1. Maximizing Buyer Interest
When you offer to cover
the buyer’s agent
commission, it can make
your property more
appealing to a larger pool
of serious buyers,
especially those who may
have limited funds
available for upfront costs.
2. Submitting Financial Documents
Your buyer will submit the
signed contract along with
all necessary financial
documents to their bank
for financing. This could
happen right after the
contract is executed or
after they’ve shopped for
the best interest rate.
There is no specific
deadline for this, as long
as the buyer produces the
bank’s commitment letter
by the date agreed upon in
the contract.
3. Appraisal Process Initiation
Once the bank has
received and reviewed the
buyer’s documents, they’ll
hire a third-party
appraiser. The appraiser
will assess the property
value based on recent
comparable sales and
similar features. The
focus will be on properties
with the closest match,
whether co-ops, houses,
or multi-family homes.
4. Appraisal Scheduling
The appraiser will
coordinate access directly
with me. Your presence
isn’t required. However,
it’s important to present
your home as if it’s being
shown to potential buyers
—ensure it’s clean and
tidy.
5. Receiving the Appraisal Report
The appraisal typically
takes up to 10 business
days. Sometimes buyers
will share the appraised
value, but that’s optional
unless the appraisal
comes in lower than the
contract price, which could
impact the deal.
6. Commitment Letter Timing
Once the appraisal is in,
the commitment letter
should arrive within 10
business days, or up to
two weeks.
7. Board Package (For Co-ops)
If you’re in a co-op, the
buyer’s broker will assist
them in gathering all
necessary documents for
the board package. Once
complete, we’ll review and
submit it to the managing
agent. You may be
required to sign certain
management documents,
but beyond that, your
involvement is minimal.
After reviewing the
application, the board will
schedule an interview with
the buyers.
8. Finalizing the Bank’s Clearance
Once the commitment
letter is received, the bank
will work on clearing the
buyer to close. This often
involves updating
outdated financials or
submitting additional
documents.
9. Scheduling the Closing
Attorneys will finalize the
closing date once the
lender confirms the buyer
is cleared. It’s important to
communicate your
preferred dates and times
with your attorney.
10. Final Walkthrough
Before closing, the buyer
will do a final walkthrough
to ensure the property is in
the same condition as
when they signed the
contract. If anything
changes between now and
closing, please inform me
immediately so we can
address it in time.