You have an Accepted Offer…
..What happens next?
•Earnest money is collected, per contract. •Your property remains active, on the market until specific conditions are met. •Active marketing continues through the inspection period(s). •The buyer should put all finance applications in motion in the first few days. •The professional inspection(s) are scheduled and conducted. •Expect showings, even though you have a buyer. We try to get back-up offers, if possible. •By weeks 2 and 3 the buyer verifications should be coming in and the credit checks should be complete. •The appraisal appointment is expected by week 3; loan commitment is usually 21-30 days from accepted offer. •A typical transaction closes 3-6 weeks from accepted offer. Dates adjust according to the expected close date. •We order title within the first 10 days and copies are sent to buyer, seller, lender and cooperating agents. •Time lines are established for all buyer and seller contingencies and inspections. They are checked off on completion.
It is during this period you will benefit from the experience and commitment of the agents involved. “The alligators” lurk in the corners of all transactions. The real estate agent must be adept at slaying alligators: inspectors, title companies, surveyors, appraisers, etc. “Alligators” work from 8-5, on weekdays. A part-time agent has difficulty dealing with trouble when it occurs if they are at their day-job. Experience is valuable, too. The “who-you-know” part comes to play when “alligators” appear.
•As the contracted closing date approaches, the exact date and the location is set. The buyer’s lender usually chooses where the closing is and they also choose their closing agent. Choices are either at their facility with their personnel, at a closing attorney’s office or at the office of the title company who has issued the title •Closing statements will surface within 2-3 days of the closing. •The broker and title company will see that all liens are covered and paid in a timely manner.