Once a buyer makes an offer on your home you have three options: accept the offer, counter the offer, or reject the offer. After your final acceptance of an offer you can expect the following steps in the home sale process to occur:
• Escrow is opened and the buyer deposits “earnest money” into escrow.
• Seller submits documents and information to escrow holder, such as:
o addresses of lien holders
o tax receipts
o equipment warranties
o home warranty contracts (if any)
o any leases and/or rental agreements.
• Seller approves and signs the escrow instructions, grant deed and other related documents required to complete the transaction.
• Buyer orders inspections. Seller receives report summaries and negotiates any needed repairs or treatments to the property that will be agreed to by both parties.
• Buyer and Seller fulfill any remaining conditions specified in the contract and/or escrow instructions; approves the pay-off requirements and/or beneficiary’s statements.
• Buyer and Seller approve any final changes by signing amendments to the escrow instructions or contract.
• Seller usually attends the final closing meeting, or arranges for power of attorney (POA) to sign all documents.