After the contract has been executed, we are in the “Attorney Review/Inspection” period.○ Within 5 business days of the contract being executed, the attorneys need to both either approve of the contract, disapprove of the contract, or propose modifications to the contract. Anything except price may be modified during the attorney review period.
○ The home inspection and radon inspection will happen during this period, and the attorneys will negotiate any issues brought up in these inspections.
○ It is not unusual for either side to ask for an extension of the Attorney Review period.
Within 10 business days of the contract being executed, the buyer must submit their loan application with their lender.
Our team will work with the lender to confirm this has been completed. We will communicate the results with you.
It is critical that your home appraises at or above the purchase price.○ You do not need to be home during the appraisal. If you have a plat of survey or blue prints, please leave that on the counter for the appraiser as this will be helpful to them.
○ We will typically will have results approximately five- seven business days after the appraisal has been completed.
○ Our team will call the lender to verify the property appraised at or above value, and we will communicate the results with you.
Mortgage Clear to Close.○ It typically will take lenders about 25-35 days to issue a “Clear to Close” (this time frame can be even longer for FHA or IDHA loans). A “Clear to Close” means that the buyer has been fully approved and all lender conditions for the loan have been cleared.
○ Again, it is not unusual for the buyers to request an extension of this deadline.
Once we have verified that the home appraised at value, and we have “Clear to Close,” we are all set for the closing date!
Sit back and relax and our team will follow up on these timelines and keep you informed!
We want to make this process as smooth as possible for you!
As always, please feel free to call or email us with any additional questions.