You just got through the home inspection, which is usually the hardest part of a real estate contract. Next, buyers move on to the appraisal and final underwriting. Meanwhile, sellers start finishing any agreed-upon repairs.
What Are the Next Steps for Buyers?
As a buyer, your next step is the appraisal and finalizing your loan. The bank will send someone to verify the home’s value, which they call the collateral. You can read more about that in our guide on What is an Appraisal? So, your lender enters the final stages of underwriting. They check all the paperwork to make sure we are ready for closing.
What Are the Next Steps for Sellers?
As a seller, you will start checking off any repairs we negotiated. If we agreed to fix anything on your end, we need to get that process done now. Plus, you will see a sold sign coming up in your yard pretty soon. The hardest part is over, so now we just prepare the home for the new owners.
Reaching the Finish Line in the Spokane Market
In the Spokane and North Idaho market, the time between inspection and closing goes fast. We truly thank you for trusting our company with your largest asset. Our business is built on referrals and reviews. So, if you had a great experience with us so far, please leave a review using the links in your email. But if you did not have a great experience, hit reply on the email and let us know what we could do better. We want to hear the feedback either way.
Have more questions about the steps after a home inspection? Visit spokanehomeguy.com or call 509-990-SOLD (7653) — we’re happy to walk you through it.
FAQ
Final underwriting is when your lender reviews your loan documents one last time before giving the clear to close. They check the appraisal and verify your financial details to ensure everything is ready for closing day.
The seller typically handles and pays for the specific repairs we negotiated after the inspection. We make sure these fixes are completed before closing so the home is ready for the new buyer.
The bank orders an appraisal after the inspection to verify the home’s value. Then, an appraiser visits the property to confirm it is worth the loan amount. After that, we wait a few days for the final report.
