What Should You Expect After Accepting an Offer on Your Denver Home?
Accepting an offer is an exciting milestone in the home-selling process, but it’s not the final step. From inspections to appraisals and finalizing paperwork, there’s still plenty to navigate before closing the deal. The Linkow Baltimore Team, led by Aaron Linkow, outlines what happens after you accept an offer and how to ensure a smooth transaction when selling your Denver home.
Key Steps After Accepting an Offer
Once you’ve accepted an offer, the closing process begins. Here’s what to expect:
1. Sign the Purchase Agreement
The purchase agreement formalizes the terms of the sale, including:
- Sale price
- Contingencies (e.g., inspection, financing, appraisal)
- Closing date
- Any seller concessions or agreed-upon repairs
Both you and the buyer will sign the agreement to move forward.
2. Open Escrow
Escrow is a neutral third party that holds funds and documents related to the sale. The buyer’s earnest money deposit is placed in escrow as a show of good faith.
3. Schedule the Home Inspection
Most purchase agreements include an inspection contingency, allowing the buyer to hire a professional inspector to assess the property. The inspection typically evaluates:
- Structural integrity
- Electrical and plumbing systems
- HVAC functionality
- Roof and foundation
What Happens After the Inspection?
- No Issues Found: The buyer moves forward with the sale.
- Repairs Requested: The buyer may ask for repairs or a credit to address issues.
- Negotiations: You can agree to the requests, offer a counterproposal, or refuse, depending on the agreement’s terms.
4. Appraisal
If the buyer is financing the purchase, their lender will require an appraisal to ensure the home’s value supports the loan amount.
What Happens If the Appraisal Comes in Low?
- Price Adjustment: You may agree to lower the sale price.
- Buyer Covers the Difference: The buyer can pay the difference between the appraised value and the sale price.
- Appraisal Dispute: You or the buyer may contest the appraisal and provide additional data to support a higher value.
5. Address Contingencies
The buyer’s offer may include other contingencies, such as:
- Financing: The sale is contingent on the buyer securing a mortgage.
- Home Sale: The buyer needs to sell their current home to proceed.
These contingencies must be resolved for the transaction to move forward.
6. Prepare for Closing
As the closing date approaches, you’ll need to:
- Complete Agreed-Upon Repairs: If you’ve agreed to any repairs, ensure they are completed before closing and provide receipts as proof.
- Provide Documentation: Share necessary documents, such as the title deed and any warranties or receipts for repairs.
- Move Out: Plan your move and ensure the home is clean and ready for the new owner.
What Happens on Closing Day?
1. Final Walkthrough
The buyer conducts a final walkthrough to confirm the home’s condition matches the agreed-upon terms.
2. Signing Closing Documents
Both parties sign the final paperwork, including:
- The deed transferring ownership to the buyer
- Settlement statements outlining financial details
- Any loan-related documents (for the buyer)
3. Disbursement of Funds
The escrow company disburses the funds:
- You’ll receive the sale proceeds, minus any remaining mortgage balance and closing costs.
- The buyer’s funds go toward the purchase price and related fees.
4. Transfer of Keys
Once the transaction is finalized, you’ll hand over the keys to the buyer, completing the sale.
Common Challenges After Accepting an Offer
1. Buyer Financing Issues
If the buyer’s financing falls through, the sale may be delayed or canceled. Working with pre-approved buyers reduces this risk.
2. Inspection Surprises
Unexpected issues during the inspection can lead to renegotiations or delays. Addressing potential problems before listing can help prevent surprises.
3. Delays in Appraisals
Appraisal delays are common, especially in competitive markets. Scheduling early can help keep the process on track.
How the Linkow Baltimore Team Ensures a Smooth Closing Process
The Linkow Baltimore Team, led by Aaron Linkow, is dedicated to making the post-offer process as seamless as possible. Here’s how we help:
- Expert Negotiation: We handle inspections, appraisals, and contingencies with your best interests in mind.
- Proactive Communication: Stay informed at every step, with clear updates on timelines and requirements.
- Closing Support: From preparing documents to coordinating with escrow, we ensure nothing is overlooked.
Have questions about selling your Denver home? Contact the Linkow Baltimore Team today for expert guidance on navigating every step of the process, from offer acceptance to closing.
