What Happens After My Offer is Accepted?

Stephen Perrino
Published on June 26, 2019

What Happens After My Offer is Accepted?

After all the back-and-forth on price and haggling over concessions and repairs, it’s finally over and your offer to purchase the home was accepted.

Now, the real work begins.

Granted, you and the seller are no longer front and center on the home purchase stage; there are some details you’ll need to attend to after the offer is accepted.

For the most part, however, this is the point where real estate agents really earn their money and a good one proves that he or she is worth every penny.

Once you sign the purchase agreement and hand it to your agent, he or she will return to the office, check it over for accuracy and ensure signatures and initials are in the proper places and then get going on all the time-sensitive duties.

sell my house
Read Our FREE Guide to Buying a House in Rhode Island

Escrow Opens

Quite simply, escrow describes a holding of funds or other items by a neutral third party to a transaction until they are distributed according to the principal parties’ instructions.

In the typical residential real estate transaction, the principals include the seller, buyer and lender.

To open escrow, the agent or her transaction coordinator calls the escrow officer, typically employed by an escrow or title company, to arrange delivery of the purchase agreement and your good faith deposit.

This is the point at which the clock begins ticking toward the closing date specified in the purchase agreement.

By the way, not all states use escrow. In non-escrow states, a real estate attorney handles these duties.

Balkan Title and Closing - Rhode Island Real Estate Title and Closing services - Top Realtor in Rhode Island - Perrino Properties

Balkun Title & Closing

Closing and Settlement services for refinancing, buying and selling a home in Rhode Island.

Title Company

Next, a title search will be ordered. This is, in a nutshell, a search of the home’s chain of title (from the present owner back to the original owner).

The title company is looking for any problems with the home’s title, now or in the past. An example would be a lien against the property, or an additional loan against it.

The title company will issue what is known as a Preliminary Title Report and deliver it to the escrow holder.

It’s up to the seller, however, to clear any problems. If he or she can’t or won’t, you can cancel your agreement to purchase the property.

Homes for sale in Rhode Island Freedom Mortgage is a direct lender with RI Housing as well as a mortgage broker with access to all manner of loans including FHA, VA, USDAA, and all types of residential mortgage financing.

Freedom Mortgage

Providing mortgage financing services to through out Rhode Island and Massachusetts.

Appraisal and Loan Process

While all of the above is happening, your lender will send out an appraiser to determine the value of the home and begin processing your loan.

It’s important to return your lender’s phone calls as soon as possible.

Nelson DeMelo, Pillar to Post Home Inspection in Rhode Island

Pillar to Post Home Inspection – Nelson DeMelo

Providing home inspection services throughout Rhode Island.

The Home Inspection

You’ll order a home inspection (or we can do it for you). Take your time when reviewing the inspector’s report and get all of your questions answered. We’ll be with you every step of the way.

Any adverse conditions revealed in this report, which may require repairs, will have to be negotiated with the seller.

Contingency Removal

While all of the above is happening on your behalf, without your involvement (other than to review the Preliminary Title Report and the home inspection and sign off on them), the next step in the process requires your involvement.

It’s time to remove the contingencies in the purchase agreement. Contingencies are events that must occur, according to the date listed in the contract, before the sale can close. Typical contingencies include:

  • Final loan approval – failure to obtain a loan will kill the deal.
  • Inspections – repair issue that arise from the home inspection are typically open to negotiation between the sellers. If the seller refuses to remedy any concerns you have the right to cancel the contract with the full return of your earnest money deposit.
  • The successful sale of your current home.
  • Appraisal – if the home fails to appraise for the amount you are borrowing from the lender you can negotiate with the seller for a lower price, pay a larger down payment or walk away from the sale.

Once the contract contingencies are removed you can still walk away from the deal but you will forfeit your earnest money deposit and possibly be liable for damages if your contract includes such a clause.

Just two more steps and we’ll be at the closing table!

Homeowners Insurance

If you haven’t yet shopped for homeowners insurance, it’s time now to take care of it. Ask friends and family which broker they use, if they’re happy with the price they pay and the service they receive.

Final Walk Through

You have one final chance to walk through the home to ensure that it is in the same condition (or better) as when you agreed to purchase it.

This is when we ascertain that all the agreed-upon repairs were performed and that no damage was done to the home during the seller’s move.

We’ll be there with you.

Closing

At closing you’ll sign a mountain of paperwork, but when all is said and done, you’ll be a homeowner.

Congratulations!

Search in Rhode Island
Your New Home is Waiting

Find Your Home Value!

Fast, Free, and Easy Home Value Tool – Your Home’s Value Instantly!


Search Homes for Sale in Rhode Island

If you are searching for a new home for sale in Rhode Island, you have come to the right place. This page features a dynamic search powered by the RI MLS database system. This page hosts an up to the minute display of homes for sale in Rhode Island, provided by Perrino Properties at PAIVA, top real estate agents in Rhode Island. From 3 Bed single family homes for sale in Cranston to condos for sale in Providence, Newport mansions, or modest starter homes for sale in Warwick, you can base your home search here.
3689 Results
1
Beds
1
Baths
552
SqFt
(12)
 
 
#1234534 | Condo
 
2
Beds
1
Baths
1,179
SqFt
(18)
Open House: Sep 21, 2019 2:30 PM - 3:30 PM
 
#1236815 | Condo
 
2
Beds
1
Baths
1,124
SqFt
(15)
Open House: Sep 21, 2019 2:30 PM - 3:30 PM
 
#1236814 | Condo
 
1
Beds
1
Baths
624
SqFt
 
 
 
#1236812 | Condo
 
3
Beds
1 | 1
Baths
1,560
SqFt
(2)
 
 
#1236811 | Single Family Home
 
3
Beds
2
Baths
1,434
SqFt
(40)
Open House: Sep 21, 2019 11:30 AM - 1:00 PM
 
#1236809 | Single Family Home
 
3
Beds
2
Baths
2,200
SqFt
(36)
Open House: Sep 22, 2019 1:00 PM - 3:00 PM
 
#1236804 | Single Family Home
 
4
Beds
4
Baths
3,568
SqFt
(40)
 
 
#1235711 | Single Family Home
 
3
Beds
2 | 1
Baths
1,872
SqFt
 
Open House: Sep 22, 2019 11:00 AM - 1:00 PM
 
#1235471 | Single Family Home
 
2
Beds
1
Baths
995
SqFt
(15)
 
 
#1235421 | Single Family Home
 
3
Beds
1 | 1
Baths
1,413
SqFt
 
Open House: Sep 21, 2019 12:00 PM - 2:00 PM
 
#1234956 | Single Family Home
 
3
Beds
1 | 1
Baths
1,392
SqFt
(4)
 
 
#1234147 | Single Family Home
 
Copyright © 2019 State-Wide MLS. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) Program of the State-Wide Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
All Information Is Deemed Reliable But Is Not Guaranteed Accurate.
RIAR-SWMLS data last updated at September 20, 2019 3:45 AM ET

Contact Me!

chat_bubble

1

close
Get A FREE Home Valuation!
LET'S DO IT!