Accepted Offer!

What Happens Next for Quail Creek Sellers?

Once you’ve accepted an offer and the purchase contract has been signed by all parties, your home is officially under contract and the escrow process begins. The buyer will deposit their earnest money with the escrow company, which acts as a neutral third party responsible for handling funds, documents, title work, and ultimately the transfer of ownership.

Escrow typically lasts 30 to 45 days, although cash transactions can close considerably faster. During this time, I’ll coordinate with the buyer’s agent, escrow officer, lenders and other parties involved in the transaction, keep you informed of important deadlines, and help resolve issues that may arise along the way.

Here’s what sellers can generally expect during escrow.

Buyer Inspections & Due Diligence

One of the first major steps is the buyer’s inspection and due diligence period. In Arizona, buyers commonly have 10 days unless a different period is specified in the contract.

During this time, the buyer may conduct a general home inspection, termite inspection and other specialized inspections. They may also investigate insurance, permits, square footage, HOA documents and other matters affecting the property.

At the end of the inspection period, the buyer may accept the property as-is, cancel as permitted by the contract, or submit a request asking you to make certain repairs or address other concerns.

You are not automatically required to repair everything the inspector finds. If the buyer requests repairs or other concessions, I’ll help you evaluate the request, determine what is reasonable, and negotiate a response that protects your interests while keeping the transaction moving forward.

Buyer Financing

If the buyer is financing the purchase, their lender will be working throughout escrow to complete the loan approval process. This includes verifying the buyer’s income, assets, credit and other financial information.

As your Listing Agent, I’ll stay in communication with the buyer’s agent to monitor important financing milestones and identify potential delays as early as possible.

Even a well-qualified buyer is not fully approved simply because they were pre-qualified before making an offer, which is one reason financing remains an important part of the transaction until the loan is cleared for closing.

Appraisal

When financing is involved, the buyer’s lender may require an appraisal to determine whether the property provides adequate collateral for the loan.

If the home appraises at or above the purchase price, the transaction generally moves forward without an appraisal issue. If it appraises below the purchase price, what happens next depends on the terms of the contract and any appraisal provisions negotiated with the offer.

The buyer and seller may agree to adjust the price, the buyer may contribute additional cash, the appraisal may be challenged, or other options may be available. I’ll review the contract with you and help negotiate the best available resolution if an appraisal issue arises.

Title & Escrow

The title company will research ownership of the property and identify mortgages, liens, assessments or other matters that may need to be resolved before clear title can be transferred to the buyer.

You’ll also receive documents and instructions from the escrow officer during the transaction. If you have an existing mortgage, the escrow company will obtain a payoff statement so the loan can be paid from your proceeds at closing.

Before closing, you’ll receive a settlement statement showing the purchase price, loan payoff, taxes, HOA charges, commissions, agreed-upon buyer concessions, other closing costs and your estimated net proceeds from the sale.

Preparing for Closing

As closing approaches, you’ll need to prepare the home for transfer to the buyer. Any repairs agreed to during the inspection period should be completed by the contract deadline, with receipts or other documentation provided when required.

Unless otherwise agreed in the contract, plan to have all personal belongings removed from the home at least a day or two before closing.

Once the home is empty, it should be cleaned and ready for the new owner. This generally means removing trash and debris, cleaning floors and surfaces, and leaving the kitchen, bathrooms, garage and outdoor areas in reasonably clean condition. Any items you intend to leave behind should be specifically included in the contract or agreed upon with the buyer.

The buyer’s final walk-through typically takes place within 1 to 3 days before closing. This gives the buyer an opportunity to confirm that the property is in substantially the same condition as when they purchased it, and agreed-upon repairs have been completed.

You’ll also sign the necessary closing documents and provide keys, garage remotes and other items required under the contract. Ideally, by the time the buyer completes the final walk-through, the home should be completely ready for possession.

Closing the Sale

Closing occurs after all required documents have been signed, the buyer’s funds and lender funds have been received, and the deed is recorded.

Once recording is confirmed, ownership officially transfers to the buyer and the escrow company distributes the proceeds from the sale after paying the mortgage payoff and other authorized expenses.

Throughout escrow, my role is to stay ahead of deadlines, monitor the buyer’s progress, coordinate the many moving parts, negotiate issues when they arise, and keep you informed from contract acceptance through closing.