What Happens After Offer?
If you're a home seller in Richmond, VA, then you may be wondering what happens after you accept an offer on your house. The process doesn't end there. In fact, there are several important steps and considerations to keep in mind as you move forward. In this blog post, we'll walk you through the key stages that take place after you've accepted an offer, from inspections and negotiations to the closing and beyond.
First 2/3 Decisions to Make as a Seller
After accepting an offer, you'll need to make a few decisions to ensure a smooth transaction. Two important professionals you'll need to engage with are a termite inspector and a closing agent. The termite inspector will assess your property for any signs of termite damage, which can affect the sale. The closing agent, who can be either an attorney or a settlement company, will handle the legal and financial aspects of the transaction.
Paperwork and Inspections
Once the initial decisions are made, you'll need to fill out paperwork provided by your chosen closing agent. This paperwork will include important details about the sale and transfer of the property. Additionally, you may need to arrange for a well and septic inspector to evaluate these systems if applicable.
First 2 Deadlines for the Buyer
While you're preparing for the closing, the buyer has two important deadlines to meet. The first is the earnest money deposit, which demonstrates the buyer's commitment to the purchase. The second is making the loan application, as the buyer needs to secure financing to complete the transaction. During this time, the buyer may also conduct a home inspection to ensure the property's condition aligns with their expectations.
Keep the House in Order
As the closing date approaches, it's essential to keep your house in order. Although you may be tempted to relax after accepting an offer, maintaining a clean and presentable property is crucial. The buyer's appraiser and inspector will need access to different areas of your home to evaluate its condition and determine its value. Ensure all lightbulbs are functioning, clear space for inspections, and organize any maintenance receipts you have.
After the home inspection, the buyer may present a request for repairs or credits based on the findings. This kicks off a 7-day negotiation period during which you and the buyer will work to reach an agreement. You can negotiate which repairs or credits you're willing to provide to address any issues discovered during the inspection.
Appraisal and Safe Zone
The appraisal is another critical step in the process. An appraiser will assess the value of your property to ensure it aligns with the buyer's loan amount. This typically occurs within a 7-day period after the appraisal appointment. If the appraisal falls short of the agreed-upon price, it may require renegotiation.
Sign off on the Deed
Once all negotiations are complete, and the appraisal is satisfactory, it's time to sign off on the deed. The buyer and seller will have separate closings where the necessary paperwork is finalized, and ownership is transferred. The buyer will also conduct a final walk-through of the property to ensure everything is in the expected condition before closing.
Proceeds and After Settlement
After the settlement and recordation process, which typically takes a few days, you can expect to receive the proceeds from the sale. These funds are typically disbursed to you within 2-3 days after closing. Once the transaction is complete, you can celebrate the successful sale of your home.
Remember, the process may vary depending on local regulations