After showing your home and you have received an offer, you and your real estate agent will discuss the offer and if you want to accept it or provide a counter offer. Your agent will go over the sales contract with you and prepare the counter offer if necessary. Once the final contract has been accepted and executed by the buyer and seller, the buyer will choose a title company or attorney to handle the closing processes. Any mortgage contingencies will be satisfied usually within 45 to 60 days. Your property should remain in a condition that is ready to show just in case the buyer’s finances falls through.
During the financing contingency period, the mortgage company will set up an appraisal to ensure that the property is adequate security for the loan amount. Finally, when the mortgage loan is approved, the mortgage company will setup a loan committment letter. After the approval of the loan is received, the seller and buyer’s real estate agents will decide upon a closing date.