(253) 470-8163

I have accepted an offer on my home. What happens now?

Congratulations! You’ve accepted an offer!  Now your home will be marked a pending status in the Multiple Listing Service and you will notice much less showing activity. Depending on the offer terms, the buyer may be conducting an inspection, appraisal or going through some other contingency process. Most commonly the buyer will have a whole house inspection completed by an inspector. That usually happens during the first 10 days following mutual acceptance. Once that’s completed the buyer may request certain repairs to be done by the seller or at the seller’s expense. Your listing agent will help you negotiate that process. Once both buyer and seller agree and the inspection contingency is waived by the buyer, the buyer will often have an appraisal completed, always if they are securing financing. The appraiser is a third party that comes into the house to determine if the value is high enough to support the buyer’s loan amount. Once that is complete and the value is good, the buyer’s lender then works to get the loan closed. Closing is when the buyers funds are transferred to the seller and all liens, taxes, and selling fees are paid and the buyer gets the keys to the house. This whole process typically takes 30 – 45 days. A cash offer can often close more quickly. There are other contingencies and processes depending on your situation that we can discuss case by case.

//adroll snippet for smart pixel