How to sell your home in CT in 2024 - Part 6 - Mortgage Contingency & Moving

As you move closer to the final stages of selling your home, two critical milestones come into play: the mortgage contingency and the logistics of packing and moving. Here's a detailed look at these essential aspects:
1. Mortgage Contingency: With the home inspection successfully completed and any necessary repairs or negotiations addressed, the buyer's focus now shifts to securing their mortgage. This is a significant step in the home-buying process, as it ensures the buyer has the financial means to complete the purchase.
Appraisal: To proceed with the mortgage, an appraiser will need to assess the value of your home. This step is crucial for the buyer's lender, as they want to ensure that the property serves as adequate collateral for the mortgage. The appraisal process typically takes a relatively short amount of time, usually around 20 to 30 minutes. Importantly, you are often allowed to be present during this evaluation, although it's not always necessary.
Mortgage Commitment: Once the appraisal is completed and the buyer's financial documentation is thoroughly reviewed by the lender, the buyer will receive a mortgage commitment. This commitment signifies that the lender is prepared to provide the necessary funds for the purchase. It's a significant milestone, as it means that all financial contingencies have been met, moving the transaction closer to closing.
2. Preparing for Your Move: With the mortgage contingency satisfied, you're now in the final stages of selling your home. Here's what to expect:
Packing: As the seller, it's time to start packing up your belongings. This includes everything from furniture and household items to personal possessions. Your real estate agent can provide recommendations for reliable moving companies to assist with this process.
Legal Considerations: You'll want to consult with your attorney to ensure all legal aspects of the transaction are in order. They'll guide you through any necessary paperwork and ensure that everything aligns with the agreed-upon terms.
Utilities and Services: Your agent can also provide guidance on canceling or transferring utilities and services, such as water, gas, electricity, and internet, to ensure a seamless transition for both you and the new homeowners.
3. Closing: With the mortgage commitment secured, the closing date is on the horizon. This is the final step in the selling process, where all necessary paperwork is signed, funds are transferred, and ownership of the property is officially transferred to the buyer.
4. Moving Out: Once the closing is complete, it's time to vacate the property. This includes handing over the keys and ensuring the property is in the condition agreed upon in the contract. Your agent will guide you through this process and ensure that all loose ends are tied up.
In conclusion, the mortgage contingency marks a significant step towards finalizing the sale of your home. As the seller, you'll also need to focus on the practical aspects of your move, from packing to coordinating with your attorney and utility providers. By following these steps and working closely with your trusted real estate professional, you'll navigate the home-selling process successfully and ensure a smooth transition for both you and the new homeowners.
Carl Guild - Broker/Owner
Carl Guild & Associates
[e-mail]
www.CarlGuild.com
P: 860-813-2275
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