Step 16 to Selling Your Home: WooHoo! We have an accepted offer! Now What?!

April 25, 2024

Step 16 to Selling Your Home: WooHoo! We have an accepted offer! Now What?!

Congratulations are in order! We couldn’t be more happy for you! Most offers will come in on the actual contract, so once you accept it, I will send it to you via Docusign to electronically sign. Once both parties’ signatures are on the contract, we begin the 3 business day attorney review period in NJ (no attorney review in PA - so we move right into the inspection period).  A copy of the executed contract is sent to the mortgage lender, title company and attorneys (if applicable). Inspection time period can officially begin on the next business day in PA and after attorney review in NJ.

In the meantime, within 3-5 days of the contract being signed, the buyer is required to drop off his or her earnest money check with my office or transfer the funds to my office via wire transfer.  Many times it is sent to the title company.  This is essentially a good faith payment showing the buyer is serious about moving forward.  The earnest money will be credited towards the buyer’s down payment at closing.  Once the earnest money is dropped off we will send you a receipt for your records.  Our office or title company holds on to the payment simply because our office can act as an unbiased 3rd party should a dispute come up between the buyer and seller and the buyer asks for the earnest money to be returned. 

Once the contract is fully executed, we will update the property status as Active Under Contract in the MLS, cancel any future showings and cancel any upcoming open houses.  We are then officially in the attorney review (in NJ) and inspection time period which usually takes between 3 – 14 days (see your contract for the exact number of days).

 


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