contingency, an appraisal will be performed. The appraiser will call either you or your agent for an appointment. He or she will come to your home and do some measurements, take pictures and notes, and go back to the office to write it up. Usually, it takes about 10 days from the date the appraisal was ordered to its completion. If your home appraises lower than the contract amount, there may be some renegotiations, or the buyer may even back out of the deal, unless an adjustment is made.
6. Loan Approval:
After the appraisal—and after all the paperwork required to verify the buyer’s ability to pay the mortgage is completed—the “loan package” is sent to the underwriter. This process usually takes three to five days. It is not unusual for this step to take place within the last week before the closing date.
7. Title Work:
Normally, the seller is providing owner title insurance for the buyer. If you have not done so already, your closing agent will email copies of the contract to the title company or attorney. For a cash sale, the title work is usually ordered just after the contract is negotiated. If this sale is contingent on financing, then usually the title work will be held up, pending inspections, and appraisal steps being satisfied. Your agent will normally keep in touch with the title company or attorney and advise them of the buyer’s loan progress. The title officer or attorney also handles all the arrangements with your mortgage holder(s), regarding the final payoffs. You don’t need to do anything.
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