I Accepted a Home Offer: What’s Next?
Congratulations! You’ve accepted a home offer. This is quite an exciting moment for a seller and their respective buyer, as both parties are one inch closer to starting their next chapter. However, accepting an offer is just the beginning, as you’ll have many more steps before crossing the finish line.
By working with the experts at Mark Spain Real Estate, you can navigate the home closing process with ease. With decades of valuable industry experience, our agents offer exclusive market insight into every step of the closing process. With our help, you’ll go from accepting an offer to your official closing date in the blink of an eye! Read below to learn what comes next after you accept a home offer.
I Accepted a Home Offer: What’s Next?
Sign Purchase Agreement
Once you’ve accepted your offer, your first step in closing is to sign a purchase agreement with your buyer. A real estate purchase agreement gets the sale underway by placing you and your buyer “under contract.” This legally binding document will outline specific terms and conditions of your real estate transaction, including agreed-upon purchase price, essential property details, financing strategies, sale contingencies, earnest money terms, closing date, etc.
As a seller, your purchase agreement will outline your closing timeline and tell you what to expect for the weeks that follow your home offer acceptance.
Get A Home Inspection
After you’ve signed your purchase agreement, your next step will likely be a home inspection. Though not required for every real estate transaction, home inspections are highly recommended as they prove that the home’s purchase price accurately reflects its condition. More commonly than not, buyers will include home inspection contingencies in the purchase agreement, allowing them to walk away from the sale if they choose.
Suppose your home inspection report reveals significant defects. In that case, your buyer will likely request you to make necessary repairs before closing or ask to reduce the purchase price to accommodate the repairs they will make later. However, if they decide they don’t want to deal with any of the repairs, they might walk away from the deal altogether. As a seller, you’ll want to prepare for your home inspection ahead of time to mitigate the risk of the deal falling through. And if problems still arise after the inspection, try to accommodate the buyer’s needs so the sale can move forward.
Get A Home Appraisal
If your buyer is financing their purchase with a loan, their mortgage lender will request a home appraisal. Like a home inspection, a home appraisal will determine whether your home’s fair market value accurately aligns with the sale price. If the appraisal values your home significantly lower than the purchase price, your buyer might ask to reduce their offer, request upgrades to increase the home value or walk away from the sale altogether.
Make Moving Arrangements
Once your home inspection and appraisal are complete, you’re in the clear! At this point, there are slim chances of a buyer walking away from the deal. For you, the seller, this means it’s time to start packing! 
With your closing date in mind, you’ll want to give yourself plenty of time to make all necessary moving arrangements. From packing up your belongings to scheduling movers, now is when you can start looking ahead and getting excited about closing on your home!
Wait for Financing
As a seller, you’ll experience a waiting period in the closing process as your buyer gets loan approval. During this time, the buyer’s mortgage lender will assess the risk of giving the loan by evaluating the buyer’s financial standing on credit history, income investments, savings, etc. For you, the seller, this gives you extra time to make moving arrangements and get things in order before closing day. Generally, your purchase agreement will outline the time window for buyers to lock down their financing, usually around 30-45 days.
Attend Closing Day
The day is finally here! After you and your buyer have completed your closing checklist, it’s time to sign on the dotted line and make things official. Assuming everything has gone according to plan, and your closing date has remained the same, you’ve probably had this marked on your calendar for some time. So, you probably know what to expect. You, your buyer, and your respective agents will come together to finalize payments, sign legal documents, and officially transfer home ownership titles. Once everything is said and done, your home is officially sold!
Sell a Home with Mark Spain Real Estate
Have you accepted a home offer? The industry professionals at Mark Spain Real Estate are here to help you with your closing process. With decades of industry experience, our real estate professionals promise a seamless and stress-free home sale! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!
Connect with us on Facebook, Instagram, Twitter, or LinkedIn to stay up to date with Mark Spain Real Estate!
Share: