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Home Selling: We are Under Contract: What Next?

Posted by Sarah Steen on April 3, 2020
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we are under contract now what

In Colorado, real estate agreements have to occur in writing. If it’s not in writing, it never happened! Therefore, only if and when both parties have signed the contract are you under contract: congratulations! What happens next?

Click here to download the Home Selling Guide

Save All Documents

  • Start a new folder on your computer for all of the documents related to your home sale. Download all digital contract documents you are signing and drop them into your folder.
  • We will switch your MLS listing to an “Under Contract” status. This means it that will remain visible for everyone on the internet and could solicit another offer. It will be up to you to allow further showing requests. You also have the option to decline any previously scheduled showings. We will cancel open houses if the home is under contract before the open house date.
  • Our team’s transaction coordinator will get in touch with you to introduce herself. Don’t be surprised if you never speak with her on the phone. Everything is done via email which allows us to have a record of all aspects of the transaction!

Related Reading:
Steps to Sell a House
What to Expect the First Week

Earnest Money

Our transaction coordinator will inform the buyer’s agent of the following details:

  • How much earnest money is required (per contract requirements)
  • Where earnest money needs to be dropped off.
  • Earnest money drop off deadline is indicated in the contract.
  • Some real estate brokerages hold the earnest money of their listings. Our brokerage will engage the title company to hold earnest money funds.

Note: We are based in Colorado Springs, Colorado. If you are planning to sell your house in a different area, we can match you with an excellent local agent. Give us a call (719-321-0800) or email us (susanna@co-regroup.com) for a referral.

Scheduling Inspections

The buyer has the choice for which inspections they would like to have done. We always see a general home inspection, but radon tests and sewer scopes are also common in Colorado Springs.

As the seller’s agent, we appreciate quick home inspections so that we receive buyers repair requests quickly. This will help us gauge if an agreement on repairs can be achieved. If not, you can return the home on the market quickly for continued marketing. However, buyers will have until the objection deadline to submit their request.

Related Reading: Inspection Tips for Home Sellers

Title Work

The title company will send their title commitment to all parties. Please review the “Requirement” section to see if there is anything unusual. We will take a look at it as well. Please note that if there is any change or any new information added to the title commitment, you’ll receive a new issue. The most recent issue will be the most accurate.

Disclosures

We will have to provide all previously filled out disclosures to the buyer for review.

Due Diligence Documents

We recommend that you leave all  available documents on the kitchen counter during the general home inspection for the buyer and buyer’s agent.

Should you start packing? Not yet. It’s important to get through the inspection objection and resolution process before you start packing up.

Questions? Call 719-321-0800, email susanna@co-regroup.com, or fill out the Seller Profile to start your home selling process.