What Happens After I Accept an Offer on My Las Vegas Home?
Accepting an offer is an important milestone when selling your Las Vegas home, but it doesn’t mean the sale is finished.
Once you and the buyer have entered into a purchase agreement, the transaction moves into the next phase. Escrow is opened, disclosures and other documents are handled, the buyer begins completing any inspections and financing requirements, and both sides work toward closing.
Here’s a general look at what may happen next.
Escrow Is Opened
After the purchase agreement is accepted, the transaction typically moves into escrow.
The escrow company acts as a neutral third party and helps manage documents, funds, and other parts of the closing process.
The buyer will generally submit the earnest money deposit according to the terms and deadlines in the purchase agreement.
Seller Disclosures and Documents Are Completed
There may be disclosures and other documents that need to be provided during the transaction.
These can include information about the property and other items required by the purchase agreement or applicable Nevada requirements.
Your real estate agent, escrow company, and other professionals involved in the transaction can help keep track of the documents and deadlines that apply to your sale.
The Buyer May Conduct Inspections
If the purchase agreement includes an inspection or due-diligence period, the buyer may have the property inspected.
A home inspection can lead to additional questions or negotiations. Depending on the contract and what is discovered, the buyer may request repairs, ask for a credit or other concession, accept the property as it is, or exercise other rights provided by the agreement.
We’ll look more closely at this part of the transaction in What Happens During a Home Inspection When Selling in Las Vegas?
The Buyer’s Financing Moves Forward
If the buyer is obtaining a mortgage, the lender continues working on the loan after the offer is accepted.
The buyer may need to provide additional financial documents, satisfy lender requirements, and complete other steps before the loan can receive final approval.
As the seller, you aren’t responsible for the buyer’s loan, but the progress of that financing can affect the transaction.
The Home May Be Appraised
When financing is involved, the buyer’s lender may order an appraisal to obtain an independent opinion of the property’s value.
The appraisal is different from a home inspection. An inspector primarily evaluates the property’s condition, while an appraiser considers the property and market information in developing an opinion of value.
If the appraisal comes in below the purchase price, the parties may need to consider their options under the purchase agreement.
We’ll cover that situation separately in What Happens If My Las Vegas Home Appraises Low?
Title and Escrow Work Continues
While inspections, financing, and appraisal are taking place, the escrow and title process continues in the background.
This can include reviewing title, preparing documents, accounting for costs and credits, coordinating payoff information when applicable, and preparing for the transfer of ownership.
There may be questions or documents for you along the way, so responding promptly can help keep the transaction moving.
Keep the Home in Agreed-Upon Condition
Even though you’ve accepted an offer, you still own the property until the transaction closes.
Continue taking reasonable care of the home and avoid making significant changes to the property without discussing them with your agent.
You’ll also want to begin planning your move while keeping the dates and obligations in your purchase agreement in mind.
Watch the Deadlines
Real estate purchase agreements contain important dates and deadlines.
Inspection periods, financing requirements, appraisal-related provisions, document delivery, and closing all may have specific time frames.
One of your agent’s important responsibilities during this phase is helping you understand what’s coming next and keeping track of the transaction.
From Accepted Offer to Closing
The period after accepting an offer can seem complicated because several things may be happening at the same time.
Inspections, financing, appraisal, title, escrow, and preparations for closing all have to come together before ownership can transfer.
Once those pieces are completed and the requirements of the purchase agreement have been satisfied, you’re getting close to the finish line.
And eventually we’ll take that final step in What Happens on Closing Day When Selling a Home in Las Vegas?
