Offer Accepted – Now What?

A quick review on what happens after an offer is accepted an offer:

  • It gets signed and sent to an attorney for review.  If neither party uses an attorney the contract becomes binding after three days. That rarely happens as pretty much everyone uses an attorney.  When one of the attorneys sends the first letter the three day clock stops and they have as much time as they need to review and modify the contract.  It takes a few days and several letters will go back and forth unti the attorneys are satisfied with the contract.
  • During attorney review you can continue to show the house and entertain additional offers as you are not bound by the contract until it’s binding.  Remember that the buyer is not bound by the contract and can cancel at any time until attorney review is concluded.  If asked directly, I will be honest; but nobody needs to know that there is a contract being reviewed unless they ask
  • When attorney review is completed the property is officially under contract and both parties are bound by the contract as modified. This is when we stop showing the house.

Once you are under contract:

  • There are at least five more times when the buyer and/or their agent will need access to the property: for the inspection, to pick up the radon canister, for the appraisal, for the township fire inspection and for the final inspection
  • It is expected that the owner will not be home during the inspection or the final walkthrough, but there is no need to leave for the appraisal, the fire inspection or the radon pick up.
  • There are instances when the buyer and/or their agent will want to come back: sometimes they want to show a relative, or take some measurements or there might be some follow up necessary after the inspection. The inspectors are “jacks of all trades”, if they see an issue with something they may recommend that a “specialist” be consulted – that might result in additional appointments at the property.

And that’s what happens after an offer is accepted!

Just before closing:

  • The house needs to be broom clean and free of all personal property
  • Sometimes there is a “pre-walkthrough” three to five days ahead of closing this is done because there are laws that preclude the changing of any contract documents after three days prior to closing.
  • The buyer will do a final walkthrough on the day of closing (sometimes they do it thee day before). This is where the buyer ensures that everything at the property is how it is expected to be: everything that is staying is there, everything that was supposed to be gone is gone, that inspection repairs were completed, that the movers didn’t damage the walls or the floors, etc.  Some buyers breeze in and out quicky, others take a little longer.  Again, it is expected that they seller not be present.

House not selling? Offers not coming? Maybe here’s why.

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Jennifer Blanchard is a Top Producing real estate agent in Basking Ridge with over 18 years of experience. She would love the opportunity to discuss any real estate questions you have.

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