Step 14: Congratulations, We Have an Accepted Offer!

Congratulations on reaching this milestone! Once all the necessary documents are signed, we will have an Accepted Purchase Agreement in place. The executed contract will be shared with the buyer's lender, marking the official start of the inspection period the following day.

You will soon receive a Next Steps Letter from my office, outlining crucial details of the Agreement. Pay close attention to the specified dates and ensure that all attached PDF documents are duly filled out. This will facilitate the coordination among the closing team (comprising the lender, title company officer, my office management team, and the buyer's agent) to move us closer to the proverbial 'Sold' sign. (By the way, I never put a 'SOLD' sign up so that I may continue to collect the names of interested buyers until the home is actually sold).

During this time, the buyer will be expected to remit the earnest money to my office within the contract period. This amount will be credited towards the buyer's down payment during closing. Holding the payment allows us to serve as a neutral third party in case of any disputes between the buyer and seller regarding the earnest money.

Once the earnest money is received, the property status will be updated to PENDING in the BLC, and any further showings or open houses will be halted (unless you prefer to continue showcasing for backup offers). Subsequently, we will enter the inspection period, typically lasting between 5 and 15 business days as stipulated in the Purchase Agreement.