want a check they'll give you the option of picking it up from their office mailing it to your new address most families just they have the money wired directly to their account which generally takes about 24 to 72 hours after closing to get that over to you okay and number 10 is to remember the half funder in this process you're selling a house this is a process that most of us will only ever go through two or three times over the course of a lifetime so make sure you're enjoying yourself and having a lot of fun the third step is the sellers closing checklist so what the sellers closing checklist is going to help you be ready for closing days now this is after all the terms are so been fully negotiated and your buyer will agree on the closing day and location with the title company whether they're going to be doing a mobile notary service or actually meeting up the title company that do that before your closing day at the escrow order what's called a preliminary title report including your payoff balances from your lender if it's applicable and your property tax information behind the scenes what's taking place is that the buyer in their agent will be working the resolve all aspects of the home sell on their end ironing out any of the financing contingency appraisal contingencies and removing any inspection contingencies once both parties are agreed to settle the day before closing the title officer is going to reach out to you and give you what's called an estimated settlement statement but the estimated settlement statement you want to take a few moments and actually review line by line all of the fees that are going to be broke down that you're paying for and what the buyer is paying for as well now ask your dressed real estate advisor to review this with you generally and practice what I see here is that I'd also sent it to me before they sent it to my client I review it I make sure all the numbers look right and if they don't look right I give them a really quick call to get it fixed most cases these title officers extremely extremely good and they do a very good job of getting everything right the first time but your trusted real estate adviser should be reviewing that for you prior to you getting it that way they can explain it to you if you have any questions and go over it line by line with you to answer any and all questions that you have so you have full comfort and confidence every step of the way so there are six things that you need to be prepared to bring to closing number one you wanted to have your photo IDs ready to go for any and all sellers that were on the contract number two any questions you have regarding your closing statement does everything make sense does it not make sense whatever the case may be you need to be prepared to ask those questions at that time number three don't forget to have a pin now obviously they're gonna have pins for you but sometimes people have a lucky pin and they want to sign with that don't forget your lucky pin number four the deed to your home if you own your house outright will be needed to have at the closing table as well number five you want to have your main keys and your security codes ready to go now ideally you will have put those on the kitchen counter or in the kitchen drawer so that everything's where go put it inside a ziploc bag including the mailbox keys in any other keys clickers garage remotes gate codes any kind of gate remotes or anything that you may have put it inside that ziplock bag and please label the keys and let everyone know what we're looking at it's just very simple to take a diamond label or some kind of label and say hey this is the house key this is a back door key this is the pool key this is the mailbox key and sight the mailbox number and what's located within the community it'll help that buyer get better acclimated into their new home number six you want to actually have the documentation of any repair receipts that you may have had per the purchase agreement the turnover if you haven't already done that and yet in the closing process ideally you would have done this some weeks ago before the we ever got to this point but at the end of the day if some of those repairs can take a little bit of time and maybe you weren't able to get to it until just a few days before closing bring the roof parrot seed in with you so that your trusted real estate adviser can get that over to the buyer agent immediately and of course we're gonna have things that stress real estate advisors escrow title officers attorneys ins the attorney states that require them and the closing agents are going to need to have available as well so what we're gonna have is that we're have the title officer bringing in your mortgage and loan payoff information to make sure that's ready to go the escrow account information is going to be there the official settlement statements going to be there ready to go for you and any kind of inspection agreements that may have been needed during the closing process and number five we'd also be able to taking a look at the termite inspections pest inspections that may be required depending on what kind of loan type and what kind of area you're living in in the country and your property tax information once everybody is there at the title company right depending on where you are you may actually be meeting the buyer of your new home if you haven't already yet done so at the closing table in some parts of the country like in Las Vegas Nevada a buyer and seller typically never meet each other unless they come across each other in passing whenever they saw the house or during the home inspection or appraisal processes so it's not uncommon that in certain parts of the country the buyer seller never meet in other parts of the country it's completely common that this happens and everybody settles up at the closing table right there on the spot so it just depends on where you are when you're watching this video all this thing everybody will be there your trusted real estate adviser should always attend the closing appointment with you the title officer will be there the notary