Selling a house is a series of events much like making an omelet. The pan has to be hot before the oil is added. The oil (or butter or bacon grease) must be hot - but not too hot - before the eggs are added. The vegetables, meats, herbs, and cheese go in at just the right time. Then you must wait to fold the omelet over when it's ready; not too early and not too late.
Sure, we say the house is sold when all parties have signed the Real Estate Contract but that's not the end of it. If the Buyers are financing part of the purchase price, we still have to wait on the appraisal. If the house appraises out, we have to wait on the final approval process.
Whether or not the Buyers are using a mortgage, we're still going to have Inspections to get through. Depending upon what is found, we may have another round or two of negotiations. Anything can happen in that time period between the Contract being signed and Closing.
Yes, the house sold - almost - but, we don't close for 31 days. The house is not sold until the transaction is completed at the Title Company. (Or attorney's office, in some instances/states.)
The Earnest Money Deposit may be in the Escrow account but the bulk of the money does not change hands until Closing. The sale is not yet recorded. The transfer of Title/Deed does not occur until after the Closing documents are signed. Any 'bill to closing' charges from contractors and inspectors are paid after Closing. Lenders, Title Companies and Real Estate Brokers are paid after Closing. We can call the house sold for sure after Closing; not before.
A nicely browned omelet, cooked completely through without being overcooked, is a flavorful gastronomic delight to the taste buds and the stomach. So, too, is a well-executed and coordinated home sale.
Originally published by the Author on Kansas City Real Estate With Maria on Active Rain.
