the contract is fully negotiated and signed.
2. Pre approval letter and FICO scores:
The buyer's lender should be able to provide them with a pre approval letter which will state that the buyer is qualified for the purchase. The letter should also state what financial documents the lender reviewed in arriving at the pre approval. A loan commitment letter is a more in depth approval and means the buyer has been fully underwritten by the lender. FICO scores or credit scores will show how well qualified the buyer is. If their score is right on the edge of being approved, then they are at greater risk of having their loan fall through.
3. Inspections:
If the buyer used an “inspection contingency clause,” which usually provides for either a 10- or 15-day inspection period, an appointment will be made either with you or your agent for the home inspection service to perform the inspection. The inspection process usually takes two to three hours, and the buyer may accompany the inspector. The home inspector will bring a bag of many gadgets and will inspect everything from the roof to the electric circuit box.
4. Inspection Results:
The inspection report is usually delivered to the buyer or their agent within a day or two after the inspection. The buyer will examine the report and will either
(1) Accept the premises “as is” and proceed with the sale,
(2) Accept the property with a condition that certain item(s)
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