You’ve put in the hard work to declutter and stage your home. You’ve priced it right and the offers came rolling in! You’ve done the negotiating, reviewed the contingencies, and now your house has gone under contract. Congratulations! You are one step closer to living your ideal retirement lifestyle at The Knolls, a Westchester senior living community offering renovated apartment homes, exceptional services and amenities and a continuum of healthcare services.
As a new resident of The Knolls, you will have the option to work with Premier Transitions, a full-service senior relocation program that will help you through each step of the moving process, at no cost to you. Whether this is the first time you’ve sold a house, or you’re a seasoned seller, Premier Transitions can make your move to The Knolls an easy one.
If you are just starting to think about making a move to The Knolls, download our free rightsizing guide here. This guide will walk you through the steps of preparing your home for sale and deciding what to keep, toss or donate in a way that won’t overwhelm you.
In this blog, we will give you a brief primer for what you can expect when your house goes under contract as you make your move to The Knolls.
Some of the first few things you can expect to happen when your house goes under contract are the inspections. Every buyer will conduct a general home inspection within approximately 10 days of going under contract and may opt for additional inspections to detect mold, radon, lead paint or infestation, as well as specialty inspections such as a well or underground oil tank inspection, if applicable.
The home inspection can take at least 2 to 3 hours, and it’s recommended that the seller not be present so the inspector and buyer may speak freely about any issues the inspector may find.
After the inspections are done, the buyer will have the opportunity to ask for certain issues to be fixed and may also want to renegotiate or discontinue the sale, depending on the findings. Your real estate agent will have a hand in helping you through this secondary negotiating process and make recommendations.
Keep in mind when renegotiating that many buyers will expect everything to be perfect once they are handed the keys, although they are often willing to overlook small issues if they feel they are getting a good price.
Mortgage Contingency and Appraisal
The sales contract you’ve negotiated with the buyer will usually contain a clause which stipulates that the sale of the house is contingent on the ability of the buyer to obtain a mortgage, known as a Mortgage Contingency Clause. The buyer will have about 45 days to get qualified by their bank—if they have not already been prequalified—with a letter that states the buyer is able to fulfill the obligation of the mortgage. However, the main component that will impact the closing is the home appraisal.
A home appraiser will conduct thorough research on the property to evaluate the market price. If the determined value doesn’t match the purchase price, the buyer may ask to renegotiate or withdraw from the sale.
The process is almost complete! Following the appraisal, the lender will do a title search, which includes reviewing permits and zoning, square footage, easements and encroachments. The buyer will also have to prove that he or she has obtained homeowner’s insurance in order to close. Once all contingencies have been met, you’re ready to move! You’ll follow through with the closing process, and you’ll be on your way to starting a maintenance-free, active retirement lifestyle.
A Maintenance-free Retirement Lifestyle
Living at The Knolls means you’ll have free time to pursue your interests, since campus maintenance, housekeeping and dining services will take care of the chores for you. You’ll enjoy scheduled transportation, our Cultural Arts Program and an array of resident-directed organizations and committees. And, with a full continuum of healthcare services, you and your family will always have peace of mind.
For more information on making a move to The Knolls, give us a call today at 914-468-4728, or visit us online. With a wide variety of one- and two-bedroom floor plans, you’ll find the perfect floor plan at The Knolls.