Look at Our Featured Homes
Find Bradenton Homes for Sale
Bradenton Buyer Guide
Bradenton Seller Guide
Real Estate Investing Tips
Bradenton Real Estate News
Meet the Team and learn about our Highest Rated Service
Information about the Bradenton Area
Bradenton Real Estate Home
Contact us


Name:
E-Mail:

Phone:

Comments and Questions:

  What Happens After Your Contract Is Accepted? - Back
Finally you and the seller strike a deal. You've agreed on the price and the seller will turn the house over to you in 30 days. What happens next?

Usually what occurs next is the buyer's good faith deposit check (also called earnest money deposit) is deposited. The deposit money may be held in a trust account, an escrow account, or by an attorney, depending on where you're buying. The buyer's deposit check is cashed, so make sure you have sufficient money in your account to cover the check.

The buyer's deposit money will apply to the purchase price if the sale goes through. If contract contingencies can't be satisfied, the deposit is usually returned to the buyers. But if the buyers back out of the deal, for a reason not provided for in the contract, the sellers might be entitled to the deposit.

After dispensing with the deposit, the time period between acceptance and closing (30 days, in this case) is spent carrying out the terms of the purchase contract. The terms of every purchase contract differ. However, most contracts include a financing contingency, an inspection contingency and a provision for the buyer to confirm that title to the property is free of defects.

The inspection contingency, which allows the buyer to have the property professionally inspected, is usually completed soon after acceptance. Inspections can cause deals to fall apart. It's in both the buyer's and seller's best interest to get this contingency out of the way quickly.

Thirty days isn't a generous amount of time to secure mortgage approval. In a busy real estate market, it can take 2 weeks to get the property appraisal report. After the lender has a complete financial package from the buyer, including the appraisal report, the package is sent to underwriting for review and final approval. So get to work lining up your financing as soon as your offer is accepted.

Make sure that you and the seller agree on the contract contingency and closing dates. If there is a discrepancy, clear it up quickly. You don't want to discover on the 26th day that you and the seller disagree on the closing date, and that it will be impossible for the seller to change his plans.

At some point (the earlier, the better) you should carefully review the title report. It's wise to have a professional--attorney or escrow officer--explain the report to you. You want to make sure that you will receive clear and marketable title to the property. You will also need to decide how you want to take title to the property when the property transfers into your name. How you hold title has estate-planning ramifications. Consult with an attorney specializing in title issues if you have any questions.

In addition, you'll need to take care of the following details during the closing period: comply with any state or local ordinances that are required when a property transfers ownership, line up homeowners insurance, interview and hire movers, have mail forwarded, settle with utility companies, and schedule a final walk-through inspection.

The walk-through gives you the opportunity to make sure the house is as it should be, according to your contract. It's also a time to pick the seller's brain about the idiosyncrasies of the house and to get names and phone numbers of good handymen who have worked on the house.

Your real estate transaction could be more complicated than this. The more contract contingencies there are, the more complicated the deal will probably be. Your Realtor will manage most of the details between contract and closing, and can help with any questions you might have.

Click Here to Return to Article Index.
Home View Homes Search Homes Buy A Home Sell A Home
For Millionaires Newsletter About Us Contact Us Area Info

Privacy Policy:
All information you share with us is kept strictly confidential and is never shared with anyone else. This includes your contact information including name, address, phone, and email address. We will only contact you regarding information you have requested from us. You may ask to have your contact information deleted at any time by using the "contact us" button on our website. Thank you.

Copyright © 2002-2016 Avery Realty Team

 

 

 

 

Avery Realty Team provides the highest rated full service in real estate services for Florida, Bradenton, Bradenton Florida, Bradenton Florida Real Estate, Bradenton FL real estate, Bradenton Real Estate, Bradenton Beach, Bradenton real estate for sale, Realtor Bradenton, Bradenton Realtor, Sarasota, Sarasota Florida, Sarasota Real Estate, Sarasota Florida Real Estate, Sarasota FL real estate, Sarasota, Lakewood Ranch, Palmetto, Palmetto Florida, Ellenton, Ellenton Florida, Manatee County, Manatee County Florida, Manatee County Florida real estate, Sarasota County, Sarasota County Florida, Sarasota County Florida real estate, real estate investing, MLS Bradenton Florida, Bradenton Homes, Sarasota Homes, Sarasota Properties, Sarasota Realtor, Sarasota MLS, MLS Sarasota, Sarasota Realtor, Lakewood Ranch Country Club, The Concession, real estate investing, real estate investment, real estate investing in Bradenton Florida, real estate investing in Sarasota Florida, new homes in Bradenton Florida, new homes in Sarasota, Florida.