Congratulations on accepting an offer on your home! I’m Leslie Martin with River Oaks Realty, and selling a home doesn’t stop at the purchase agreement. Here’s the detailed steps after accepting a purchase agreement as a home seller on what comes next and how to make sure the rest of the transaction goes smoothly.
Open Escrow
The first step is opening an escrow account with a neutral third party, typically an escrow company or title company. This ensures that funds like the buyer’s earnest money—showing their seriousness about the purchase—are held securely. The escrow company handles funds and documents and will only release them when all conditions of the contract are met. It’s crucial to know that the earnest money deposit could be forfeited if the buyer fails to follow through under agreed-upon terms.
Prepare for the Home Inspection
Home inspections are pivotal. The buyer hires a professional to assess the property’s condition, checking everything from the roof and foundation to electrical systems and appliances. Sellers should ensure the home is spotless and all areas are accessible, including the attic, basement, and any locked rooms. A well-maintained appearance sets the right tone. Be proactive by checking for small issues (like leaky faucets) and addressing them beforehand to potentially smooth out the inspection process.
Respond to Inspection Results
The inspection report may reveal issues that could lead the buyer to request repairs, negotiate for credits, or even reconsider the deal. Review the requests with your real estate agent to decide the best course of action. Remember, you don’t have to agree to every request, but being open to negotiation is often beneficial to keep the sale on track. Sometimes, offering a credit toward repairs might be simpler and more cost-effective than fixing things yourself.
Appraisal
The buyer’s lender will order an appraisal to ensure the home’s value justifies the loan amount. Appraisers look at comparable sales, property condition, and market trends. As a seller, make the home presentable and highlight any improvements you’ve made. An appealing home can positively influence the appraiser’s assessment. If the appraisal comes in low, it may lead to renegotiations, so be prepared for that possibility and discuss strategies with your agent.
Clear Title
A clear title is vital. The title company investigates your home’s title history to ensure it’s free of liens, disputes, or claims from previous owners. If any issues arise, you’ll need to resolve them quickly to avoid delays. This may involve paying off unpaid taxes or disputing claims. Ensuring a smooth title transfer reassures the buyer and is an essential step toward closing.
Satisfy Buyer’s Financing Contingency
The buyer’s financing contingency is their way of ensuring they have loan approval before committing fully to the sale. They’ll work closely with their lender to secure the mortgage, and any hiccups could affect the timeline. As the seller, stay flexible and be prepared to provide necessary information or documents promptly. Your cooperation helps keep everything moving toward the closing table.
Final Walkthrough
A final walkthrough is the buyer’s chance to ensure the property is in the promised condition and that any negotiated repairs are completed. This typically happens within 24–48 hours of closing. Sellers should aim to present the home in its best shape—clean, organized, and with all agreed-upon repairs finished. Think of this as the last impression you’ll leave on the buyer.
Closing Day
Closing day is the culmination of the entire process. You’ll meet with your agent, the buyer, their agent, and possibly an attorney to sign the necessary documents. Once paperwork is completed and funds have been transferred, you’ll hand over the keys, marking the official transfer of ownership. Celebrate this milestone, as your home is now sold!
I’m here to make sure this journey is as smooth as possible, every step of the way. Have questions or need support? Reach out—I’m always ready to assist! Prefer to watch instead? Check out my video on YouTube.
