We’ve addressed final repairs from the inspection report or agreed to pay monetary concessions at closing to satisfy certain issues with the home. That was your last big hurdle to clear. Well done!
Buyers, meantime, have supplied documentation and earnest money to escrow (if earnest money wasn’t already delivered as part of the original offer). They are in a time crunch to organize financing and find a mover.
You and your buyer are nearing the finish line!
You will likely hear the phrase “clear to close” from one of your team. It’s the step that starts the final phase of the home-selling process – and it’s here.
It essentially means the buyers’ lender has signed off on their loan and shipped the closing disclosure to escrow to complete the sale. It’s very unlikely your buyer will have the ability to rescind his/her offer at this point without losing the earnest money deposit.
Within 3 days of receiving the disclosure documentation, escrow will have sent you and your buyer the settlement statement with your net proceeds. The numbers have been tabulated.
You now know how much you will net. Buyers know how much they need to pay by closing and the process is going along…smoothly, we hope.
What’s next?
Scheduling a meeting with escrow and committing to the deal.