You’ve Accepted An Offer! Now What?
Congratulations! You’ve accepted an offer on your Naples property. The first question we often get is “Now what?”
The time between accepting an offer and final closing is a critical period for both buyers and sellers. This is the time when financing and paperwork is done to assure that upon closing, everybody is on the same page at the same time.
Here is what is happening in the weeks leading up to closing.
A Good Faith Deposit is Placed in Escrow
Many times a deposit will be made with the offer to demonstrate the buyer is serious. If one was not included at the time of the offer, we will get one from the buyer within three business days or as negotiated.
The Inspection Period
Most of our contracts have a 15 day inspection period. This only gives buyers about two weeks to:
- •Hire an inspector
- •Have the home inspection done
- •Get a comprehensive report created
- •Acquire any secondary “expert” inspections
- •Decide what and if any issues from the inspection need to be addressed
From the end of the 15 days, the buyer has 5 days to give a response. You then, as the seller, generally have 10 days to decide how to respond. You may decide to fix some items and/or opt to offer some sort of credit as closing. The contract is specific on what items are covered under the inspection parameters and the remedial action.
Title Work and Association Fees
During this period work is being done to insure that there are no problems with the home’s title and that any association fees are current. At this point the buyer is also making application to any association involved.
Once all the paperwork and financial issues are sorted, we will be clear to close. You do not need to be present at the closing. Papers can be signed ahead of time and we will represent you.
A typical closing will take about 30-45 days. A cash sale may be done quicker. If there is a financing contingency in the offer, you can expect 45-60 days to close comfortably.
The closing process is more complicated than some imagine. You can count on us to make sure your best interests are being looked after throughout the process. To ensure a smooth process of selling your property call The Saad Team at 239-595-8500.