After your buyer’s offer is accepted, prepare them for these five steps.
Welcome to part two of my two-part series on how to get your buyer’s offer accepted and prepare them for what’s next. At this point, your buyer’s offer has been accepted. This is quite an accomplishment in a tough market, but how do you prepare them for what comes next?
1. Open escrow and deposit earnest money. It’s time to start the due diligence period, which can last anywhere from 10 to 15 days, depending on the size of the home and its amenities. Explaining this clearly to your buyer at the beginning of the process will alleviate a lot of stress and anxiety.
2. Do your inspections and get your seller’s property disclosures. I recommend you do your inspection as soon as possible so you can discuss repairs quickly. For the same reason, ask for your seller’s property disclosures upfront.
3. Have an appraisal if your client is financing. The lender will handle the appraisal, so check with them before writing the appraisal contingency into your contract. Make sure you have enough time to complete the appraisal and renegotiate things if necessary.
“Do your inspection as soon as possible so you can discuss repairs quickly.”
4. Depending on your state laws, the seller will provide a resale package. This will contain CCNRs, fees, bylaws, budgets, and any legal statements. Your client will have a few days to review the materials and decide if they are willing to pay the fees associated with the property.
5. Schedule the signing and final walk-through. Now is the time to prepare your client for the move-in date. Ensure they have all their documents in order and prepare them to accept their new keys.
If you have questions about today’s topic, please call or email me. I look forward to hearing from you.
