Step 13: We Have an Accepted Offer, Now What?

Congratulations, we’re so happy for you! Once we’ve verbally accepted an offer, both parties will sign the offer. Once that happens, we’ll send a copy of the executed contract to the title company and lender for review and the inspection time period can officially begin on the next business day.

In the meantime, within 24 hours of the contract being signed, the buyer is required to drop off his or her first earnest money check or transfer the funds via wire to the closing title company. This is essentially a good faith payment showing the buyer is serious about moving forward. The earnest money will be credited to the buyer at closing. Once the earnest money is dropped off we will send you a receipt for your records. The closing title company holds on to the payment simply to act as an unbiased 3rd party should a dispute come up between the buyer and seller and the buyer requests for the earnest money to be returned. 

Once the earnest money is received, we will mark the property as Contingent in the MLS, cancel any future showings, and cancel any upcoming open houses. We are then officially in the inspection period.