Today’s question is from my friend, Courtney, and she wants to know what happens after her offer is accepted by a seller.
In North Carolina, your first step is to mail off your due diligence amount to the seller. Due diligence is a period of time when the home is not considered to be on the market, and this is when you make all the necessary inspections to the home.
You would also mail off the earnest money deposit to the buyer representative’s attorney’s office within five business days of the contract being signed. In South Carolina, there is no required due diligence period, but I recommend that everyone to get an inspection on their potential home. Your Realtor will most likely order inspections for you, and you’ll also have to get an appraisal done on your home.
During the appraisal period you’re going to negotiate with the seller over which repairs need to be done on the property in order to move the transaction forward. There might be a broken furnace, which is very expensive to replace, and figuring out who will pay for that could delay the transaction. This is typically when home sales fall apart, but we do our best to move forward whenever possible.
After everything is negotiated, you have a final walkthrough of the home. I recommend that people re-inspect their homes at this time, just to make sure that all of the repairs have been handled properly.
If everything goes well, then you are pretty much ready to move in. There are a few other steps that you’ll have to go through, but there are the most important by far.
Thanks for tuning in, and if you have any final questions, please don’t hesitate to contact me!