Working with Buyers
🎉 Woohoo! Your offer has been officially accepted! Time to celebrate (may we suggest a happy dance, confetti cannon, or at the very least, your favorite takeout?).
Now that the excitement is kicking in, you might be wondering... what do I actually do next? Don’t worry – we’ve got you covered with this easy step-by-step guide.
Step-by-Step: Buyers Escrow Process
What you as the selling agent need to do once your buyers offer is accepted through closing in 1o steps. NOTE: Steps 1-4 should be done immediately.
1. Upload Documents to Zipforms
Within 24 hours of accepted offer upload all relevant documents to the checklist tab in Zipforms. This will notify our processor to check your files and put your deal on our pending board.
2. Earnest Money
Earnest money needs to be deposited by your buyer within the time frame in the purchase agreement (usually 2 business days). If you don’t know who is holding the EM contact the Listing Agent and ask. Inform your clients it can be in the form of a personal check and to put the property address in the memo section. Most of the larger title companies have several easy ways for your client to submit EM.
3. Send documents to the lender
Send the purchase documents to the lender so they can start the full application process. Inform your client the lender will likely reach out and request further items from them and to supply them ASAP to keep things running smoothly.
4. Inspection Period
Inform your client to immediately order inspection of the property (or offer to schedule it for them). A few important notes on inspections.
Your client can attend inspections. I recommend they show up apx 30 min after it’s supposed to start so the inspector can get a good start.
Set the expectation that inspectors are paid to find every little & big thing they can. I let my clients know we will only be looking to request repairs on safety & financing related issues.
PRO TIP: Request the inspector call you after the inspection (before the report is generated) so you can get in front of any potential issues.
There are several quality inspectors in our area but we have a great relationship & recommend Hawk. Hawk Home Inspection 219-730-5463
5. Inspection responses
If the inspection revealed any issues, now's the time to either schedule specific inspections or negotiate repairs or credits with the seller & listing agent. The primary goal is to have significant issues addressed as well as safety related items or financing related items. Please reach out to a mentor to help you with this process until you feel comfortable.
6. Appraisal
Often the lender will wait until you are through with inspections before ordering appraisal. If you know appraisal hasn’t been ordered yet reach out to the lender and let them know you are through inspections and appraisal can be ordered.
PRO TIP 1: Tell your client If they are using an FHA loan the appraiser might request additional things get fixed as a condition of their loan.
PRO TIP 2: Do not share the inspection responses documents with the lender. If they request it please contact a mentor for guidance.
7. Title Commitment & Realtor Info Sheet
It is the listing agents job to open escrow with the title company. Within a week or 2 of escrow being opened title will send you a copy of the commitment to insure the property. This must be upl
8. Clear to Close & Final Disclosure
Right before closing, you'll do a quick check to make sure the home is still standing and in the condition if not better than when you made the offer. This is also the time to make sure all your utilities are on and have been put into your name.
9. Final Walkthrough
10. Closing Day – Sign, Smile, and Celebrate!
You'll sign a small tree’s worth of paperwork, get the keys, and officially become a homeowner. Break out the champagne!
🛠️ Step-by-Step: What Happens After Offer Acceptance
1. Get That Earnest Money In
Time to show you’re serious! You'll need to deposit your earnest money into escrow within 2 business days. Chicago Title will be holding the earnest money for your transaction. Click Here to see all the ways you could deposit your EM. If you write a check please make sure to put the address of the home your buying in the memo section. If you have any issues please reach out to me or them directly at 219-464-4871.
2. Schedule the Home Inspection 🕵️
We always recommend hiring a professional inspector. They'll check everything from the roof to the crawl space. Think of it as a “home health check-up.” If something comes up, don’t panic—it’s totally normal. We have 10 days to get your inspection done. If you need any help getting this set up please let me know but below are a list of our preferred home inspectors:
Hawk Home Inspection 219-730-5463
United Home Inspection 219-595-9580
3. Title Work📃
Myself and the other agent will immediately open escrow and order title with Chicago Title. What that means is, a file of our transaction gets created and the title company will issue an insurance policy for the owner and you (as required for your loan). These fees are predominantly what make up your closing costs. You will receive email communication from Chicago title regarding all closing information as well as an email with direct wire transfer instructions.
4. Finalize Your Loan Application 💰
I will make sure your lender has everything they need to start your mortgage approval. In the meantime they may reach out requesting additional financial documents from you, be ready to respond quickly—they love a punctual borrower that wants to keep things moving quickly!
5. Repairs & Negotiations 🔧
If your inspection revealed any issues, now's the time to negotiate repairs or credits with the seller. I as your agent will handle all of this for you. Our primary goal is to have significant issues addressed as well as safety related items and anything your lender might require ex. well and septic testing.
6. Home Appraisal Gets Ordered 🏡
Your lender will order an appraisal to make sure the home's value lines up with the loan. This is their way of just making sure you are not overpaying for your home. If you are using an FHA loan the appraiser might request additional things get fixed as a condition of your loan.
7. Final Loan Approval – AKA “Clear to Close!” ✅
Once your lender gives the all-clear, it's go time! This means the underwriter has reviewed everything and you’re ready to close.
8. Final Walkthrough 👀
Right before closing, you'll do a quick check to make sure the home is still standing and in the condition if not better than when you made the offer. This is also the time to make sure all your utilities are on and have been put into your name.
9. Closing Day – Sign, Smile, and Celebrate! 🖊️🥂
You'll sign a small tree’s worth of paperwork, get the keys, and officially become a homeowner. Break out the champagne!