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Congratulations!! We’re so happy for you! Now that we have a fully executed Contract or Counterproposal, you’re officially Under Contract. At this point, we’ll send a copy of the Contract to the Title Company and the Buyer’s Lender so everyone can get started to keep things on track.

As soon as the Buyer schedules the inspection, we’ll let you know what day/ time. This is important to note as you’ll want to ensure the home is in show ready condition. The other important date to note that you’ll want things looking perfect, is on appraisal day. Again, as soon as the appraiser schedules that with me, I’ll reach out to you so you can be ready.

In the meantime, the Buyer will be required to deliver the earnest money to the Title Company via check, wire transfer or electronically using an app that the title company has in place; just like mobile deposits at the bank.  This is essentially a good faith payment showing the buyer is serious about moving forward.  The earnest money will be credited towards the buyer’s down payment at closing.  Once the earnest money is dropped off we’ll send you a receipt for your records.  The title company holds on to earnest money deposits simply because they can act as an unbiased 3rd party should a dispute come up between a buyer and seller and the buyer asks for the earnest money to be returned. 

One thing you’ll see happen right away is we’ll mark the property as ‘Pending – Accepting Backup Offers’ in the MLS. Some sites will show it as ‘Pending’, others will show ‘Under Contract’ which each have the same meaning. That update will hit the MLS and other sites pretty soon. We’ll cancel any future showings and cancel any upcoming open houses at this time as well.

Within 24 hours, you’ll get an introduction email from Vanessa, with what’s next and an Activity Calendar link to make it really easy to track dates and deadline throughout the process.

Questions? We’re here to help! Kevin Capra – The Capney Collection – Powered by Compass – 303.809.5515 or email us at Kevin.Capra@Compass.com

Your Colorado Real Estate Expert