Buying a home or selling a home is a very exciting time, but it can also be very stressful. We want everyone to have a smooth transaction throughout the process. Over the years, we have compiled a list of frequently asked questions, and put them all together to help alleviate some anxiety.
Frequently Asked Questions from Sellers:
Who pays for the inspections and appraisal?
-The buyer pays for appraisal and inspection unless otherwise stated in the contract.
Do I have to be present for the home inspection or appraisal?
-No, as long as the inspector or appraiser has access inside the home, it is not mandatory for you to be there. The buyer sometimes attends the inspection, so in order to avoid a potentially uncomfortable situation, it is recommended that you are not home for inspections. Please remember it is the inspector’s job to find items that need repaired or replaced. Don’t be alarmed when we get the report back from the buyer’s agent. Very seldom does the deal fall apart because of repairs.
Do I have to complete all of the repairs?
-Team Teller will negotiate any repairs you agree to completing. However, it will be your responsibility to make sure the repairs that are agreed upon are complete prior to closing. Buyers will re-inspect to ensure repairs are completed prior to closing.
When can we schedule the closing?
-Closings are typically scheduled the week of the closing date. Team Teller will coordinate to accommodate your needs, and will work with both the lender & title agent to make it a smooth process for all. It is normal to not have an exact closing time or date until closer to the expected closing date per the contract. It is all dependent on the buyer receiving the clear to close from their lender, and although we try to avoid them at all costs, delays or extensions may be needed.
What does “Clear To Close” mean?
-Clear to Close is the term used by lenders that means the buyer financing has been completely approved by the underwriting department, and it is now okay to move forward with the closing. These are the best words a seller can hear! This is sometimes received a few days before closing, and other times not received until a few hours before closing is scheduled. It is important to remember to stay patient, and flexible if “Clear to Close” is delayed, thus causing a delay or change in the closing time.
When do I need to call to change the utilities?
-We suggest calling sometime the week of closing. The transition should happen on the closing date. Do not turn them off, just simply transfer them out of your name. Utilities will need to be on for the buyer’s final walk-thru. Remember to call back and change the date if the closing date changes!!
What kind of check can I bring to closing?
-If you are bringing money to the closing table, please bring a cashier’s check made out to the Title Company handling your closing.
When should we start packing & moving?
-We recommend waiting to pack until all contingencies have been met.
We have also answered some questions that we have received from buyers!
Frequently Asked Questions from Buyers
Who do I make the earnest money check out to?
-It will be made out to the real estate company representing the seller. Team Teller can verify the name & address in the contract. Make sure to put the street address in the memo line.
Will my earnest money check be deposited immediately?
-Yes, this check will be deposited and held in escrow by the listing agency until closing. It will be applied on the HUD-closing statement, and be part of the total amount paid towards your new home.
Is my earnest money refundable?
-Yes, this money will be returned to you if any of the terms of the contract are not fulfilled. For example, if you are unable to gain financing, or if the seller refuses to negotiate the repairs requested.
Who pays for the appraisal?
-The buyer pays for appraisal unless otherwise stated in the contract. This money will be needed fairly soon after you go into contract. Be sure to be in contact with your lender to provide payment.
Why is the lender asking me for all of these documents and making the loan process harder than it should be?
-The lender is not trying to make it harder, they have guidelines they have to follow for every file. Accepting that redundant documentation will be needed for lender approval will make this process easier to handle. Make sure to always give your lender exactly what they are requesting.
Do I have to use the inspectors Team Teller recommends?
-No, you may use any inspector of your choosing. Please just make sure to get us the contact info so we can make arrangements for the scheduling.
Do I have to be present for the home inspection?
-No, but if possible it is a great opportunity for you to get to know the mechanical workings of your home, and also get a better understanding of any issues the inspector has found. In our experience, if you are unable to attend, the inspectors are usually more than willing to discuss any items over the phone.
Again, these are some of the questions we see pretty often. If you have a question about buying or selling a home that wasn’t on this list, feel free to contact us, your Nashville real estate agents! We are always here to help!