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Once you put in an offer on a home, you'll probably spend the next 24-48 hours on pins and needles waiting to find out if the offer was accepted. We'll be checking in with the listing agent regularly and let you know the moment we get a response from them on the offer.
Making the call to one of our clients to let them know their offer was accepted is one of our favorite parts of being in this business!
It typically takes about 30-45 days after having an offer accepted to get everything in place for actually closing on the home. We'll go over what all happens during that period in the next couple of emails.
Once a seller accepts your offer, we'll typically have 2-3 days to deliver an Earnest Money check to the broker or attorney's office, which is essentially a deposit you put on the house until we get to the closing date. The amount of earnest money is negotiable, but typically a seller wants 1% of the purchase price.
With our clients, we almost always encourage putting a 7-day Due Diligence period into the offer, which allows you a full week to have a licensed home inspector check out the structure and systems to help make sure there aren't issues with the home that we aren't aware of. Having a home inspection isn't required, but we always strongly recommend it. Even with a newer home, there can be issues that aren't apparent, but a professional home inspector may be able to identify potential issues that could cost you thousands of dollars down the road that you aren't expecting.
If the home inspection reveals issues or concerns that need to be addressed, we can submit an Amendment to Address Concerns to the seller and request that they have them fixed, repaired, or replaced. The seller isn't required to agree to any of our requests, but they'll usually work with us on reasonable requests if they can.
During the Due Diligence period, you can cancel the contract for any reason and have the Earnest Money fully refunded. So if there are repairs that the seller isn't willing to fix, you can always terminate the contract and keep looking for another home without losing your Earnest Money.
During that first week, we'll also let your lender know you have a house under contract so that they can start working on all of the loan paperwork.
In the next step we'll go over what the rest of the process looks like from this point to when we actually close on the home.