The process of preparing the home for the market has been stressful, as were the showings on your home. Now, you are excited because you have an accepted offer on your home. But, what happens after the offer is accepted? These are the next steps in the home selling process to get you to the finish line.
Earnest Money:
Once you have an accepted offer, your agent collects the earnest money from the buyers and deposits it into escrow. The earnest money is a percentage of the home’s purchase price indicating the buyer is serious about buying your home and will in good faith make the purchase. The deposit is generally applied to the purchase price when you complete the transaction, but may be forfeited to the seller if the buyer fails to purchase the home.
Appraisal on Home:
The buyer will order and pay for an appraisal of the home. This is part of the loan application process where the lender receives an estimate of the home’s value. The mortgage lender wants to ensure the home is worth the amount of money the buyer is borrowing.
Schedule a Home Inspection:
The buyer will order a home and pest inspection on the home. This step is important because it reveals if there are any structural concerns within the home or if there are any damaging insects. It is the time where the buyer has a small window to cancel the sales contract. Requests for repairs will be negotiated between your agent and the buyer agent.
Escrow:
This is the phase of the home buying process when all the ends are tied up. It’s when due diligence is performed to make sure the buyer’s home loan has been approved by the mortgage lender, the property is in the expected condition after the home inspection, and all legal documents pertaining to homeownership are prepared and officially recorded.
After the offer is accepted and all the above steps have been completed, the buyer and seller will meet to sign the legal documents for the transfer the ownership of the property.
For further information about buying or selling a home in Carmel, Indiana and the surrounding areas, please visit https://www.keithshomes.com/.