Offering a good show of the property. For example de-cluttered, in order, bright and clean.
Commitment Vs. Close
Commitment date - The date that the bank gives the buyer the official clear to close (CTC). It is negotiable, but typically it is 7 days prior to the close date.
* A buyer applies for a loan. The lender then approves that loan with conditions (proof of income, employment, property valuation, etc.). Once the buyer satisfies all of the lenders conditions, the lender will issue a clear to close (CTC). This means that the bank has asked for all the information they need from the buyer, and based on what was provided, they approve the loan and agree to provide the funds the buyer requested.
Closing date – It can typically take 30-45 days after the attorney approval period is closed for the transaction to settlement (close).
* The closing location is set by the seller’s attorney. It is suppose to be at a title company that is close to the sold property and convenient to both parties. HOWEVER, either attorney may have other closings scheduled for the day of your closing, so to accommodate an attorney’s availability, the closing may be scheduled based on where an attorney’s scheduled to be that particular day. THIS COULD MEAN A CLOSING DOWNTOWN. I suggest that you speak to your attorney about your preference for closing location and hopefully they will be able to accommodate.
What will need to be done by the time of your closing
- The title of the property will need to be “pulled” and checked for any unpaid liens on the property, including mortgages, loans, outstanding bills from contractors
- The property will need to be in compliance with all local municipality rules for transfer of a property, including final water readings, any village inspection issues, purchase the “transfer stamp”, etc.
- All of your personal property will need to be removed from the house by the time of the final walk-thru. This includes your clothes, furniture, garbage, and pictures.
If you hire legal representation for the closing, your attorney will do the title work listed above and prepare the title for transfer while working with the title company. Please confirm with your attorney your have chosen whether their services will include picking-up the transfer stamps necessary for close.
Is the Market appreciating or depreciating in values?
Supply (amount of houses for sale) vs. Demand (amount of buyers looking for houses)
When supply exceeds demand, prices can depreciate because buyers have more options. When demand exceeds supply, prices can appreciate because buyers have less options.
Do buyers think that they will get a raise, not just have a job?
Do buyers think that supply is greater then demand?
Do buyers think that the economy in general will be effected positively by upcoming elections and fiscal agendas?