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At this point in the transaction, the buyer is handling all of their due diligence items. This includes home inspections such as whole house, termite, mold, and any other inspections the buyer wants to perform. This time can be fairly dormant for you as the seller—until and unless repairs are requested.
If the buyer of your home is getting a loan, they and their lender will be spending a few weeks getting their loan paperwork in order. There are many items that need to be verified in order for a lender to hand over the funds to purchase your home. Don’t worry, though! I’ll be in regular communication with the buyer’s agent to ensure things go smoothly.
In addition to loan financing, your buyer and their lender will request an appraisal be performed to determine the value of your home. This is required for all homes where the buyer is getting a mortgage. There’s nothing you need to do during this step!
If the buyer, as a result of their inspection, requests repairs be made to the home, we will work together to either a) perform the requested repairs, b) work out a credit to the buyer in lieu of repairs, or c) negotiate the repairs being requested.
- Callout: You aren’t required to make repairs. However, buyers may be hesitant to move forward on purchasing your home if they find large, expensive, or numerous repairs that require their attention. During the due diligence period, the buyer’s may have the ability to cancel the contract based on inspections, which puts us back at square one.