Once both parties have signed the Buy-Sell Agreement, we officially have a fully executed contract and an accepted offer - Congratulations!
The buyer must submit their earnest money deposit by either dropping off a check or wiring the funds to the title company. While this typically happens within the first 24 hours, the specific deadline is outlined in the Buy-Sell Agreement, usually falling within 2 to 5 days of signing the contract.
This earnest money serves as a good-faith deposit, showing the buyer’s commitment to moving forward. At closing, it will be credited toward the buyer’s down payment. Once the funds are submitted, I'll send you a receipt for your records.
The title company holds the earnest money as a neutral third party, ensuring a fair process should a dispute arise between the buyer and seller over its return.
Once an offer is accepted, I will update the MLS to reflect "Under Contract, Accepting Backup Offers." This means we can continue marketing and showing your home while remaining open to backup offers in case the first deal falls through.
That said, if you feel confident in your current offer and prefer to stop showings, you absolutely can. Each situation is unique, and when the time comes, we’ll discuss the best strategy for you.
Let me know if you have any questions, I’m here to make this process as smooth and stress-free as possible!
