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Selling with Sundae? What to Expect in the Closing Process

April 5, 2022 | Team Sundae

If you’re wondering what happens after you accept an offer on the Sundae marketplace, this guide helps you understand the closing process and timeline.

Congratulations on accepting an offer from one of our investors on Sundae’s Marketplace! Now that you’ve signed the documents to accept, the closing process begins. 

Remember, when you sell with Sundae there’s full transparency throughout the process and flexible closing time frames. You can close in as little as 10 days, or take your time and move up to 60 days after accepting an offer.  We’ve broken down the steps so you know exactly what to expect for a smooth closing process.  

Step 1: Escrow

Once you sign the documents to accept an offer, we will immediately open escrow. Escrow is a legal arrangement where the buyer and seller agree to enlist a neutral third party to temporarily hold money, paperwork, and other assets for the transaction until all terms of the contract have been met. 

At Sundae, we work with trusted escrow companies and closing attorneys that assist us in all of our transactions. We will handle contacting them and setting everything up during this step. An escrow officer or closing attorney will contact you to arrange a time to sign closing documents with a notary public once we are approaching the close date. This varies from state to state, so be sure to check with your Market Expert and closing team.

Time frame: open immediately

Step 2: The cash advance

Of all the aspects of Sundae that differentiate us from our competition, the $10,000 cash advance is one of our most notable. Many of our customers tell us that this cash advance pushed them over the finish line when they were deciding how to sell their home. 

Once you have accepted an offer, all necessary closing documents have been signed, a clear title report has been received, you may be eligible for a cash advance of up to $10,000. Of course, every situation is different so it’s important to ask about your eligibility. Advances vary from location to location, be sure to clarify this with your Market Expert.

It’s important to know that this cash advance is part of your sale profits, after all mortgages, liens and encumbrances have been satisfied, and not in addition to your sale price. 

Time frame: 10 or more business days, depending on the property 

Step 3: The final walkthrough

Now that everything is beginning to shape up, it’s almost time to close! Just prior to the closing date, which we will agree on before accepting an offer, Sundae will call you to schedule the final walkthrough. This is an important step because there are several things you need to do before we can move forward.

Before the walkthrough, the property must be vacant, and keys will need to be handed over to a Sundae team member. Note: We cannot close the property until it is vacant, and this will need to be verified before we can officially close.

Remember, you can leave anything you don’t want to take with you when you move out at no extra cost to you. However, if there are items you intend to keep, it is important that you remove them from the property before the final walkthrough.

Here are 6 helpful tips for packing and moving:

  1. Start early. A few weeks before the moving date, take small steps each day to pack stuff up or throw it out. Set a timer and put aside an hour or two a day for preparation.
  2. Allow more time than you would think. Even the best packers and most organized people always need more time than they think.
  3. Create a checklist. The process will go more smoothly if you have a list of things to do prior to your move. Here is one to consider
  4. Declutter. This will allow you to pack and move less stuff, ultimately saving you money and time.
  5. Enlist help. Get some family members to pitch in. If you can afford it, hire some help. Look for nonprofits and charities that might be willing to pick stuff up for free. 
  6. Prioritize what you plan to keep. Once Sundae takes possession of the house, we will dispose of any items left in it, so remember to remove those first.  

Time frame: depends on the seller

Step 4: Closing

Congratulations! You have successfully made it to the last step: the final closing process. Once all documents are signed and notarized, you’ve officially moved out of the property, and the keys are in our hands, escrow or the closing attorney will confirm that the sale has closed. You’ve successfully sold your house.

At this step, there is nothing left for you to do except wait to get the proceeds from the sale of  your home, which typically happens the next business day after confirmation of closing.  Our hope is that by this step, you will know what it means to sell your home for the highest off-market price without any extra hassle.

Smooth sailing

We look forward to working with you towards a smooth closing process. Please don’t hesitate to reach out if you have any questions or concerns. Good luck with whatever comes next!

 

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