will be there and answer any questions that you may have as you're signing your final closing documents the fifth step is to be prepared for your seller related closing cost now obviously you should have had these conversations with your trusted real estate advisor prior to every listing and they should have provided with what's called an estimated net proceeds sheet which broke down in an estimated format how much is gonna cost to sell your home and about how much money you should be able to walk away from prior to accepting the offer on your home they should have broke down another estimated net proceeds perished upon the terms of that contract to show you how much you should be able to walk away from and what the costs are looking like after you closed on your house and specific and estimated net proceeds can be broke down into six main categories the first one is the remaining balance of your mortgage if applicable the second part of course is the agent Commission's that were paid out that you agreed it - whenever you list the property depending on where you are in the country these things could range anywhere between like 5% to 7% it just depends everything is negotiable so it's whatever you and your trusted real estate adviser negotiated prior to listing your home number three and your property taxes your utility breakdown with like the last bills your HOA dues your homeowners insurance and other bills related to the sale of your house number five the title fee's and any real property transfer tax and involved with selling your house based upon your county number six your escrow fees and in some cases if you have attorneys there are fees as well so pro tip number two here when you get ready to close I mean this is like obviously the last day so you don't want to cancel your homeowners insurance just yet you want to leave it active until after you have closed down the house and the reason being is to make sure that everything closed on the buyer site and that you're not left standing without homeowners insurance if god forbid something blew up at the last moment sometimes these things happen because lenders do have what's called a soft pool or last minute credit check if you will prior to closing on the home loan for the buyer if that buyer made a mistake or if that buyer did something stupid because frankly it is that it would be something stupid that the buyer had to do like buying a truck in the middle of closing process which is a big no-no but if they did something like that and they lost their credit score that they needed for the home loan or if it threw off what's called their debt to income ratios this could happen a few days before closing so we want you to be well prepared and we don't want you without homeowners insurance so leave your homeowners insurance on your home for probably three to five days after the closing or after you've immediately closed then you can call them once it's legally transferred to the buyer name and go ahead and cancel it along with your utilities leave your utilities on running through to the three days after closing depending on when you're closing let's say that you closed like on a Friday right well if in your area it's common that not all the utilities will be able to turn on for the buyer until the following Monday then it would be a courteous thing to do go ahead and leave the utilities on until a Monday now ideally the buyer and the buyer agents are on top of their game and they're made sure that they went ahead and transfer those utilities anywhere between seven days and 10 days before now which is your closing day the next thing that you want to do is go ahead and schedule a professional house plane it is the polite and right thing to do they have your house professionally cleaned after all of your stuff has been vacated from that property let's finish it strong by having that house ready to go for the incoming buyers so that they can move in and begin making your house their new home so the sixth step is what do you do after closing now's the time to make sure that we wrap everything up in a nice little bow and make sure that we keep a copy of every single thing that you got during the sell of your home from your closing documents to your closing disclosures to if you have an attorney there paperwork as well you know that your tax advisor is gonna be asking you for that information they always ask us every single year did you buy or sell a home within the last 12 months so we want to make sure that we have that documentation ready to go for them because they're gonna ask for it right so keep it in this safe and secure place there's three other steps that you want to take right after you closed so you want now you want to make sure that you turn off your utilities and that they're transferred out of your name number two now is the time that counts for your homeowners insurance policy and make sure that if you bought your new home that it's active on that house as well and number three is time to file your closing paperwork in a safe and secure place now this has been a very involved video with how this closing process works when selling a house now what I'd like you to do is tell me what you took away from this episode in the comments section below along with any of your tips about the closing process when selling a house I want to go ahead and pop up my contact information if you want to drop me a line to say hello if you simply needed help finding a top agent where you live please let me know I always love to hear from you if you haven't already done so I'm gonna ask you to do three things number one please subscribe to this channel number two please like this video number three please share this video around with someone you know it's gonna be able to help because just like you I'm sure you know someone else that would like to know how the closing process works when selling a house please go ahead and share this video with them thank you for watching today team in in between now and next time I'm wishing you and yours a lifetime full of love wealth abundance in happiness enjoy an amazing day [Music]