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Contact Powers Team

If you have any questions or need more detailed information, please feel free to contact me via phone at 301.613.7253 or fill out the form to let us know how we can help with your real estate needs.

Office Location 795 Rockville Pike,
Rockville, MD 20852
Phone: (301) 613-7253
Fax: (301) 424-9290

Now That You Have a Contract on Your Home

Most contracts for sale have some type of contingency built in.  The most important contingency is the financial contingency where a lender has certain requirements for FULL approval of the loan.  These are items that a lender cannot approve until after a home has been chosen like appraisal of a home.   Appraisal is necessary for full approval so the lender can ascertain whether the loan is a good risk.  If the home is over-priced and the appraisal comes in low the seller may have to lower the price or the buyer will have to put down more money to purchase the home.  Each situation is different and there are many variables.  So be sure to discuss all you options with your Realtor about the best plan of action.

You also need to have your home available for the buyers inspections.  They sometimes will have a home inspection contingency built in where they can come and look at the home in depth with a licensed inspector.  They may find areas where they will require work to be done before a full purchase of the home is complete.  If so, you will need to fix these items before you settle on the home.

Make arrangements at this time to get movers and make arrangements to be out of your home by the time the buyers perform the final walk-through.  This is generally the day of settlement.  At this time the buyers will check that the home is in the agreed upon condition.  Be sure that you have broom cleaned the home prior to this inspection unless you have made prior arrangements with the buyer’s to have it done later or after a lease-back agreement.

More articles:

  • The decision to sell
  • The difference between a buyer's and a seller's market
  • Do I need a Realtor to sell my home?
  • Staging - what is it and why is it necessary?
  • Pricing it right is critical
  • What determines a home's value?
  • Marketing your home
  • What to expect after listing your home for sale
  • Home Improvements
  • What are disclosures?
  • Short sales, foreclosures, and bank-owned properties (or REO)
  • Lease options
  • Offers
  • Multiple bids
  • What is a seller subsidy?
  • Negotiating offers
  • Now that you have a contract on you home
  • What should I expect at settlement?

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