You’ve accepted an offer on your home—congrats! ???? But what comes next? While this is an exciting milestone, there are still several steps before the sale is final.
As a real estate expert in Auburn and Opelika, I walk sellers through this process all the time. Knowing what to expect can reduce stress and help you close smoothly. Let’s break down the key steps after you accept an offer on your home.
1. The Earnest Money Deposit is Collected
Once you accept an offer, the buyer submits an earnest money deposit to show they are serious about the transaction. This money is held in an escrow account until closing.
Tip: If the buyer backs out for a reason not covered in the contract, you may get to keep the earnest money as compensation.
2. Home Inspections Take Place
Most buyers will schedule a home inspection within 7-10 days of contract acceptance. A professional inspector checks the home’s:
✅ Roof & foundation
✅ Plumbing & electrical systems
✅ HVAC system
✅ Appliances
✅ Overall structure
What if the Inspection Reveals Issues?
If problems arise, buyers may:
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Request repairs or credits
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Renegotiate the price
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Walk away (if the contract allows)
3. The Buyer Finalizes Their Mortgage
If the buyer is financing the home, they must complete their loan approval process. This includes:
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Submitting updated financial documents
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Getting an appraisal (ordered by the lender)
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Finalizing interest rates and loan terms
What Happens if the Appraisal Comes in Low?
If the home is appraised for less than the agreed price, the buyer may:
✔️ Cover the difference out of pocket
✔️ Renegotiate the price
✔️ Cancel the deal (if there's an appraisal contingency)
Tip: If you're worried about a low appraisal, consider pricing strategically and working with an experienced agent!
4. Title Search and Escrow Process
A title company or attorney will verify the home’s ownership history to ensure there are no liens, unpaid taxes, or legal issues. If any problems arise, they must be resolved before closing.
Meanwhile, an escrow officer ensures all financial and legal aspects of the sale are handled correctly.
5. Final Walkthrough & Closing Day
Final Walkthrough
A day or two before closing, the buyer does a final walkthrough to confirm:
✅ Agreed-upon repairs were completed
✅ The home is in the expected condition
✅ No unexpected damage occurred
Closing Day!
At closing, you’ll:
✔️ Sign the final paperwork
✔️ Pay any remaining fees
✔️ Transfer the keys and ownership to the buyer
✔️ Receive your proceeds from the sale! ????
How Long Does the Process Take?
From offer acceptance to closing, the timeline is typically 30-45 days but can vary. Cash buyers may close in as little as two weeks, while mortgage delays or inspection issues can extend the process.
Ready to Sell Your Home in Auburn or Opelika? Let’s Make It Happen!
Selling a home doesn’t have to be overwhelming! With the right real estate agent, you’ll have expert guidance every step of the way.
Rozi Dover
Your Trusted Real Estate Expert in Auburn and Opelika, Alabama
Phone: +13346630077
Email: rozi@mindspring.com
Website: www.auburn-opelikahomes.com
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