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Pam Ng, Other/Just Looking in Mission San Jose, Fr...

What is the next step after I accepted an offer?

Asked by Pam Ng, Mission San Jose, Fremont, CA Sat Apr 21, 2012

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11
Send you contract to one of these good California brokers and they can analyze your situation.
1 vote Thank Flag Link Sun Apr 22, 2012
Congratulations on having an accepted Offer!

For the most part, your contract will spell things out:

If you're working with a Realtor (your listing agent, I presume), you need to speak with him/her and have them explain the process based upon your contract. If you have an agent & they are unavailable, you need to contact their manager or Broker promptly. The entire process is something that should have been explained - at the very least, in part - up front.

However...If you're selling on your own, I strongly recommend that you contact a real estate attorney as soon as possible in order to make sure that you have some representation.
1 vote Thank Flag Link Sun Apr 22, 2012
Hi Pam

Well Pam, we do not know if it was an All Cash offer, were there contingencies?

If there were Inspection, Appraisal or Loan contingency then you have to wait till
those are removed.

If the home was a short sale, then you have to wait for the lender/s to approve the sale.

Good luck.
Perry

http://www.ruthandperry.com/
1 vote Thank Flag Link Sun Apr 22, 2012
Your agent should give you a timeline so that you know exactly what to expect. This will be based on the contract you and the buyer agreed to.

Have an Amazing weekend.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Sun Apr 22, 2012
If you are selling yourself you will get one type of advice. If you have an agent, go to them for advice. If you do not have an agent, you should hire one to represent and explain thr process otherwise call your agent direct.

Jim Mauldwin
Intero real estate
408-863-3020
Dre # 01125380 since 1991
1 vote Thank Flag Link Sat Apr 21, 2012
Pam,

Rather than go online to seek advice, you should first speak directly to your Realtor/Agent. If you're not working with an agent you are at a disadvantage and should consult with a local real estate attorney.

Typically as the Seller the next steps are all on the buyer, they need to get their inspections done and then their agnet will contct yours with any requests the buyers may have. An appraisal will be ordered by the buyers lender an once these tow items are taken care of you'll know whether the buyer is moving forward or not.

Congratulations on getting your home sold and I hope everything works out well.
1 vote Thank Flag Link Sat Apr 21, 2012
Thank you, Pam:

The best person to advise you on this question is your agent who represents you, and who listed your property for sale.

In California we do not use closing Attorneys. Title companies fulfill that function, although I do think that it is a good idea to talk with a good Real Estate Attorney to avoid legal issues.

Your listing agent will handle the paper work and make certain that the necessary documents, such as a copy of the purchase contract signed by all of the parties, go to the title company, and including making certain that the buyer's check for the initial deposit is delivered to the title company in a timely manner.

The agent that represents the buyer will be scheduling the inspections.

The loan officer for the buyer will make certain that the appraisal is ordered.

Congratulations on the sale of your house!!!

Your listing agent is the best person to advise you with respect to the next steps to take.


Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realtyy
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
1 vote Thank Flag Link Sat Apr 21, 2012
Hello Pam,

The "owners' manual" is in the contract - with timeline and who does what.
If you have an agent, he/she will guide you through this process - to make it smooth.
If you don't have an agent, hire an attorney to guide you through the process.
If you still want to fly it alone, then find a friend who is a realtor?
What I'm trying to say - there are many things that happen from the moment of signing your contract till the close of escrow, and you want to be sure all is correct - or you might be liable for something you did or didn't do in time.

Best of luck,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue May 1, 2012
After you have signed the offer, you will need to review it and look for several things:

1). Usually on contracts here, the buyers will have up to 3 days to turn in their good faith deposit into escrow.

2). How long is their loan contingency period? This will determine how long the buyer has to get approved by their lender to get their loan.

3). How long is their inspection period?

4). How long are any of their other contingencies?

5). How long is their time to close escrow?

These are usually the main things you should pay attention to. Hope this helps!
0 votes Thank Flag Link Sat Apr 21, 2012
Beyond an executed contract there are several important steps to keep in mind. Identifying a closing attorney or title company, having the property inspected, if the buyer is financing there will need to be an appraisal & a survey involved and any contingencies relative to the contract will need to be satisfied.

Hope this is helpful.

Good luck,

Bill
0 votes Thank Flag Link Sat Apr 21, 2012
Once everything is signed and everyone has copies, the next thing will probably be the home inspection. Check your house and fix anything you can before mr nitpicky gets there to pick apart the house. Once the inspection is done the "Re-negotiations" occur again. The buyers will probably want every little thing fixed before they close or a price reduction in the house if they accept it as is. You can say NO, but they can walk away so compromise is often the best course here.
0 votes Thank Flag Link Sat Apr 21, 2012
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