Accepting an Offer
Between offer and closing, there are several steps. The buyer will surely have contingencies and demands and it is my job to represent your interests every step of the way.
1. Offer, which will include the price the buyer will pay, date the buyer wants to close, and the contingencies on which the offer is made, (inspection, mortgage, etc.). A deposit will be collected from the buyer and put into escrow upon an accepted offer.
2. Inspection will take place approximately a week after the offer. Buyer with an inspection contingency will bring an inspector to the home and may use the inspection to renegotiate price or request some things get fixed. This is may lead to a second negotiation process.
3. Purchase and Sale, the agreement between the seller and buyer superseding the offer. A deposit of about 5% of the purchase price will be collected from the buyer and put into escrow once both parties sign.
4. Appraisal. The appraiser will come to the home and then compare it to recent sales. If the appraisal comes under the offer price, we will have to defend the price.
5. Mortgage contingency expiration, which will hopefully pass without incident. This is likely to be the last contingency before closing.
6. Closing preparations, including
- 6(d) certificate in condos
- Smoke detector inspection
- Inspection items, if any, are done
- Home will be cleaned and left in proper condition
7. Closing, when the seller signs the deed and the buyer signs the mortgage.