The Offer On Your Home Is Accepted, What's Next?

The Offer On Your Home Is Accepted, What's Next?

Congratulations!  You and the buyers have come to a meeting of the minds!  Everyone has put ink (or digital signatures) on the contract and we're taking the next steps to completing the sale! 

MLS will record Pending and your requests for showings will probably go to zero (but we're accepting back up offers just in case, plus a back up offer gives you more leverage with your primary buyer).

We're not home free yet though, we've still got to clear a few hurdles before sitting down at the closing table and exchanging ownership of your home.

First up are home inspections.  The buyer pays for these, and how long the buyer has to get this done is detailed in the contract.  Typically is 7-10 days to conduct ALL inspections they want to conduct.  MOST buyers will hire a professional home inspector, but they can do it themselves, bring in Dad or cousin James if they want. 

Typical is a whole house inspection (basically checking your home over for proper structure, function, no defects that aren't obvious).  They'll probably also do a wood boring insect inspection (aka termites).  Other options are radon testing, chimney inspections and septic system inspection.  These inspections are meant to address MATERIAL items, not COSMETIC.  Like a showing, DON'T BE HOME FOR THE INSPECTORS!!  They'll set an appointment just like agents, so no surprises there.

After that unless the contract says otherwise the buyer will submit a list of requested repairs (or credit request).  You've got options at this point as the home seller.

• You can agree to repair all items requested (or throw some cash at it and see if that makes them happy).  Some buyers prefer to handle their own repairs, so we'll arrange to have the monies escrowed.
  
• You can tell 'em to pound sand.  You got a great deal, you're not getting anything else from this turnip!  However, the buyers are within their rights to cancel the deal if you do this.  You can bet this isn't the option we'd typically recommend.  It's a BIG gamble on your part.  And if the defect is serious enough, you're going to have to fix it anyway to get the next buyer on board.
• You agree to PART of their list.  Maybe 1 item, maybe all but 1.  Buyer still has the option of backing out at that point without losing their earnest money providing the items requested are truly MATERIAL and not cosmetic.

So we cleared the inspection hurdle.  What's next?  Not much that involves you directly.  The buyer should be going through completing their financing.  Part of that is getting the appraisal done.  Again, another appointment at your home, another case to go catch a movie!  Now the appraisal is paid for by the buyer and belongs to the buyer.  Typically the only time you'll hear anything about it is if comes in below offer price.  That's a topic for another day.  Fortunately low appraisals haven't been common for the Warren County market.

With the inspection & appraisal hurdles cleared, it's "just" a matter of the buyer completing loan financing to meet the lender's loan requirements.  Another, assuming no issues and the underwriter is a happy camper, you're on your way to the closing table to sign the paperwork!  The good news?  The BUYER will be the one getting the massive hand cramps!

If you have any questions about the home selling or buying process, or what we can do for you to help make that process as easy as possible, just give The Liz Spear Team of RE/MAX Elite a call!  No hassle, no pressure, just a chat about the local real estate market and how it impacts you!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

The Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite:  Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305      Fax: 866-302-8418     

MailTo: Liz@LizSpear.com  Our Website: Warren County Ohio Homes

 

 

 

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