Lopez Island Real Estate and Property Sales
Lopez Island Real Estate and Property Sales

The Offer Has Been Accepted! Now What?

Congratulations! You've successfully negotiated a price and terms, when can we close? That all depends on what sort of conditions or terms were included in the purchase and sale agreement.

Typically, a standard agreement includes the following conditions:

-Property Inspection
-Well/Water Inspection
-Septic Inspection

Let's take a closer look at each one of these items and what it entails.

Financing/Appraisal - Most buyers already have their financing process started. However out of all the above items, this is the one that takes the longest. It can take upwards of 45 days for financing to be processed even if the Buyer has already obtained a Pre-Approval. The lender is also in charge of ordering the property appraisal which has to be signed off on by the underwriting department as part of the loan approval process. Buyer pays for Appraisal and Lenders Fees.

Property Inspection - This is a key component of the transaction and should be completed as soon as possible after an offer has been mutually accepted for the benefit of both the Buyer and Seller. If the property has issues that are serious enough to derail the transaction, it is much better to uncover them early in the process and save everyone both time and money. Buyer Pays for Property Inspection.

Well Inspection - If the property has an individual well, the buyers will want both the water quality and water flow verified or tested. Since Lopez has a limited amount of water, a well log is often used in lieu of a flow test. Water samples are collected by a water company and sent to lab for analysis. The primary concerns are bacteria and on the island, salt water intrusion. This should be ordered as soon as possible as the lab tests can take quite some time to be returned. Buyer Pays for Well and Water Tests.

Septic Inspection - A licensed septic system specialist will inspect the septic system and drain field to be sure it is working properly and is in good condition. At this point the septic system will be pumped, if needed. Buyer and Seller will receive a written report on the condition of the septic system. A copy of the report is also sent to the county. Seller pays for Septic Inspection and Pumping if needed.

Title - Once an offer is mutually accepted, the earnest money is deposited and escrow is opened. Part of that process is checking the title to make sure the Seller has a clear title and is able to legally transfer that title to the Buyer. A preliminary report is sent to both parties, with a more detailed title report delivered later on in the process.

The entire process can take up to 45 days, sometimes even longer depending a variety of factors. The key to getting through this part of the transaction is having a lot of patience. You, your lender and your agent will be dealing a variety of third party companies, trying to coordinate all of them on a tight schedule. Easier said than done, especially when you're on an island!

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