Let's Make a Deal

You've got an offer from a buyer. Now what do you do?
For sale sign by house exterior

TS-86498301_for-sale-sign_s4x3

For sale sign by house exterior

Photo by: Jupiterimages

Jupiterimages

By: Tammy Stoner

Related To:

A buyer makes an offer, and you have accepted! This moment might bring more tears than the day you got engaged. And like an engagement, you may have the ring but you ain't married yet.

Earnest Money

Another similarity to an engagement: If things don't work out, you may get to keep the ring. In this case the ring is the "good faith" or "earnest" money. This money is held in a neutral account called an escrow for a specified period. If the deal goes through, the money is applied to the purchase price at closing. If the deal does not go through, it's possible the seller can keep the earnest money. There is no set amount for this nonrefundable earnest money, though it's often in the thousands of dollars.

Escrow

Finally, escrow! Escrow is very much like Limbo --- a place where souls wait nervously with their prayer beads until they can make passage to their eternal reward. In this case, the payoff is a completed real estate deal. Passage to the better place occurs when the buyer can pay for the house and the seller can transfer title.

A person called an escrow officer handles the details on your (the seller's) end, including title search, record disbursement, paper statements, and the payout of fees and other costs.

Should You Get a Lawyer?

Even if you have a Realtor --- but especially if you don't --- consider hiring a real estate lawyer to look over the details of the deal. Or, at the very least, take a day to look over and question anything that seems odd on your reports before signing off. This is a big, big purchase.

Then, with pen held firmly in hand, sign on the dozens of dotted lines and Ding! Ding! Ding! Ding! You win the grand prize --- your house is sold!

Next Up

5 Types of Neighbors and How to Handle Them

You may love your house, but getting stuck with bad neighbors may have you thinking about putting up a for-sale sign. Here are some tips on dealing with rude, sloppy or nosy neighbors, and even those mean ones with spite houses.

Scheduling Your Relocation

If you can postpone your move, you could save some major cash.

The Skinny on the Short Sale

How to get a short sale when you're facing foreclosure on a house.

Saving Money While Paying for a Home

You may be financially "exhausted" from saving for your home purchase, but now's actually a great time to keep saving.

What Foreclosure Means and How to Stop It From Happening

Learn about the various steps in the foreclosure process and ways you can avoid losing your home.

Short Sale Rules: What You Need to Know

A short sale occurs when a property is sold for less than what is owed on the mortgage with the lender's approval. Learn the advantages and disadvantages of this type of transaction for the seller and the buyer.

Moving Day Tips: How to Pack for a Move

These 10 packing tips will help you move more efficiently and smoothly.

Did I Accept a Bad Offer on My Home?

Worried you accepted a bad offer for your home? Let real estate expert soothe your fears.

Sellers: What to Do When You Can't Find a Home Before Yours Sells

If you sold your house before you've found new digs, don't worry: You have options.

How to Quickly Sell Your Home When Threatened With Foreclosure

Get tips and advice on how to sell your home fast.

Go Shopping

Get product recommendations from HGTV editors, plus can’t-miss sales and deals.

Follow Us Everywhere

Join the party! Don't miss HGTV in your favorite social media feeds.