We recently opened escrow on a single-family home. Our Buyers were thrilled to hear their offer was selected. According to the Listing Agent, the Seller received over 10 offers on the property.
Emotions can be high when one opens escrow. In our situation, the excitement began when we were in negotiations with the Seller.
The Seller wanted to accept our Buyer’s offer, but the Seller wanted to counter us on a few contingencies. The pressure was because the Seller gave our Buyer a few hours to accept these countering terms.
Even though our Buyers accepted these terms, it’s rarely a pleasant feeling to be rushed into making a decision. For most people, purchasing a home is the largest purchase of their life.
When our Buyer’s offer is accepted, here are some the things we like to do:
1. Enjoy the moment. Our housing market is still very competitive and it’s common to be in a multiple offer situation. It’s important to celebrate small wins.
2. Schedule our home inspection. In today’s market, Buyers are cutting down their home inspection contingency to make their offers more attractive. You can’t dilly-dally when it comes to scheduling your home inspection because every day counts.
3. I’ve noticed that more Sellers are providing the seller’s real property disclosure statement, condo documents, survey, and or a building permit package upfront. Receiving these documents immediately after we open escrow allows the Buyer to get a better understanding of the property.
4. We forward the fully executed Purchase Contract to our Buyer’s lender. This will allow the lender to start the mortgage process.
5. Generate a timeline. The contingencies in the Purchase Contract are time sensitive. There should be a sense of urgency and it’s important to meet every deadline. Most importantly, we use the timeline to explain to our Buyer on how the escrow process works.
-RO