Yay! Offer Accepted
Below is a list of immediate steps that a buyer usually goes through once their offer is accepted. As a reference, I answer the question, “How to Make an Offer in Austin’s Hot Market,”, in the FAQ section of this website.
This is an Feature List Item that is part of an Feature List. Notice the connector between the three graphics to show that they are related.
Turn in your Option and Earnest money checks
within 48 hours after effective contract date. Option money goes to listing agent and earnest money goes to the title company.
Schedule the inspection
within your option period, so that you have time to negotiate with the seller. This also gives you time to terminate the contract if you don’t like what the inspector finds.
Review inspection report
and start the negotiations with the seller if needed. The repairs don’t need to be completed within the option period, there just needs to be a final agreement of what will be done before close.
with an amendment. An amendment is a document that makes a change to the contract. For example, the inspector reports that, 1.) The water heater needs to be replaced, 2.) The roof has a few rotting shingles, and 3.) The attic is poorly insulated. You may present this to the seller, and they may agree to fix only two repairs, the shingles and the water heater. Your agent would write this in an Amendment and both seller and buyer would sign. This should be agreed upon within the option period. Remember, the repairs will need to be done before closing, not before your option period is up.
When we get the report back, you should review it, and your real estate agent will send the seller an amendment with the repairs you would like to have fixed. Sometimes this can be in the form of a dollar amount. We need to be mindful of the option period and be sure to make all necessary negotiations within this time frame. If you then decide to back out of the contract, you will get back your earnest money but lose your option money as well as the cost of an inspection, which usually starts at $290.