Finding out that your offer has been accepted is one of the best feelings in real estate, especially if you were in a multiple offer situation. Now that your offer has been accepted the fun begins!
For an up to date list of homes in your market, please click HERE. Our for sale property information is a direct feed of the California Regional Multiple Listing Service and it is updated multiple times daily.
Depending on how you structured the offer, there are a series of things that will occur within the next 30 days if the home is a "Standard Sale". Below helpful hints to guide you to the finish line (based on California Real Estate which is the market I work in).
* EMD (Earnest Money Deposit) - Typically a buyer will have 3 days within acceptance of the offer to get the EMD offer to escrow. This amount varies in price (1-2% of the purchase - sometimes higher. The higher the EMD the stronger and more serious the offer appears to a seller). Here in California this money can be wired or a buyer can bring in a check for the deposit.
* Inspections - The standard inspection period is 17 days from acceptance of the offer. Within those 17 days a buyer will be responsible to do his or her due diligence for the following:
Home Inspections
Appraisal report
Title report
HOA Documents
Reports and Disclosures
* Loan Contingency - It is also standard for a buyer to have 17 days to get the loan contingency removed on his or her home.
If after the 17 days a buyer has completed all of these task and still loves and wants to move forward with the home, this is when a buyer will remove contingencies. Make sure that the lender gives you the green light before removing the loan contingency. Once contingencies have been removed, the buyer has to get loan docs signed through his or her lender and closing usually occurs within the next 2 weeks.
Request a complimentary Home Evaluation of your home HERE.
If you are considering buying a home here in Orange County, California or have any questions about this market Call Brandon Small at 949-295-6132 or visit www.SmallNameBigResults.com
For an up to date list of homes in your market, please click HERE. Our for sale property information is a direct feed of the California Regional Multiple Listing Service and it is updated multiple times daily.
Depending on how you structured the offer, there are a series of things that will occur within the next 30 days if the home is a "Standard Sale". Below helpful hints to guide you to the finish line (based on California Real Estate which is the market I work in).
* EMD (Earnest Money Deposit) - Typically a buyer will have 3 days within acceptance of the offer to get the EMD offer to escrow. This amount varies in price (1-2% of the purchase - sometimes higher. The higher the EMD the stronger and more serious the offer appears to a seller). Here in California this money can be wired or a buyer can bring in a check for the deposit.
* Inspections - The standard inspection period is 17 days from acceptance of the offer. Within those 17 days a buyer will be responsible to do his or her due diligence for the following:
Home Inspections
Appraisal report
Title report
HOA Documents
Reports and Disclosures
* Loan Contingency - It is also standard for a buyer to have 17 days to get the loan contingency removed on his or her home.
If after the 17 days a buyer has completed all of these task and still loves and wants to move forward with the home, this is when a buyer will remove contingencies. Make sure that the lender gives you the green light before removing the loan contingency. Once contingencies have been removed, the buyer has to get loan docs signed through his or her lender and closing usually occurs within the next 2 weeks.
Request a complimentary Home Evaluation of your home HERE.
If you are considering buying a home here in Orange County, California or have any questions about this market Call Brandon Small at 949-295-6132 or visit www.SmallNameBigResults.com
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