The Offer Process
Every real estate transaction is different. With that said, many transactions are similar. There is often a predictable flow of deadlines and paperwork leading up to the successful transfer of a property to the new owner. Here are some common milestones in a typical home sale:
- Listing the property for sale
- Showings and inquiries
- Someone writes an offer. You will have a certain amount of time to respond. Your options are:
a. Accept the offer
b. Reject the offer
c. Counteroffer (does not need to be within the deadline in the offer)
d. Do nothing. - Depending on the offer and the contingencies it contains, seller may wish to continue showing the property to other parties.
- Assuming both parties agree on the terms, the buyer will likely deposit earnest money.
- Agent (or seller) will gather all parts of the offer and submit to the title company, who begins their work.
- Buyers start the process of removing contingencies. These may include:
a. Home Inspection
b. Testing (lead paint, radon, well & septic, perc, etc)
c. Financing & appraisal
d. Selling their own home
e. Others as noted in the offer. - Renegotiation or curing of any issues that arise with contingencies above
- Once all contingencies have been removed, property status changes to Pending. This means it will no longer be shown to other prospective buyers and all parties are just waiting for the closing to happen. Sellers are usually very busy packing and moving at this point.
- Final Walk-through: Usually a day or so before the closing. It is the buyer’s opportunity to ensure the condition of the property has not changed since the last time they toured it.
- Closing!
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