So, What Happens After You Accept an Offer on Your Home?

What Happens After You Accept an Offer on Your Home?

Once you accept an offer, several steps follow before closing — these include inspections, having a Purchase & Sale agreement drafted (with possible addenda), appraisal (if financing is involved), and ensuring local safety/code requirements like smoke/CO detectors are met. Before the final walkthrough and closing, the home needs to be cleaned out, left in “broom-clean” condition, and all agreed conditions fulfilled.

• Home Inspection - The home inspection period is typically 3-10 days from the time the offer was accepted and signed. The home inspector will look at all aspects of your home, so please make sure everything is accessible (electrical panel, heating system, etc.) The listing agent (your agent) may or may not be there during the inspection. The reason your agent may not be there is that if, for some reason due to the inspection, this buyer backs out of the sale, real estate agents are obligated by law to disclose (to any new buyers) anything they know about the property (such as from the previous home inspection) that could affect a buyer’s decision to purchase the home. So, as listing agents, we prefer not to know too much about what comes up during the inspection (and there will be things that come up).
  
  
• Purchase & Sale Agreement - The Purchase & Sale Agreement (PSA or P&S) goes into more detail about the sale of your home. The home buyer will most likely have an attorney represent them and review the PSA and add an addendum, so we recommend that you also have an attorney draft the original PSA and add an addendum that will give you more protection. We have the names of several good real estate attorneys if you need a recommendation.
  
  
• Appraisal - If the buyer is financing the purchase of your home then the lender will have an appraiser take a look at the property and create a report to make sure it’s worth what the buyer is paying for it. If the property doesn’t appraise out to at least the sale price, then there may be some re-negotiating of the sale. If it comes to that, your Realtor will explain the process and help you. Although a low appraisal doesn't happen very often, they do occur, especially in a changing market.
  
  
• Smoke & CO Detector Inspection - You are responsible for making sure that your smoke and carbon monoxide detectors are up to code. Your Realtor will set an appointment with the local fire department, which will come out to the property to do an inspection. The fire department will also check to make sure your home is property numbered. When it passes, they will issue a certificate stating that your home meets fire code. This is required by law.
  
  
• Final Walkthrough - The buyer will request a final walkthrough of the property just before closing to make sure that it is in the same condition as when (s)he made the offer. All personal property and trash must be cleaned out BEFORE closing, and the home must be in “broom clean” condition.
  
• Closing - The closing of the property usually takes place at the office of the buyer’s attorney. You can give your attorney the “Power of Attorney” so that you don’t have to attend the closing. After everything is signed, the new deed is recorded, and the buyer is the new owner.

This is just a brief transactional overview of selling your home. Your Realtor will explain each step along the way in more detail as needed. We are here to make the process of selling your home as stress-free as possible. Please reach out to your Realtor if you have any questions.

Provided courtesy of the Armstrong Field Group at Aluxety Real Estate
Jim Armstrong
Broker, Certified Massachusetts Real Estate Instructor