Here are the next three steps your buyer should take after going under contract.
Congratulations—your client won their bid for a home and has gone under contract. Now what? Having an upfront conversation with your buyer will alleviate a lot of their stress and anxiety. Today I’ll help you prepare your buyer for what happens next by breaking it down into three simple steps:
1. Open escrow and submit an earnest money deposit. That money is deposited into an escrow account at the title company, which is a neutral third party. Assuming everything goes well and you close the deal, that money will be applied to your buyer’s closing costs.
2. The inspection/due diligence period. During this time, you’ll need to do the home inspections. Use this period to learn more about the home, collect the seller’s property disclosure, review covenants and restrictions, and order the appraisal.
3. Schedule the closing and final walk-through. Once the inspections are done, be sure to allow the seller time to make any repairs or changes before closing. Be sure to walk through the home a final time before closing to ensure that those changes have been made. Then all you have left to do is wait for your buyer’s loan to fund and for the keys to be relinquished.
If you have any questions about how to explain what comes next after your buyer goes under contract or anything else to do with helping your buyer, don’t hesitate to reach out to me.